Credit bureaus are private companies that are in the business of collecting information about consumer credit behavior and selling it to businesses that need it. According to the Federal Citizen Information Center, there are three main consumer credit bureaus in the United States: Equifax, TransUnion and Experian.
Experian
Experian, which is based in Dublin, Ireland, is the largest of the three consumer credit reporting agencies, with about 15,000 employees located around the world. The company started in 1980, beginning as CCN systems. The company sells information about consumers, businesses, insurance and other areas. It provides credit services, marketing and other services as well.
Equifax
Equifax was founded in 1899 and is currently based in Atlanta, Georgia. The company is listed on the New York Stock Exchange and has about 7,000 employees located in 15 countries. The company primarily offers business-to-business services by providing creditors with consumer credit information, but also sells analytical, demographic and other kinds of information.
TransUnion
TransUnion, the smallest of the three credit bureaus, operates in about 25 countries. Union Tank Car Co., a railroad car leasing company, created TransUnion as a holding company in 1968. Based in Chicago, Illinois, TransUnion offers credit information services to businesses and consumers.
More Companies
While the three credit reporting bureaus are important because they maintain consumer credit reports, they are not the only companies that impact consumer credit. Other companies, such as FICO, create credit scores that many creditors use to help determine whether a creditor is a risky or safe investment. Other companies, such as Dunn and Bradstreet, collect business debtor information in the same way the credit bureaus collect information on individuals.
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