Definition
A credit bureau, also known as a consumer reporting agency, is a company that collects and maintains individual credit information, then sells it to creditors, lenders, and consumers in the form of credit reports. In the United States, there are three major credit bureaus: Equifax, Experian, and TransUnion. These agencies compile information about your credit accounts, payment history, inquiries, and public records. Though they generally collect similar information, there may be variations in your credit reports across bureaus because not all creditors report to all three agencies.
Frequently Asked Questions
Do all creditors report to all three credit bureaus?
No, creditors are not required to report to any credit bureau, and many choose to report to only one or two bureaus rather than all three. This is why your credit reports and scores may vary between bureaus.
How do credit bureaus get my information?
Credit bureaus receive information voluntarily from creditors, lenders, and public records. They do not proactively seek out information; instead, financial institutions choose to report consumer data to them.
Are credit bureaus regulated?
Yes, credit bureaus are regulated primarily by the Fair Credit Reporting Act (FCRA), which is enforced by the Federal Trade Commission (FTC) and Consumer Financial Protection Bureau (CFPB). The FCRA sets rules for how credit information can be collected, accessed, and used.
Related Terms
Category
Need Credit Help?
Discover tools and resources to help improve your credit score and financial health.