How Credit Bureaus Operate

For more than five years, Think Credit Reports has provided consumers with their credit information as compiled by all three major credit bureaus. Think Credit Reports also offers premium members a number of additional services, including quarterly updates and daily monitoring.

Credit bureaus operate as the most common type of credit reporting agencies (CRA). Credit reporting agencies are responsible for both collecting and disseminating information about a person’s credit, as creditors report it to them. Typically, a smaller agency that collects credit information communicates this data to its affiliate larger bureau, which allows the three major entities to report accurately to potential creditors.

Today, the three national credit bureaus are Experian, Equifax, and TransUnion. Each receives reports about a borrower’s payment history, open accounts, paid loans, and inquiries into new accounts. Because these data come from different sources, not all bureaus have the same information about a particular borrower. For this reason, borrowers and those checking their credit frequently request reports from each of the three national bureaus.

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