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The following article was published in our article directory on August 31, 2017.
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The Three Main Credit Bureaus

Article Category: Finances

Author Name: Van Vaughn

Credit reporting agencies, also known as credit bureaus, are companies that gather and maintain a consumer�s credit information all contained in a credit report.
They�re in no way affiliated with the government and are all privately owned, but are governed by the Fair Credit Reporting Act.

The Main Credit Bureaus
The United States has hundreds of credit agencies but three stand out as the Big Three: Equifax, Experian and Trans-Union.

Equifax
Among the three agencies, Equifax is the oldest being founded in 1899. Its main operations involve the business-to-business sector, and functions not only in the US but also in 24 other countries. Its headquarters is in Atlanta, GA.
It organizes, integrates and analyzes data on roughly 91 million businesses and 820 million customers worldwide. The company helps you understand your credit behavior, credit report as well as your creditworthiness.

Experian
Founded in 1996, Experian helps lenders in managing consumer credit risk. It also helps consumers understand how the responsible use of credit can help them greatly with their finances. They help consumers view their credit reports and credit scores; by doing so, they help prevent identity theft.
Its domestic headquarters is found in Costa Mesa, CA, and has employed around 17,000 people in 37 countries.

TransUnion
TransUnion is a Chicago-based company that assists 500 million customers and 45,000 businesses in 33 countries worldwide. Among the three credit bureaus, TransUnion is the third largest.
TransUnion is not merely a credit reporting agency � it�s a risk information provider that hopes to use the information it has gathered for good.

Why the Need for Credit Reporting Agencies
Prior to the existence of credit bureaus, banks and small agencies did business directly to customers through their own policies. This worked well in places where everyone knew each other, but as time passed and the numbers grew, it became harder for financial institutions to determine people�s creditworthiness.
Soon, groups stepped up to the challenge and worked on these concerns. Financial groups and merchants came up with lists of trustworthy clients; these lists were passed around for a price.
Not paying for your bills means you�ll be blacklisted; it�ll be hard to obtain credit from anyone. Over time, these groups merged and became the �Big Three�: Equifax, Experian and TransUnion.

Difference Among the Big Three
Every credit bureau functions differently, providing different levels of detail on certain information. Experian and Equifax only include the employer�s name in the employment history, while TransUnion provides more detailed information e.g. dates of employment and position in the company.
Each credit bureau may also indicate different information as it�s not mandatory for creditors to provide your information to them; it�s up to them to report the information.
Missing information isn�t a cause for concern; inaccurate information is. Whenever you receive a copy of your credit report, always ensure that . File disputes only for concerns that affect the report�s accuracy.

Varied Scores for Each of the Bureaus
What Experian often uses is the FICO 8 Score, unless lenders or creditors would ask for a variation of the FICO or perhaps a VantageScore.
Equifax uses both FICO and VantageScore for lenders who needed to pull scores on their potential customers; if you use their website to purchase your score, then they�ll be using the Equifax Credit Score Model.
TransUnion uses both VantageScore and FICO for lenders and creditors, but may also use products that focus on the information required by the company.

Having three credit bureaus storing your information shouldn�t be confusing. You should see it as a good thing; it allows you to have a holistic view of your information. Knowing how to interpret your credit report helps you by giving you an idea of what lenders see as well as what you can do to make the scores better.

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