Who Are The Credit Report Collections Agencies?

There are 3 major credit report collections agencies that compile and collect consumer financial information using various sources. When a consumer fills out a credit card application, applies for a boat or auto loan or requests a bank loan to buy a house, the credit report collections agencies document the credit activity.

The information collected by these credit report collections agencies goes into a consumer's credit report, which is a record of the consumer's financial activity. Lenders and creditors use the credit report to determine the credit worthiness of the consumer. All credit report collections agencies must follow the strict guidelines outlined in the Fair Credit Reporting Act when collecting and releasing financial information on consumers. 

Equifax is the biggest and the oldest of the credit report collections agencies. In 1899, Equifax, then known as the Retail Credit Company, was founded. In 1920, The Retail Credit Company expanded its operational reach throughout the U.S. and Canada. In 1960,  The Retail Credit Company had already collected financial and credit information on more than 1 million Americans and Canadians. In 1975, The Retail Credit Company changed its name to Equifax. Today, Equifax collects and provides demographic information, analytics, software and credit reports to businesses throughout the world.

There are more than 15,000 people world wide working for Experian. With an operational headquarters in Nottingham, England and Costa Mesa, California, The Dublin-based credit report collections agency has a world wide reach that has expanded into 36 countries. Founded by CNN Systems in 1980, Experian is the youngest and second largest of the three major credit report collections agencies.  Experian sells credit monitoring services and credit reports online to consumers. 

TransUnion is the third largest of the three major credit report collections agencies. TransUnion was founded in 1968 by the Union Tank Car Company. Today, the Chicago-based credit reporting agency has more than 250 offices in the United States and in 24 countries.

When a consumer applies for a loan or credit card, this activity is often collected by the credit report collections agencies. Property managers, credit card companies, mortgage lenders, insurance agents and debt collection agencies depend on the credit reports these credit report collections agencies provide to make decisions regarding consumer credit. The credit report can tell these entities if the consumer has a large debt load, poor payment history, or a low credit score. These are indicators that a consumer may be in financial trouble.

For more information about credit report collections agencies, contact Experian, TransUnion or Equifax. If you want information about resolving an outstanding debt, contact NCO Financial Systems, Inc. Contact information for NCO Financial Systems, Inc. can be found on every page here on our consumer help unit website. 

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