The three major credit bureaus maintain records of all of the citizens’ financial payment history. These credit bureaus determine your credit score by using FICO (Fair Isaac Corporation) scoring systems. These credit reporting bureau sells the information that they collect (consumer report) to creditors so that these creditors can be guided on whether they can offer you credit or not. The Fair Credit Reporting Act (FCRA) regulates the activities of the three credit bureaus.

These three major credit bureaus collect the information independently so your credit reports may be different from one credit bureau to another.  Lenders do often request reports from each of these agencies so that they can get your complete financial profile. You can file for a True Credit 3-in-1 Credit Report which allows you to see the all the three credit reports from these respective bureaus. What you see from this report is your creditworthiness which is the same thing that your potential lender sees.

You have no cause for worry if you have a good credit report. You may be able to obtain credits to purchase goods and services, apply for a home mortgage loan, and apply for insurance and employment. However, the same information from these credit bureaus may be used against you. Check your credit reports annually so that you will know what personal information was given to your creditors.

Hard inquiry is when the lender makes an inquiry to one or the three major credit bureaus regarding all the information of your credit history. The information that the lender gets will influence his decision if they will lend you or not. Soft inquiry is when you do your own inquiry regarding your own credit history. If there are many hard inquiries done on your behalf this negatively affects your credit score so apply for a credit loan in moderation.

The contact details of these three major credit bureaus are:

1. Equifax: 800-685-1111 (general) or 800-525-6285 (fraud); P.O. Box 740241, Atlanta, GA 30374; www.equifax.com
2. Experian: 888-397-3742 (general and fraud); PO Box 2002, Allen, TX 75013, www.experian.com.
3. TransUnion: 800-888-4213 (general) or 800-680-7289 (fraud); P.O. Box 2000, Chester, PA 19022; www.transunion.com

Let us discuss about each of these three credit bureaus:

• Equifax is the oldest credit bureau in the United States, they started 1899. They manage the credit histories of individual consumers and businesses. Equifax offers security freeze on reports which prevents inquiries from being made for a certain period of time.
• Experian began credit reporting in the United States in 1996. They collect data from lenders, telecommunications and motor vehicle departments. Experian also offers fraud protection services and they operate in more than 65 countries worldwide.
• TransUnion began in 1968 but started as parent company for a rail car leasing operation. They only begun credit reporting services in 1969 when they purchase Credit Bureau of Cook County. They begun full coverage of the United States in 1988. TransUnion acquired TrueCredit.com in 2002 which offers report monitoring, fraud and identity theft services directly to consumers. TransUnion operates in 24 countries aside from the United States.