Three Largest Credit Reporting Institutions in the U.S.

According to the Farlex Financial Dictionary, "a credit report is a summary of your financial history. Potential lenders will use your credit report to help them evaluate whether you are a good credit risk." Experian, TransUnion and Equifax are the three major credit reporting bureaus. Consumers are entitled to one free credit report per year from each bureau, says Farlex.

Experian

Experian was created after TRW Information Systems & Services and the CCN Group merged in 1996 under the British conglomerate, GUS plc. TRW was once the largest credit bureau in the U.S. and CCN was an information services and credit bureau in Europe before the two merged to form what is now one of the global leaders in credit reporting and protection. Experian also acquired consumerinfo.com and Scorex; the acquisition of those two companies was profitable for Experian. In 2006, Experian demerged from GUS, as the parent company deemed them ready to stand alone In 2007, Experian gained controlling interest in Brazil's "Serasa," which was the world's fourth largest credit reporting bureau at the time. In 2010, Experian is the leader in global information services. They employ approximately 15,000 people and have clients in 65 countries. Experian has offices in 40 countries, according to Experian.

TransUnion

TransUnion began in 1968 as a rail-car leasing company. The corporation did not begin to deal with credit until 1969 when they acquired "CBCC (Credit Bureau of Cook County), which manually maintained 3.6 million card files in 400 seven-drawer cabinets," according to TransUnion. By 1988, the corporation had information on all "market active consumers" in the U.S. During the 1990s, TransUnion expanded its real estate division so lenders could access information on prospects nationwide. In 2002, TransUnion acquired TrueCredit.com and began offering credit protection services to consumers. As of 2010, TransUnion operates in 25 countries, has maintained the credit histories of more than 500 million consumers and has 500,000 customers. TransUnion has many locations throughout the world.

Equifax

Equifax began in 1899 as RCC (Retail Credit Company). It grew quickly and by the 1920s, it had offices throughout North America. In 1975, the company changed its name to Equifax. Equifax has locations worldwide but its headquarters is in Atlanta, Georgia. It employs approximately 7,000 people in 15 countries. Like Experian and TransUnion, Equifax is more than just a credit reporting institution. It also provides "business credit intelligence, portfolio management, fraud detection, decisioning technology, marketing tools, and much more," according to Equifax.