Consumer Credit Rating Agencies

Consumer reporting agencies buy and sell personal information about individuals and use it to assign credit scores that rate their credit worthiness. They do not decide whether to extend an individual credit, but, rather, provide the credit score to companies and banks so they can determine if they should grant credit approval. Credit agencies also offer services to individuals pertaining to understanding and maintaining a good credit score. There are three leading credit-reporting agencies in the United States that also work globally. These companies are Equifax, Experian and Transunion.

Equifax

Two brothers, Cator and Guy Woolford, established Equifax in 1898. Equifax is the largest consumer-reporting agency in the United States. In the twenty-first century, the company specializes in portfolio management, decision-making technology, fraud detection, marketing tools and credit intelligence. Equifax employs approximately 7,000 people throughout North America, Latin America and Europe; their headquarters is in Atlanta, Georgia.

Experian

This company began as a division of an automotive and electronics company known as Thompson Ramo-Wooldridge Inc. In 1984, it was the largest credit-reporting agency in the United States. As of 2010, Experian has upwards of 5,500 employees in North America, earns more than $2 billion in revenue annually and maintains credit information on more than 215 million individuals in the United States. Experian focuses on community involvement and supports more than 100 organizations every year including The Heart of Experian, We the People, Supporting the People, and Together We Can Make a Difference. Experian's North American headquarters are located in Costa Mesa, California.

TransUnion

A rail-car leasing establishment known as the Union Tank Car Company created TransUnion in 1968. As of 2010, it serves consumers and businesses in 25 countries on five continents, with its main headquarters located in Chicago, Illinois. TransUnion serves more than 10,000 businesses across the globe and holds more than 500 million records for consumers worldwide. TransUnion specializes in marketing devices, risk management, collections management, and fraud and identity management. TransUnion describes their company vision as a desire to be recognized best in class and to build stronger economies worldwide. Currently, they are involved in various community organizations aimed at helping individuals achieve their personal financial goals by offering credit information and education. These organizations include Operation Hope, Junior Achievement, Community and Individual Development Association, and Community and Individual Development Association City Campus.