How do Credit Bureaus Get Info?

Credit bureau's are aclearinghouse for credit information about our countries consumers. There are hundreds of local and regional credit bureaus that collect information about your credit status and habits directly from your creditors and merchants. Usually, the smaller local and regional bureaus are affiliated with one of three large national credit bureaus; Equifax , Experian and TransUnion.

Most large creditors currently report your credit information directly to the three main bureaus but it is not always fool proof. Quite often, people will notice an account on one or two of the credit bureaus credit reports but not all three. This is yet another very important reason why you should always check your credit report from all three.

One thing to keep in mind is that the information that you see on your credit report is available to all of the lenders and merchants that you decide to do business with. Unfortunately, if your credit report information contains errors it can effect the interest rates you receive on loans. That is exactly why you must monitor it and keep it free of errors (as they can harm you and your finances directly.)

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