According to Wikipedia a credit bureau, “provides detailed information on personal credit and payment history of individuals.”  A credit bureau will also have reports on businesses.

There are three (3) major credit bureaus in the United States.

  • TransUnion
  • Equifax
  • Experian

Equifax based in Atlanta, Georgia and founded in 1899 is the oldest of the credit bureaus.  TransUnion was established in 1968 and located in Chicago, Illinois.  Experian is an Irish owned credit bureau with the corporate headquarters in Dublin and two operational headquarters; one in Nottingham, England and the other in Costa Mesa, California, United States.  All three of these credit bureaus are listed on stock exchanges. 

In 1970, when Equifax  - then known as Retail Credit Company, began computerizing its records the US Congress held hearings that resulted in the Fair Credit Reporting Act.  This Act gives the public rights to know what information is recorded about them with any credit bureau.

What the everyday citizen hears about is not only their credit history but, their credit score.  A credit score ranges from 350 – 850.  The credit score is based on a mathematical algorithm of bankruptcy filings, foreclosures, spending, etc. of a consumer. The Fair Isaac Corporation is the predominantly used company to average this credit score.  This comes about when a lender is deciding if a consumer is a good risk for a loan.

Each of the credit bureaus focuses on certain elements and will base their scores on what they have recorded.  Once a year, an individual can request a free report but, you will have to pay for the credit score. 

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