What is a Credit Agency

The three major Credit Agency bureaus – Experian, TransUnion and Equifax – report on consumer information. The information comes from various sources.  A Credit agency keeps records on a consumer's relationships with lenders, utilities, collection agencies or courts, such as bankruptcy filings. When a consumer applies for a credit card or a home or auto loan, the lender may request a copy of the consumer's credit report from a Credit Agency. The information the Credit Agency bureaus compile go into a report. The Credit Agency bureaus are regulated by the Fair Credit Reporting Act.

Exquifax is the oldest and largest of the three Credit Agency bureaus. The Retail Credit Company was founded in 1899.  The company opened offices in the U.S. and Canada by 1920. The Retail Credit Company had records on more than 1 million Americans and Canadians in 1960. In 1975, the Retail Credit Company changed its name to Equifax.

Today, Experian has offices in 36 countries and employs more than 15,000 people. Experian's headquarters is in Dublin, Ireland. They also have operational headquarters in Nottingham, England, and Costa Mesa, California. Founded in 1980 as CNN Systems, Experian is the youngest and second largest of the three major Credit Agency

bureaus.

The Chicago-based Credit Agency bureau TransUnion, was founded as Union Tank Car Company in 1968. Today TransUnion is the smallest of the three major credit agencies and has more than 250 offices in the United States and in 24 countries.

When a consumer applies for a loan or a credit card, buys car insurance or rents an apartment, lenders, insurers and property owners may contact one of the three credit agencies to get a copy of the consumer's credit report. The credit report says a lot about the consumer's credit risk. The credit report will contain information that the credit card companies, lenders, insurers, and property owners can use to rate the consumer and decide whether they want to take the risk and lend them money, approve a policy or rent an apartment.  A consumer with a large debt load, too many late payments and low credit score can be indications that the consumer is too risky. Lenders are more likely to take a risk on consumers who pay their bills on time and have a high credit score.

Usually, any time a consumer applies for a credit card or a home loan, the lender may obtain the consumer's credit report by requesting it from one of the three major Credit Agency bureaus.

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