What It Means
A credit bureau is a company that gathers information about how you borrow and repay, from lenders, card companies and other creditors, and sells it to businesses as credit reportsCredit reportA record of how you've borrowed and repaid, kept by credit bureaus and sold to lenders, landlords, insurers and others who decide whether to deal with you. See more. The CFPB also calls them credit reporting companies or consumer reporting agencies. Equifax, Experian and TransUnion are the three nationwide bureaus, and each keeps its own file on you. Specialty bureaus cover narrower histories, such as renting, check writing, employment and insurance claims.
Try It: Sort Each Task by Who You Contact
For each task, pick who you contact. The answer appears under each one.
Get your free weekly credit reports
Right. It's the one site authorized for the free reports federal law provides.
Use AnnualCreditReport.com, the authorized site for all three free reports.
Freeze your credit
Right. The FTC says a freeze goes on with each bureau separately.
A freeze has to be placed with Equifax, Experian and TransUnion, one by one.
Place a fraud alert
Right. The one you contact must tell the other two.
One bureau is enough. It must pass the alert to the other two.
Dispute a mistake on one bureau's report
Right, plus the company that sent the wrong information.
Dispute with the bureau showing the error, and with the company that reported it.
How People Say It
- "Which bureau did the bank pull?"
- "I froze my credit at all three bureaus."
- "Experian has my old address but TransUnion doesn't."
The Breakdown
A short example. After a data breach letter, Keisha calls Equifax and asks it to freeze her credit. She assumes the other two bureaus hear about it. A month later a scammer applies for a card with a lender that checks TransUnion, and that lender can still read her file, because nothing was frozen there.
Where it goes wrong. The three nationwide bureaus are separate companies with separate files. Some requests travel between them and some don't. The FTC says a fraud alertFraud alertA note on your credit report asking lenders to verify your identity before opening credit; you place it at one bureau, which must tell the other two. See more placed with one bureau must be passed to the other two, but a freeze has to be placed with each bureau yourself.
What to watch for
| Task | Who to contact |
|---|---|
| Free credit reports | AnnualCreditReport.com, for all three |
| Credit freezeCredit freezeA free block you place on your credit report at each bureau so lenders can't read it for a new application until you lift it; also called a security freeze. See more | Equifax, Experian and TransUnion, each one |
| Fraud alert | Any one of the three, which tells the other two |
| Mistake on a report | The bureau showing it, and the company that sent it |
Specialty bureaus are a separate group. On its list of consumer reporting companies, the CFPB includes firms that track rental history for tenant screening, check writing and bank account history, employment history and insurance claims. A landlord or bank may read one of these instead of, or as well as, a nationwide report.
Good to Know
The CFPB keeps a list of consumer reporting companies, nationwide and specialty, with how to request your file from each, and it says you have a right to see specialty reports too. A bureau collects and sells information; the lender, landlord or insurer reading the report makes its own decision. Freezing credit is free at each nationwide bureau under a federal law that took effect on September 21, 2018, according to the FTC.
FAQ
What are the three major credit bureaus?
Equifax, Experian and TransUnion. The CFPB calls them the three nationwide consumer reporting companies, and each keeps its own report on you.
Why do my three credit reports show different things?
Each bureau keeps its own file, built from what creditors send it, so an account, a late paymentLate paymentA payment that reaches the lender after its due date; on credit reports, one that's 30 days or more past due. See more or an old address can show on one report and not on another. Check all three and dispute an error with the bureau that shows it.
Do I have to contact all three credit bureaus?
It depends on the task. The FTC says a freeze must be placed with each bureau, while a fraud alert placed with one bureau is passed on to the other two.
Do It in Buhata
Reminders
Set a Reminder in Buhata for the day you plan to check your reports, and note in it which of the three bureaus you've frozen.
Open BuhataRelated Terms and Categories
- Credit report
A record of how you've borrowed and repaid, kept by credit bureaus and sold to lenders, landlords, insurers and others who decide whether to deal with you.
- Credit freeze
A free block you place on your credit report at each bureau so lenders can't read it for a new application until you lift it; also called a security freeze.
- Fraud alert
A note on your credit report asking lenders to verify your identity before opening credit; you place it at one bureau, which must tell the other two.
- Credit score
A three-digit number calculated from your credit report that lenders use to judge how likely you are to repay; common models run from 300 to 850.
- Soft inquiry
A credit check that isn't tied to an application, such as checking your own report or a preapproved offer; it doesn't affect your credit scores.
- Credit monitoring
A service that watches your credit reports and alerts you to changes, such as a new account or inquiry; it warns you after the fact and doesn't prevent fraud.
Sources
Consumer Financial Protection Bureau, "What is a credit report?"; Consumer Financial Protection Bureau, "List of consumer reporting companies"; Consumer Financial Protection Bureau, "You have a right to see specialty consumer reports too"; Consumer Financial Protection Bureau, "What is a tenant screening report?"; Federal Trade Commission, "Credit Freezes and Fraud Alerts"; Consumer Financial Protection Bureau, "How do I dispute an error on my credit report?"
- www.consumerfinance.gov/ask-cfpb/what-is-a-credit-report-en-309
- www.consumerfinance.gov/consumer-tools/credit-reports-and-scores/consumer-reporting-companies/companies-list
- www.consumerfinance.gov/archive/blog/you-have-a-right-to-see-specialty-consumer-reports-too
- www.consumerfinance.gov/ask-cfpb/what-is-a-tenant-screening-report-en-2102
- consumer.ftc.gov/articles/credit-freezes-and-fraud-alerts
- www.consumerfinance.gov/ask-cfpb/how-do-i-dispute-an-error-on-my-credit-report-en-314
Last updated .