What Is A Credit Bureau?

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A credit bureau maintains credit records (your credit report) on individuals who have ever used or applied for credit. This information is reported to subscribing credit grantors when consumers apply for credit. There are currently three national credit bureaus in the United States. They are: Equifax, Experian (formerly a part of TRW) and Trans Union

Credit bureaus do not make judgments as to who would be a good or bad risk. Credit bureaus compile information and make it available to creditors. The creditor makes the final decision based on his or her criteria and the credit history contained in the credit report.

How Do the Credit Bureaus Gather this Information?

• The same businesses that use the bureaus' services also supply information to them. Local stores and banks inform the credit bureau of the repayment records of their customers. Many businesses that use computers send their accounts receivable tapes to the credit bureau, and data from the tapes is placed in individuals' files.
• Other information contained in the credit report comes from public records. Records that may relate to an individual's credit history, such as bankruptcies, lawsuits, divorce, deaths in the family etc…are recorded in the file.

Who Uses Credit Reports?

Anyone with a permissible purpose, as determined by the credit bureau, can obtain the information contained in a personal credit report. Usually the information is sought by potential credit grantors. It is important that the information contained in the personal report be accurate and up-to-date.

What Are Your Responsibilities As A Consumer?

It is important to remember that the information contained in a credit report is vital to your financial reputation. Creditors make decisions as to your credit worthiness according to that information. If the report is inaccurate, it is the consumer's responsibility to ensure that corrections are made and reported. The credit bureau will not do this unless requested. 

• Know what information is contained in your file at the credit bureau.
• Who has received your file within a specified time period.
• Review your credit report for inaccurate information.
• Request the credit bureau send corrected records to anyone who has previously received your report.

Experian    Equifax    Trans Union    TRW

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