National Credit Reporting Services

Most lenders use credit reporting services, called credit reporting bureaus, to check a borrower's credit scores. The United States has three major reporting agencies and a plethora of smaller, more specialized services. The big three are TransUnion, Experian and Equifax, the most common bureaus used by lenders for consumer credit transactions.

TransUnion

TransUnion was founded in 1968, although it was not a credit associated business until the following year, when it acquired the Credit Bureau of Cook County. This credit bureau had 3.6 million files, listed on hard copy card files. TransUnion developed a system for transferring files to automated tape-to-disc to ease data collection and usage. Today, TransUnion runs the True Credit website for consumers, providing credit report monitoring and credit scores. TransUnion's customer base is located in 25 different countries.

Experian

Experian started out as CCN Systems, founded in 1980. Global headquarters are not in the United States, but in Ireland. Experian offers credit monitoring, data collection and a number of other credit related services for consumers and businesses. Experian does business in over 90 countries, both in consumer credit and business credit solutions. Other markets that Experian targets include automotive and retail businesses.

Equifax

Equifax has the title of being the oldest credit reporting bureau among the three largest in the United States, with a start date of 1899. The corporate headquarters is in Atlanta, Georgia. Equifax offers both consumer and business credit reports, as well as information regarding credit risk and credit groups to third party companies. Equifax has an on-line credit monitoring service and credit scores, geared towards consumers.

Specialty Services

The big three credit reporting bureaus aren't the only ones offering financial information, but most of the smaller credit bureaus concentrate on one area of specialization. For example, Chex Systems specializes in bank accounts, especially where accounts are overdrawn including bounced checks. This system is consulted by banks prior to a new account being opened. Insurance Services Office is another specialty service that deals with insurance information and statistics.