Who Are the Three Largest Credit Bureaus?
- Credit scores are now being used by some employers as part of their screening process.Derek E. Rothchild/Brand X Pictures/Getty Images
Credit scores are intended to indicate how much of a risk an individual is when it comes to borrowing money. Our credit score determines what credit card offers we receive, whether we're approved for bank loans and how much interest we pay on our mortgage or car note. There are three major credit bureaus, each of which uses its own formula to calculate credit scores. - Equifax is the oldest and largest of the three major credit reporting companies, having been founded in 1899 as the Retail Credit Co. As of October 2010, Equifax boasts more than 7,000 employees in 14 countries, and maintains data on an incredible 400,000,000 individuals. Equifax also offers the "Credit Watch," "Victim Alert" and "Credit Lock" programs to help consumers protect their credit scores.
- Experian was started by John Peace in 1980 and currently operates in 36 countries from its headquarters in Dublin, Ireland. Experian collects information on individuals, businesses, insurance, vehicles and "lifestyle" data such as age and interests. In addition to providing marketing services, Experian also provides decision analysis and operates FreeCreditReport. Experian reports itself as fully compliant with the Fair Credit Reporting Act and the Accurate Credit Transactions Act.
- TransUnion began in 1968 under the name, The Union Tank Car Company. Today it operates in 24 countries with 250 offices in the United States. TransUnion supplies individual consumer credit reports, financial software and consumer analytical data to businesses worldwide. The company also offers "ID Fraud Watch" to protect users' credit history and provides users of the service with periodic credit reports.
