Credit Bureaus
The three main credit bureaus, Equifax, Experian and TransUnion, are data collectors and provide information to lenders and creditors to help them determine a person’s creditworthiness. They compile your credit history based on your credit accounts using your Social Security number or other identifying information.
The bureaus all operate independently of each other, so they don’t share information or communicate with one another. Thus, your credit file from each bureau may be slightly different, and why it’s a good idea to review each of your reports from Experian, TransUnion, and Equifax, so you can verify everything is accurate.
If you find something is inaccurate on any of your reports, you’ll want to dispute it, which you can do on your own. It is important to note that if an error appears on multiple reports, you’ll need to file a separate dispute with each bureau reporting the misinformation. You can file disputes with each of the major credit reporting agencies via their websites or by mail.
Federal law entitles you to one free credit report from each bureau every 12 months. You can request your free annual credit report from Equifax, Experian, and TransUnion at www.AnnualCreditReport.com. If you need to get an additional credit report during the year, you can purchase one directly from each of the major credit bureaus.
