Credit reporting via the three credit bureaus is a national system utilized by lenders to determine eligibility for comsumers requesting a loan or line of credit and how much interest they should be charging you for it.
The three bureaus compile information regarding loans, credit cards, utility bills, bill repayment history and personal information such as your name, address, social security number in what is called your credit report. This report it the basis for determining if a lender can grant you additional credit by allowing them to see how much debt you already owe and how well you are at managing it.
The 3 national consumer credit bureaus:
- Experian, 1-888-397-3742
- TransUnion, 1-800-916-8800
- Equifax, 1-800-685-1111
Each credit bureau analyzes and rates the information in your credit report to determine an overall score known as your credit score. Each bureau uses a proprietary scoring system and therefore your credit score may vary from each bureau.
