Credit Bureau - What Are They?

You have probably heard the term credit bureau in the past. This term, interchangeable with credit reporting agency, details an organization that obtains and compiles consumer's credit and financial history. This record includes the types of credit lines you have open, those you have had in the past, anytime in which your payments were later than the creditor's grace period, any tax liens against you, and the amount of debt currently owed by you. All of this information is sent to the bureau by the company in which you owe the debt.

There are three major credit bureau agencies in the United States. The first is Experian. The second is Equifax. And the third is Trans Union. While no one agency is more important than the other, lenders and lenders who run your report probably have a favorite out of the three bureau agencies. Thus, it is important to maintain a correct and positive record with each.

By federal law, these three credit bureaus are required to provide you with one copy of their report on you per year. It is wise to take advantage of this and access your financial well-being. You can obtain a copy of your credit report by simply visiting the bureau agency's website, providing a bit of personal information, and verifying a few questions. If you notice any discrepancies or missing items on your report from the credit bureau, you will need to notify them immediately to get the information corrected. Now that you are empowered with new information, go out there and take action.

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