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Credit Report Companies – What are they?

Credit report companies are also referred to as credit bureaus it is where credit information of a certain individual is stored and accessed by credit card owners. What they do is that they gather information from creditors. Then this information is then sold to credit report companies which are then used for evaluating possible clients. Clients are evaluated for the reason of employment, credit risk and other legal needs.

Credit card owners can acquire their credit information from credit report companies. The information stored in these companies is personal information of the client. This is comprised of the name, address, spouse’s name and the company where the client is working. It also includes the client’s credit history where the credit card number is indicated. Purchases made using the credit card, outstanding balances, past due amounts, the type of credit the client subscribed are all indicated in a credit report.

The credit information of each subscriber is updated monthly. This is also used to assess if you can be provided with a loan when you request one. It has been said that there are three major credit report companies namely:

- Equifax Credit Report: this company will provide you with a report on how you handled your financial obligations. The credit report can only be requested by the owner of the credit card or a proper authorization letter must be provided when other people will request for your credit information.
- TransUnion Credit Reports: it has been said that this company holds the largest database for credit information.
- Experian/TRW: the company offers different services such as credit monitoring and combined credit report and credit score.

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