The Three Major Consumer Credit Bureaus

Whenever somebody applies for credit or financing, his or her credit report will be pulled
electronically from any of the three major consumer reporting agencies (CRA). These CRAs are
Experian, Trans Union, or Equifax – companies that are responsible for maintaining correct and
up-to-date credit information around the country. Everyone is probably aware that these three
nationwide credit bureaus have to monitor billions of data records therefore it is not inevitable to
find errors with the reports. A majority of consumers would have at least one omission or
inaccurate detail on their credit report.

It is for this very reason that as a consumer, the responsibility of checking credit
information falls on consumer shoulders. Make sure that we as consumer get a copy of our credit
report from each of the three Credit Reporting Agencies. Consumer should contact each credit
bureau and ask for free credit report (consumer are entitled to get 1 free copy every year). If
consumers have been denied credit within the past 60 days, consumers were also entitled to a
free credit report.

Most credit decisions are influenced by the records maintained by three major credit
reporting agencies. Those agencies are Equifax, Experian and TransUnion. Each of the credit
agencies collects information about you from your banks, lenders, landlords and tax authorities.
That information is then made a part of your credit report.

The three credit reporting agency does not share information, so consumer credit report
may contain different information depending on the credit reporting agency that maintains it. In
general, each credit report will contain consumer name, social security number and date of birth.
It will also show all of consumer credit accounts, including the credit limit and balance, and how
timely consumers have been in paying each of them.

Equifax
 Equifax is one of the leading provider of decision support information services and
system that facilitate consumer financial transaction. Thier headquaters is in Atlanta, Georgia
and Equifax already serve more than hundred thousand customers. Equifax concerntrated more
in credit services and insurance information service.

Credit services is important division for Equifax. Their credit reporting services offer
customer on consumer credit information, decision support, and credit management services.
They make decision systems by modelling and analytical service. Equifax credit card service
provide credit card marketing enhancement.

Insurance information service of Equifax is largest provider of management information

to insurance industry in United States and Canada. They used automated and traditional
information services to find underwriting and claims process of all type of insurance.

Equifax serves the financial services, retail, credit card, telecommunications/utilities,

transportation, information technology, and health care industries, as well as government. Global
operations include consumer and commercial credit information services, payment services,
software, modeling, analytics, consulting and direct-to-consumer services. Equifax provides
services and systems that help grant credit, authorize and process credit card and check
transactions, manage receivables, authenticate, identify and manage digital certificates, predict
consumer behavior, market products, and manage risk. Equifax serves the U.S., Chile, Argentina,
U.K., Spain, Portugal, Canada, Peru, El Salvador, and Brazil.

Experian
 Experian also known as TRW. They provide computerized credit reporting service to
qualified subscribers, credit grantor, employers and insurer. Experian data center is in Allen,
Texas. They provide in easy to read format for credit bureau file.

Experian information service will not collect information like race, religious or criminal
records. Anything transaction on consumer current account, they will record indefinitely. The
consumer closed account or paid account will be removed maximum ten years.

According to its mission statement, Experian uses the power of information to help its
clients target prospective customers, manage existing customer relationships, and identify
opportunities for profitable growth. Through its Web-based products and services, Experian
enables clients to conduct secure and profitable e-business. Experian is a subsidiary of The Great
Universal Stores PLC and has headquarters in Nottingham, U.K., and Orange, California. Its
12,000 employees support clients in over 50 countries and annual company sales are $1.5 billion.

Trans Union
 Trans Union headquarter is in Chicago, United States. The database of Tran Union is
comprised of account receivable data from national, regional and local credit grantors. They
update account receivable of consumer from credit grantor at all level.

Trans Union is the third primary source of credit information and also offers risk and
portfolio management services. They serve a broad range of industries that routinely evaluate
credit risk or verify information about their customers, which includes financial and banking
services, insurance agencies, retailers, collection agencies, communication and energy
companies, and hospitals. Trans Union operates nationwide through a network of offices and
independent credit bureaus. They have many subsidiaries and divisions in the U.S. and abroad.