A credit bureau, also called a credit reporting agency, is a company that collects data about how you manage your credit and finances. The credit bureau then puts the data into an easy-to-read report. It sells your report to others who have permission to view your credit information under federal law.

What do the 3 credit bureaus do?

Equifax, Experian and TransUnion are the three main consumer credit bureaus. They collect and store information about you that they use to generate your credit reports, which are used as the basis of your credit scores.

Do Savings accounts show on credit reports?

Your bank account information doesn’t show up on your credit report, nor does it impact your credit score. Yet lenders use information about your checking, savings and assets to determine whether you have the capacity to take on more debt.

What’s the purpose of a credit bureau and why do they matter?

Who are the credit bureaus in the United States?

Updated May 14, 2019. A credit bureau is a company that collects and maintains individual credit information and sells it to lenders, creditors, and consumers in the form of a credit report. While there are dozens of credit bureaus across the U.S., most consumers are familiar with the big three: Equifax, Experian, and TransUnion.

Who is responsible for maintaining your credit report?

Credit reporting agencies (CRAs) collect and maintain information for your credit reports. Each CRA manages its own records and might not have information about all your accounts. Even though there are differences between their reports, no agency is more important than the others.

Why is it important to know about your credit report?

Credit reporting agencies (CRAs) collect and maintain information for your credit reports. Each CRA manages its own records and might not have information about all your accounts. Even though there are differences between their reports, no agency is more important than the others. And the information each agency has must be accurate.