Senior man typing on laptop with a credit report and credit freeze option on desk. concept: 3 credit bureaus
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The 3 credit bureaus: their reports and credit scores

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The 3 credit bureaus record all your financial information. With this data, Equifax, TransUnion, and Experian generate credit reports that banks and other lenders evaluate to decide if you’re reliable enough to receive a loan or a credit card. 

In this article, we will explain what these agencies do, and why a good credit score is the key to getting a loan. Also, we’ll show you how you can access your report for free, and review the history of the 3 credit bureaus.

What does a credit bureau do?

Credit bureaus, also called credit agencies, are companies that collect and store financial information. They use this data to create credit reports and calculate credit scores.

Credit bureaus sell the reports to certain companies, such as banks, mortgage lenders, credit card companies and other financial entities that need to know your credit history before granting you a loan. 

By analyzing your credit report, financial institutions will be able to know if you have paid your debts on time. This helps them determine if you’ll return the money they lend you.

Close-up of credit report with pen. 3 creadit bureaus

Also, lenders will review your report to see how much debt you have accumulated, if you have ever filed for bankruptcy, and if someone has filed a lawsuit against you or seized your assets.

If your report presents one or more of these irregularities, or you have a low credit score, you are less likely to get a loan. And if you can’t access capital, your ability to keep your business afloat or help it grow will be compromised. 

It’s important to be clear, though. Credit agencies are not the ones who decide to grant you a loan, it is the banks that determine this based on the data provided by the bureaus. 

The information in your credit report is used to decide the interest rates of bank loans or credit cards, to evaluate lease applications, and define insurance rates. 

How do these bureaus get the information?

To calculate your credit score, the 3 credit bureaus recompile information from different sources:

  • Lenders

Most of the information that the bureaus collect comes from lenders. If you have applied for a bank loan or a credit card, it is quite likely that the entity has reported your request to one or more credit bureaus. 

The 3 credit bureaus collect information such as: the date on which the loan was requested, the name of the lender, your payment history, the amount of credit you granted and the amount you used, as well as outstanding payments.

Not all lenders report these activities to the bureaus. In this sense, it is advisable to find institutions that report to the agencies to start building a credit history or improve your credit score.

  • Public records

Bureaucrats can find out if there is a history of financial related lawsuits against you, if you have ever filed for bankruptcy, or if you have been foreclosed or your assets have been seized.

Other sources of information include the bills you pay for public services and certain memberships. In some cases, bureaus buy information from other credit bureaus.

In addition to collecting your credit history to calculate your credit score, agencies also store personal information to verify your identity. The data they collect is: 

  • Name
  • Social Security Number
  • Date of birth
  • Current and previous address 
  • Current and former employers
  • Salary information

Who governs credit bureaus?

The information stored by the 3 credit agencies makes them very powerful institutions that need to be regulated. The Fair Credit Reporting Act (FCRA), passed in 1970, defines how they should operate. 

Its function is to ensure that the information the bureaus collect is used properly, plus it ensures that their reports are accurate. If you ever find errors in your credit report, you have the right to ask the bureau to correct the information if it is, indeed, wrong.

This law also gives you the right to request an annual free credit report from the 3 credit bureaus. You can request your report through at

Why are the scores of the 3 credit bureaus different?

When you request your reports, you are likely to find some differences. One of the reasons is that lenders are not required to report information to credit bureaus. Some do but they only report to one or two of them (and not all 3).

Poor credit score report on wrinkled paper. Concpet: 3 credit bureaus

For this reason, agencies may have different information about you, which alters your credit score. It should also be considered that bureaus collect data independently, and do not share it.

Also, it is important to note that each credit bureau uses a different mathematical system to calculate your score. 

Lenders also base their decisions using different scoring models, such as VantageScore or FICO.

How were credit scores born?

In the past, loans were granted based on information that lenders were able to find, which was not always accurate. For example, some lenders could take into account the personality of the applicant.

Over time, lenders started developing a scoring system. Even so, it was still flawed because it was not free from biases or prejudices. 

It was not until the 50s when engineer Bill Fair and mathematician Earl Isaac created and refined an automated scoring system that would become what we know today as FICO score. And in 1970, the Fair Credit Reporting Law was created, which started regulating how this information is collected used.

The 3 credit bureaus: what’s their story?

Nowadays, lenders don’t take into account the personality of applicants. Credit history and score is what determines is a lender offers you a credit. And it is the 3 credit bureaus who create this information, but who are them?

3 credit bureaus: equifax


Originally called Retail Credit Company, it was founded in 1899 in the city of Atlanta by brothers Cator and Guy Woolford. Back then they used to keep a list of the most solvent clients by compiling information about them and then selling the data.

The company began to expand rapidly, and in the 20s it already had offices all through the United States. In 1975 it changed its name to Equifax  

If you want to contact this bureau, you can call 888 548 7878.

3 credit bureaus: transunion


When it was founded in 1968, this company rented railroad cars. A year later it acquired a credit bureau that had more than 3.6 million cards with financial information. 

Since then, TransUnion became one of the top players in the credit reporting industry. Currently, it has more than 250 offices in 24 countries. 

You can call TransUnion on 800 916 8800.

3 credit bureaus: experian



This is the youngest of the 3 credit agencies. It was founded in England in 1980. At that time it was known as CCN Systems. They entered the United States market in 1996 when they bought the company TRW Information Services. Now they have offices in 36 countries. 

Their contact number is 714 830 7000.

Other credit bureaus

In addition to Experian, TransUnion, and Equifax, there are other credit reporting agencies. These are some bureaus that also gather information about consumers and offer credit reports:


Its acronym stands for Comprehensive Loss Underwriting Exchange. This company collects information related to insurance to create reports on personal property. 

It is usual for insurance companies to use information from this bureau to set insurance premiums.


This credit bureau collects and reports information on current checking and savings accounts.

National Consumer Telecom and Utilities Exchange

This agency gathers information for companies related to the areas of telecommunications, cable television, and public services.

Young Hispanic couple smiling to camera outside their shop. concept: 3 credit bureaus

Keep your credit history up to date

Your credit reports are very important, they are what helps financial institutions decide if they offer you a loan. Be sure to comply with all your financial obligations and avoid committing mistakes that may be reflected in your reports and affect your credit score.

You can get a free credit report from the 3 credit bureaus every year. Remember to read your report well, and make sure that it has no inconsistencies. If you find anomalies, contact the respective bureau to correct any inaccurate information.

To learn how to get a credit report, keep reading: 

Credit report with score on a desk. Concept: free credit report.

Where I can get my free credit report?



In Camino Financial our motto is “No business left behind”. We offer immediate quotes that don’t affect your credit score. We have great terms, and very few requirements so that you can access the capital you need to finance your company. 

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