What are the 3 main credit reporting agencies in USA?

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Short Answer

The 3 main credit reporting agencies in the USA are TransUnion, Equifax and Experian. Read further to grab useful information on each of the famous Credit Bureaus in The United States of America.

Detailed Answer

What is a Credit Reporting Agency?

Credit Reporting Agency is also known as a Credit Bureau in the US. Its primary work is conducting research, collecting, compiling and assessing the financial credibility of the borrowers. They sell the information to lenders, who generally wish to know the credit background of the borrowers.

The credit reporting agencies tie up with all the banks, lending institutions, credit card companies, mortgage lenders, insurance providers that offer loans and any other authorized financial organization that lends money to collate the necessary information.

What is a Credit score?

The Credit Bureau does not decide if a lender should grant a loan to a particular person or not. Rather, based on their research, they provide a score for the borrower. This score is based on various factors such as the current outstanding loan value, existing loan accounts, debt repayment history, blend of loan types, number of new loans applied for, term of loan repayment etc.,

The score and assessment range in the United States are as follows:

  • Poor: 300 to 579
  • Fair: 580 to 669
  • Good: 670 to 739
  • Very Good: 740 to 799
  • Excellent: 800 to 850

What are the 3 main credit reporting agencies in the USA?

The 3 main credit bureaus in the united States of America are:

1. TransUnion

TransUnion established itself as a credit agency in 1969 by acquiring the Credit Bureau of Cook County. It is headquartered at Chicago and has its presence in more than thirty countries and five continents. More than a credit agency, it claims itself as a global insights and information hub that offers a wide range of services.

It offers credit related premium services such as monitoring and protecting the credit lent and marking score. The company also offers free services such as free credit reports, fraud detection, freezing the credit report being published, resolving the disputes in the credit report.

2. Equifax

Equifax has a team of 13,000 people spread across 24 countries. It has spread its wings as a data analytics & a tech company to industries such as auto, financial services, fintech, healthcare, insurance, mortgage, e-commerce, government etc.

Equifax US information solutions is the main branch where they concentrate on monitoring the credit behavior of a borrower, identifying frauds in the credit industry, financial analysis and marketing, risk analysis etc.,

3. Experian

Experian is a global information company that has its head offices in Ireland and the UK. Its base was the Manchester Guardian Society in the year 1826 which later grew to the giant named Experian. It has its impact in the financial services, telecom, credit, e-commerce and the insurance industries.

It is spread across 37 countries and has a team of 17,000 members.

Main Credit Reporting Agencies in USA

There is a famous saying that "Data is the new gold". The US lenders highly depend on these three credit reporting agencies and the three digit score they give, for their peace of mind and most importantly to alleviate credit risk.

How's your credit score? Which of the above range defines your current credit score? Do let us know below.

Tagged With: credit reporting agency uscredit bureau uscredit scoreequifaxtransunionexperian
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