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They are also called as
credit bureaus. They provide information relating to a
person's credit history to lenders and others who are
permitted by law. The three major credit bureaus of the
United States are Experian, TransUnion and Equifax.
Other than these three, there are also other smaller
agencies that work on credit reporting, but ultimately
they are affiliated to one of the big three bureaus.
They just gather the information, record them and sell
the compiled information. Mostly the information about
an individual is collected from his/her lender. Quite
often these bureaus have a mutual understanding with the
lenders, wherein information is exchanged between them.
The credit related information so got from the lender
comprises of late payments, bad credit, etc., which are
entered into a person's credit report. This recorded
information covers the past credit details till the
current date and are sold to credit grantors. |
