Credit bureaus sell credit reports to credit grantors, such as banks, finance companies, and retailers. Additionally, credit bureaus will sell credit reports to potential employers, landlords and insurance companies. Businesses and Credit grantors use credit reports to determine creditworthiness.
There are three major companies that are in the business of collecting and distributing credit histories on all Americans. If you’re an average American, it’s more than likely all three companies have a credit history report on you.
Experian, TransUnion, and Equifax are all competitors — which means — each company has a different version of your credit history. This makes it necessary to obtain reports from all three companies, to ensure that no erroneous information is within their files.
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Lenders, landlords, and employers use either one of the three credit bureaus mentioned above. Mortgage companies and auto dealers utilize all three bureaus simultaneously.
TransUnion serves a broad range of industries including financial and banking services, insurance providers,...