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Credit reports are upgraded with every credit activity done by the user. These credit reports are kept with and are
constantly upgraded by the three main credit reporting bureaus, Equifax, based in Atlanta, Georgia; Experian, based in
Allen, Texas; and TransUnion, based in Springfield, Pennsylvania.
However it is not necessary that all these bureaus have the same credit reports because all the credit deals are not sent to
all the bureaus. Lenders may send it to one of these and not the others and there is no exchanging of information amongst
these three bureaus. These bureaus collect information from banks, retailers and finance companies. The details about the
savings, loans and mortgages are also sent to these bureaus where they store it as a database on their computers.
Credit reports are accessible to many organizations and individuals. Banks retailers, land lords, doctors, insurance
companies etc. can view an individual's credit report by writing to the bureaus and stating a valid reason. Hence it becomes
necessary to keep a check on the credit report. Companies that have gone through an individual's credit report within the
last two years go down as inquires. These inquiries remain a stigma in the credit report for two years and affect a person's
credit score.
Payments such as phone bills, rents and internet are not reported to the bureaus automatically. Hence a national alternative
credit bureau, PRBC (Payment Reporting Builds Credit, Inc.) was set up where the consumers can self enroll and report their
credit deals that are not automatically reported to the three major bureaus. This also helps creating a healthy credit
profile.
The three major bureaus are not government affiliated and are pure profit based organizations.
These credit bureaus are thorough professionals and rarely a mistake is made in spite of these bureaus receiving more than
two billion pieces of data each month. A fourth bureau, Innovis has also been competing with the other three bureaus in the
United States.
Once in a year a citizen can request for his or her credit report from these bureaus free of cost. If someone wishes to view
his credit report more than once then the bureaus charge the concerned person for the same. The credit scores are not
provided free of cost by these bureaus.
All these credit bureaus have been serving the people of America for a long time now. Although a mistake may occur by these
bureaus, but never ever in the past these mistakes have caused a major financial complication to an individual.
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