If you've ever bought a car, owned a home or just used a credit card to finance a purchase, then you have a record with a consumer reporting agency. Credit bureaus, are companies which gather and sell consumers' credit histories to credit-grantors, such as banks, retailers or credit-card companies. Nationwide, there are three major credit bureaus: Equifax, Experian and Trans Union. In addition, credit bureaus sell credit information with other consumer reporting agencies, which, in turn, resell such information to the creditors and other end-users.

While the consumer reporting agencies themselves do not determine if you will get approval for a loan or a credit card, the information they provide to credit grantors does play a valuable role. Credit-granting businesses pay a fee to consumer reporting agencies in order to gain access to their information. Only companies with a legitimate need, such as a mortgage company, car dealership, bank or department store, may purchase consumer credit information. In addition, prospective employers, landlords or insurance underwriters also may request information from your credit file.
Upon request by a legitimate business, the credit reporting agency will furnish the following information about you:

General information, such as name, Social Security Number, marital status and address (both past and present);
Employer name and address;
Debtors and payment history;
Inquirers of your credit file; and,
Public record information, such as bankruptcies or liens

Credit reporting agencies do not gather or disseminate information regarding your race, religious preference, medical history or criminal record, if any.

< BACK