The Three Major Credit Bureaus In The United States
Experian, Equifax, and TransUnion are three major credit bureaus in the United States. They gather and maintain credit information on individuals and businesses to create credit reports and scores. These credit reports are used by lenders, landlords, and other entities to assess creditworthiness and make informed decisions regarding credit approvals, loans, rentals, and more.
Here’s some information about each of these credit bureaus:
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Experian:
- Experian is one of the largest credit bureaus globally, operating in over 80 countries.
- It collects and maintains credit data on more than 1 billion individuals and businesses.
- Experian offers a wide range of credit-related services, including credit monitoring, identity theft protection, and fraud detection.
- They provide credit scores based on the FICO scoring model, known as the Experian/FICO Risk Model, as well as their own proprietary scoring models like the Experian PLUS Score.
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Equifax:
- Equifax is another major credit bureau with a significant presence in the United States, Canada, and the United Kingdom.
- It gathers credit information on millions of consumers and businesses globally.
- Equifax offers various credit-related products and services, such as credit monitoring, identity theft protection, and credit reports for businesses.
- Equifax uses the Equifax Credit Score and also provides access to FICO scores.
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TransUnion:
- TransUnion is a global credit reporting agency operating in over 30 countries.
- It collects and maintains credit information on millions of individuals and businesses.
- TransUnion provides credit reports, credit monitoring, and identity theft protection services.
- They offer credit scores based on their own proprietary models, such as the TransUnion CreditVision Scoring, as well as access to FICO scores.
It’s important to note that each credit bureau may have slightly different information in their reports because they gather data from different sources. Lenders and other entities may use one or more of these credit bureaus when assessing creditworthiness, so it’s recommended to monitor your credit reports from all three bureaus regularly to ensure accuracy and address any potential errors.
