Credit Reporting Agencies:
Understanding the Big Three
If you have a credit card or a car loan, you have a credit history.
Your credit history includes information like bill and loan payments, which is reported to three major credit agencies — Experian, TransUnion and Equifax. These organizations do not approve or deny credit; they simply collect and report on credit history from:
- Banks
- Credit unions
- Credit card issuers
- Mortgage lenders
- Loan servicers
- Collection agencies
- Credit, employment or insurance has been denied within the past 60 days due to information in the credit report
- Individual is unemployed
- Individual is receiving public assistance
Not all creditors report to all three agencies; some only report to one. And some creditors do not file a report until you are late or miss a payment altogether.
To see your credit report, you must request it from Experian, TransUnion or Equifax. While consumers and creditors usually pay for a report, there are some instances where you can request a free copy. This includes when:
If you’re in the market for a new home and applying for a mortgage, it’s important to know exactly what a credit report is and how it can impact you.
To learn more, sign up for our free homebuyer class.