Credit Reports

Your credit report is information about your borrowing and repayment history. It is put together using facts provided by your creditors and from public records such as court documents. Credit bureaus compile the data for potential creditors, employers, and others who can show they have a legitimate business reason to ask for it. Credit bureaus do not approve or reject you as a credit risk.

While there are over 1000 credit bureaus in the United States, your records are most likely to be requested from one (or all) of the three largest:

  • Equifax 
  • Experian (formerly TRW) 
  • Trans Union 
An annual survey published by Trans Union shows that most consumers feel the benefits of credit reports outweigh concerns about privacy. Businesses know that they can count on the information provided by the credit bureau. They can approve loans faster, for more borrowers, with less risk. They have fewer defaulted loans, which lets them keep their costs down, and they are able to extend credit without always requiring the loans be secured. 

 

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