The Three Credit Bureaus: Equifax, Experian, and TransUnion

The Three Major Credit Bureaus

Equifax, Experian, and TransUnion are the three major credit reporting agencies in the United States. Understanding their role helps you manage your credit effectively.

How Credit Bureaus Operate

Credit bureaus collect information from creditors, lenders, and public records to compile comprehensive credit reports. They sell this information to lenders, employers, landlords, and other authorized parties.

Regulatory Oversight

The Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC) oversee credit bureau activities. The Fair Credit Reporting Act (FCRA) establishes rules for how bureaus collect, maintain, and share consumer credit information.

Why Your Scores May Differ

Each bureau may have slightly different information because not all creditors report to all three bureaus. Additionally, different scoring models may weight factors differently, resulting in score variations.

Your Rights Under the FCRA

You have the right to one free credit report annually from each bureau through AnnualCreditReport.com, the only authorized source for free reports. You can also request free reports after adverse actions like loan denials.

Freezing Your Credit

You can freeze your credit for free at all three bureaus to prevent identity thieves from opening new accounts in your name. Freezes must be lifted before you apply for new credit.

Reporting Errors

If you find errors, dispute them with the bureau reporting the incorrect information. They must investigate within 30 days and notify the other bureaus of corrections.

When to Seek Professional Help

For complex disputes or identity theft, consider working with a consumer law attorney or certified credit counselor who can guide you through the process. Educational Disclaimer: This information is educational only. Consult professionals for advice specific to your situation.