UNDERSTANDING THE 3 U.S. CREDIT BUREAUS: What are Experian, Equifax and Trans Union?


The United States has three national credit bureau systems: Experian, Equifax and Trans Union. These are non-government and for-profit institutions that collect and keep financial information about individuals and companies, which help member entities make sound financial investments and decisions based on these data. Trans Union, Equifax and Experian are competitors. That means they do not share client information, unless necessary and mutually agreed upon. Hence, most credit institutions, like credit card companies and banks, get credit reports from all the three bureaus just to make sure. All the three bureaus operate local networks all over the country and the world.

How do they gather information?

The three credit bureaus solicit data by inviting memberships from banks, credit card agencies and other lenders. In exchange, members gain access to the bureaus systems and find out about a potential clients credit history and credit report.

EQUIFAX

Equifax is an S&P 500-listed firm with 150 years experience in the industry. It offers members a variety of services that help protect and manage financial health. It already has operations in the UK (starting 1989). At present, it has members in 12 countries.

TRANS UNION

Trans Union operates in over 24 countries around the world and has more than 3,600 staff members under its wing. Its functions are similar to its two competitors that is, promoting financial health.

EXPERIAN

Experian calls itself a global information solutions company. It provides services to over 40,000 organizations in more than 60 countries, with a record six million people accessing its services and products every year.

To contact them:
Equifax: (800) 685-1111
Trans Union: (800) 916-8800
Experian: (888) EXPERIAN (397-3742)