Your credit score comes from three private companies — Equifax, Experian, and TransUnion — that know a remarkable amount about your financial history. Here is how the whole system works.
What a credit bureau is
A credit bureau (also called a credit reporting agency) is a private company that collects financial information about consumers and compiles it into credit reports. Lenders, landlords, employers, and others pay to access these reports when making decisions about you. The three major bureaus — Equifax, Experian, and TransUnion — together hold credit information on over 200 million Americans.
How they get your information
Credit bureaus receive data from “furnishers” — banks, credit card companies, lenders, and collection agencies that voluntarily report account information. This includes: whether you pay on time, your current balances, your credit limits, how long accounts have been open, and any derogatory marks like late payments, collections, or bankruptcies.
Furnishers are not required to report to all three bureaus — which is why your credit report can look different at each one, and why your score can vary between bureaus.
The three bureaus are not identical
Each bureau operates independently and may have slightly different information about you depending on which furnishers report to them. A credit card company might report to all three. A small local lender might only report to one. This is why it is important to check your credit report at all three bureaus — not just one.
Your legal rights regarding credit bureaus
Under the Fair Credit Reporting Act (FCRA), you have the right to:
- A free credit report from each bureau annually at AnnualCreditReport.com
- Dispute inaccurate information — bureaus must investigate and correct errors within 30 days
- A free credit report if you are denied credit, employment, or housing based on your credit report
- Know who has accessed your credit report in the last two years
- Place a free credit freeze to prevent new accounts from being opened in your name
How to contact each bureau
- Equifax: equifax.com | 1-800-685-1111
- Experian: experian.com | 1-888-397-3742
- TransUnion: transunion.com | 1-800-916-8800
FICO vs the bureaus
The bureaus collect and store your data. FICO is a separate company that uses that data to calculate a score. Think of it this way: the bureaus are the database, FICO is the calculator. When a lender pulls your credit, they typically request both — the report from one or more bureaus and a FICO score calculated from that report’s data.