Credit Bureau
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Credit Bureau Facts, nearly 2,000 bureaus operate in the United States. But only three large regional bureaus control Americas credit information:
- Experian Credit Information Service (formerly TRW) P.O. Box 390 Allen, TX 75013-0949 (800) 682-7654
- TransUnion Corporation P.O. Box 390 Springfield, PA 19064-0390 (513) 771-3090
- Equifax Credit Information Services P.O. Box 65873 Atlanta, GA 30348 (800) 685-1111
The local bureau retrieves your credit history from one of these three bureaus with which it has a formal affiliation. But it is these three large credit bureaus that compile and disseminate your credit information.
The local bureaus merely acts as a middleman for its local creditors. But creditors can and do bypass the local bureaus and go directly to the big three.
How do the bureaus or agencies, obtain information about you? With modern technology; it is easy for a credit agency to assemble your full credit profile and disseminate it with a touch of a button. Computers flow information between you and your creditors quickly and simply.
Whenever you apply for credit you also unintentionally provide considerable information about yourself:
- Your Social Security number
- Job
- Salary
- Current and previous address
- Bank accounts
- Credit cards
- Other credit references
Depending upon the application and amount of credit requested, you may also disclose your assets, liabilities, alimony payments, lawsuits, judgments and bankruptcies.
Former and current creditors also furnish information to the bureau either as an automatic subscriber or hunted subscriber. Automatic subscribers supply this credit information regularly (usually monthly):
- Date they first extended credit
- Your largest credit balance
- Repayment terms
- Payment timeliness
- Debt collections or charge-offs on your account
However, they may let the bureaus know that you did not pay on time. They can do little to help your credit but can damage your credit if you do not make timely payments.
Smaller banks, credit unions, hospitals, insurance companies, apartment managers and local merchants are often limited subscribers.
Information from public records is also available to a bureau. Private agencies search public records and provide this negative information to a bureau.
Banks, savings and loans and credit unions may also belong to a Loan Exchange. The bank then forwards information to the exchange about you and the loan you applied for.
The Loan Exchange provides a detailed profile of your credit history to supplement information available through the credit bureau.
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