Credit Reporting Agencies (Credit Bureaus)

Credit bureaus collect and maintain credit history and personal information on the majority of Americans.

There are three major credit reporting agencies Equifax, Experian (formerly TRW) and Trans Union and hundreds of specialized credit bureaus.

These agencies get your personal information from the same lenders who grant you credit through agreements they have made that require the credit grantor to inform the credit bureau of everything that occurs in your relationship with the credit grantor.

For example, if you are late with a payment, this fact is quickly reported to at least one of the major credit agencies and is added to your credit history. Credit reports not only show how you are currently managing your credit, they are also histories of everything you have done in the past as far as your credit is concerned.

These agencies are not affiliated with the government in any way. They are for-profit corporations that sell your personal information for money. The agencies make money by selling credit reports to credit grantors who want to see your credit history before they decide to lend you money.