Three credit reporting agencies


You may have wondered where all your credit data goes. Who compiles and keeps track of them? You’re also probably asking yourself “if there are ‘credit watchmen’ then who watches the watchmen?” To set your inquisitive mind at ease, the simple answer to this query is the credit bureau. The credit bureau is not just the watchdog of your credit rating but they also make sure that your credit rating files are kept in order and in a secure manner. They are the ones that keep track of all your credit data and religiously update them.



Basically, a credit bureau maintains all credit data so you may be able to get everything you need to know about your credit scores, credit standing, etc., in a timely and efficient manner. If you are still scratching your head not understanding the way a credit bureau works, then the following articles below will help you clear the fog that blurs your curious mind.


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What is a credit bureau?


A credit bureau is a profit-making agency that gathers credit information and in turn distributes this information to creditors. The credit bureau provides credit bureau services to different companies such as mortgage lenders, banks, and credit card companies so they may use this information to screen prospective applicants. We may also refer to a credit bureau as a consumer credit bureau, credit bureau agency, or credit bureau company.


credit score by age group


What do they do?


A credit bureau keeps tab on an individual’s credit history and other related information. Here’s how it works: let’s just say you would want to apply for a housing loan in a certain bank. The bank may check on your credit standing through the information provided by the credit bureau and base their decision (whether they’ll approve you loan or not) on the reports the credit bureau will send. If it shows less-than-satisfactory information then you may not get that loan you were aiming.


This also works on anything that that your credit history will have bearing on such as credit and employment. 


Who regulates credit bureaus?

There is a certain law that governs over credit bureaus since they hold sensitive information about their clients. The law that regulates the credit reporting industry is called the Fair Credit Reporting Act.


credit bureaus


According to the Fair Credit Reporting Act , consumers have the right to know the contents of their own credit records. Should the customer also feel that an error occurred, then this law will also give right to the consumers to challenge the accuracy of the information and have it verified, updated, or removed. This federal law also limits the time negative information be kept on a credit record. Most importantly, the law states that only persons with a legal permissible purpose will have access to a consumer’s credit history. In a nutshell, this law serves as the “watcher of the watchmen”. It protects the consumers from possible abuse of a credit bureau’s power.


How to contact credit bureaus


If you feel the need to check your credit information, request for a copy of your credit report, contest the computations on your credit report, or simply ask some general questions about it.  Never hesitate to contact any of the credit bureaus that handle your account.


There are three major credit reporting agencies that you may refer to: Equifax, TransUnion and Experian. You may reach any of them through their customer service hotlines or through mail. You may simply go to any of these agencies website to find their phone and mailing address.


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When to contact Credit bureaus


As what was stated earlier, you may contact your credit bureau for various reasons. Examples are (but not limited to) if you think that there was an error in your credit standing and needs to be re-calculated, simply checking your credit report, prevention of identity theft, or just some basic questions about your credit standing.


credit reporting bureaus


What companies report to the credit bureaus?


Most of the major companies do their business with any of the three major credit reporting companies. These companies rely on the expertise of Experian, Equifax, or TransUnion and trust their security. Though there may be some companies that do not report to any of the “big three” (such as pay-day loan businesses), it still wouldn’t hurt to check with them specifically.