Credit Reporting Agencies

Equifax, Experian (TRW) and Trans Union are Three Major Credit Reporting Agencies

Credit Reporting Agencies are in the business of gathering, maintaining, and selling information about a person's credit history. There are many credit bureaus in the United States but only a few main ones. The big three credit bureaus provide nationwide coverage of consumer credit information: Equifax, Experian (TRW), and Trans Union.

They collect information about consumers' payment habits from various sources including banks, savings and loans, credit card companies, and other financial institutions. Some creditors do not automatically report to Equifax, Experian, and TransUnion credit bureaus. Companies such as insurance agencies, rental agents, utility companies, and medical facilities, report only when payments are severely overdue, collection agencies are hired, or legal actions are taken.

Credit bureaus also obtain information from public records such as bankruptcies, foreclosures, tax liens, and court judgments..

Your credit report from one credit bureau is not necessarily exactly the same as your credit report from another because not every credit grantor reports to all three credit bureaus. For example, you account information from bank A may not appear on your Equifax credit report while your Trans Union credit report does include that information.

Three Major Credit Bureaus are independent.

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