What It Means
A credit bureau (also called a credit reporting agency or CRA) is a company that collects, maintains, and sells consumer credit information. The three major credit bureaus in the United States are Equifax, Experian, and TransUnion. These agencies gather data from creditors, lenders, and public records to compile credit reports on individual consumers. Lenders use this information to make lending decisions. Each bureau may have slightly different information, which is why your credit scores can vary between them. Under the Fair Credit Reporting Act (FCRA), you are entitled to one free credit report from each bureau annually through AnnualCreditReport.com.
Frequently Asked Questions
What are the three major credit bureaus?
The three major U.S. credit bureaus are Equifax, Experian, and TransUnion. All three collect and maintain credit information independently, which is why your reports and scores may differ between them.
How often do credit bureaus update their information?
Most creditors report to the bureaus every 30-45 days. This means changes to your credit activity typically take 1-2 months to appear on your reports.