 TITLE: What Are Credit Bureaus and How Do They Work? CONTENT: The Three Major Consumer Credit Bureaus\n---------------------------------------\nThe three major consumer credit bureaus are TransUnion, Equifax and Experian, the publisher of this article. Creditors, like banks and credit card companies, use these bureaus' consumer credit reports to help them determine the risk involved in lending money to regular people like you.\nIn other words, when you apply for a mortgage, personal loan, student loan, auto loan, line of credit or credit card, the lender may base its decision to approve or reject your application on your credit reports from the major consumer credit bureaus.\nThere are also all sorts of specialty credit reporting agencies. Some focus on information that landlords want to know, such as whether you've ever been evicted, while other bureaus track and report consumers' insurance claims. The Consumer Financial Protection Bureau (CFPB) maintains a list of credit reporting agencies with details on how you can request a free copy of your credit report from each company.\nBack to the big three. While they often get lumped together, it's important to remember that they are separate, for-profit companies. The big three compete to create the largest and most accurate databases of consumer information and sell credit reports among other products. As a result, your credit reports from the three bureaus often aren't identical. END