Credit 101

Directory of consumer reporting agencies

Written by Lexington Law | Jun 8, 2021 7:00:00 AM

 

The information provided on this website does not, and is not intended to, act as legal, financial or credit advice. See Lexington Law’s editorial disclosure for more information.

There are three nationwide credit bureaus (also known as credit or consumer reporting agencies) that supply American consumer credit reports and credit scores. Each bureau has a slightly different approach to its reporting methods, so your report and score can vary from bureau to bureau. This directory provides a complete overview of the consumer reporting agencies, what they do, how they impact you and how you can interact with them.

What is a credit report?

A credit report is a record of a consumer’s history with credit throughout their adult life. A credit report includes:
  • Current debt amounts
  • Debt payment history
  • Negative items
    with creditors
  • Credit history length
This report is supposed to capture an overview of how responsible a borrower is with credit. The details of your credit report help lenders decide if they should approve you for credit and at what interest rate.

The report pulls information from financial institutions (banks and credit unions), credit card companies, government agencies, collection agencies and more. It also shows information such as:
  • Where you live
  • Where you work
  • If you’ve filed for bankruptcy
  • If you’ve been sued

Who manages your credit report?

In the United States, there are three major national credit reporting agencies: Equifax, TransUnion and Experian. These agencies collect consumer information and establish reports for each individual. Each bureau collects information individually, so the reports won’t match across agencies. Individuals have the right to order one free credit report, per bureau, once a year.

The lesser-known reporting agencies include CSC Credit Services, Credit Technologies and Global Payments.

Who can access your credit report?

You can access and review your credit report at any time, although you may have to pay for it if you’re trying to access it more than once a year from the same agency. The Fair Credit Reporting Act (FCRA) states that creditors and businesses evaluating your application for credit have the right to review your report.

Landlords, employers and insurance companies can only access your credit report if you allow them to. They can only do so when reviewing your application for a home rental, employment or an insurance policy.

How does your credit report affect your credit score?

Your credit score is based on information from your credit report. Specifically, your credit score is made up of five factors from your credit report:
  1. Payment history: Do you frequently make late payments or miss payments entirely?
  2. Credit utilization ratio: Do you use less than 30 percent of the credit available to you every month?
  3. Credit history length: How long have you had credit (to showcase patterns and behaviors)?
  4. Credit mix: Do you have various types of credit (student loan, mortgage, credit cards, etc.) and show that you’re responsible with all types of loans?
  5. New credit: Did you open a lot of new credit all at once, potentially indicating money problems?

What to do if your credit report is incorrect

The Federal Trade Commission (FTC) is the nation’s consumer protection agency. This agency enforces regulations that the credit reporting agencies must follow. The consumer reporting agencies report on information that can significantly impact an individual, so it’s their responsibility to ensure the data is accurate. The FTC also enforces the Fair Credit Reporting Act (FCRA). Under the FCRA, each consumer is allowed to request a free copy of their credit report (per agency) every 12 months.

If a consumer finds inaccurate information on their report, both the credit reporting agency and the creditor that filed the information must investigate their claim. You can  file a credit dispute about the information on your credit report by reaching out to the consumer reporting agency directly—this is done by writing a 609 letter. If the credit reporting agency doesn’t find your claim frivolous, they typically have 30 days to investigate.

The credit reporting agency will likely share the details of your dispute with the creditor that originally supplied the information. That creditor will need to investigate on its end and report its findings to the consumer reporting agency. When the investigation is complete, the credit reporting agency should notify you in writing. If there are changes to your credit report as a result of the investigation, the reporting agency must provide you with a free copy of your updated credit report.

Some consumers choose to bypass the credit reporting agency and dispute directly with the original creditor. If the creditor finds your dispute is correct, it should inform the credit reporting agency of the mistake so your credit report can be fixed.

Either way, you have every right to try to repair your credit.

Why it’s important to check different reports

Each of the three major credit bureaus might have a different version of your credit report. One agency may not have received all the information that another one has, resulting in slightly different reports. This matters because, when you apply for a loan or credit or need to pass a credit check for an employer, you never know which credit reporting agency they’ll reach out to.

To prepare yourself, you’ll want to see what your lender or potential employer is seeing. For example, your credit history could look very different if your lender pulled an Experian report instead of a TransUnion report. You’ll want to check your credit report with every agency every year to ensure there are no mistakes and you’ll know what people will see when you apply for credit or other applications.

The national credit bureaus

The list of national credit bureaus is quite long. Many reporting companies specialize in consumer reports for specific industries, such as employment screening, tenant screening, personal property insurance, utilities and more.

The three national credit bureaus (Equifax, TransUnion and Experian) offer a more holistic overview of an individual’s credit history and borrowing behavior, rather than focusing on a specific sector.

These national credit bureaus collect information on each consumer, including:
  • Personal data (name, address, Social Security number, date of birth, place of work)
  • Credit history (debts, payment history, credit applications)
  • Status and activity on loans (including federal and private student loans)
  • Bankruptcy filings
  • Legal lawsuits
The credit bureaus do not collect information on:
  • Overdue taxes to the IRS
  • How much money is in your bank account
  • Rent and utility bills (usually)
  • Soft credit inquiries
  • Medical history
  • Major purchases paid in full
  • Income
The two most common lender score companies that dominate the American market are the FICO score and the VantageScore. These vendors provide the credit scoring software systems that analyze your credit report (as compiled by the bureaus) to create a credit score.

Though these systems weigh the credit factors differently to determine your score, they both seek to give consumers a score that predicts how likely they might be to fall 90 days behind (or more) on a bill within the next 24 months.

Here are some details about each of the bureaus that you might find useful.

TransUnion

Founded in 1968, TransUnion is the smallest of the three major credit reporting agencies in the United States. Currently, TransUnion provides a credit score based on the VantageScore 3.0 model for its customers. TransUnion provides services to consumers in over 30 countries. The company’s slogan is “Making Trust Possible.”

Contact information

Apps:

What information is listed on your report

TransUnion collects the following information for its consumer credit reports:
  • Personal identification data such as legal name, birthday, current address, previous addresses, SSN and employers
  • Credit history including missed and late payments to creditors
  • Outstanding debt
  • Public records, such as a bankruptcy filing
  • Hard inquiries into your credit
  • Information from collection agencies

How you obtain your report

You can request your free credit report from TransUnion (once every 12 months) by visiting this page and selecting “Get started” under the “Free Annual Credit Report” section.

Price of obtaining your report

Under the FCRA, every consumer reporting agency (including TransUnion) must provide consumers with a free copy of their credit report every 12 months (per the consumer’s request). After your free report, you can sign up for the TransUnion monthly subscription model. For $24.95 per month (plus tax where applicable), you receive your TransUnion Score & Report as part of its credit monitoring service.

History of security issues

In October 2017, the TransUnion website was hacked and the attackers had implemented a system that redirected visitors to download a malicious system disguising itself as an Adobe Flash update.

Other services offered

TransUnion provides additional services to both consumer and business customers. These products and services include:
  1. Credit Protection (instant alerts)
  2. Credit Score Stimulator
  3. Credit Compass
  4. Credit Lock Plus (TransUnion and Equifax)
  5. TrueIdentity Free Identity Protection
  6. Consumer Connect Services
  7. CreditVision Suite
  8. Prama Suite
  9. IDVision Suite
  10. Patient Payment Estimate
  11. Prescreens
  12. Risk Verification Platform

Equifax

Equifax was founded in 1899 and is headquartered in Atlanta, Georgia. Currently, Equifax “operates or has investments” in 24 countries internationally. Equifax offers scores based on both the VantageScore 3.0 model and the FICO Score 8 model.

Contact information

Apps:

What information is listed on your report

Your Equifax credit report includes the following:
  1. Personal identifying information such as your name, address, SSN and date of birth
  2. Credit accounts and your payment history
  3. Hard inquiry details
  4. Collection accounts
  5. Bankruptcy filings

How you obtain your report

You can get a free copy of your Equifax credit report every 12 months. Go to this page and select “Get Started.”

Price of obtaining your report

The FCRA requires that all credit reporting agencies hand out one free credit report annually if a consumer requests it. The Equifax Complete Premier gives you access to your credit score and credit report on a monthly basis for $19.95 per month.

History of security issues

Equifax had a significant security breach in 2017. During this breach, attackers accessed 147 million personal accounts.

Other services offered

Similar to the other major credit bureaus, Equifax offers additional services to its customers. These services include:
  • Equifax Score Watch
  • Equifax Family Plan
  • Equifax Complete Premier
  • Equifax Credit Monitor
  • Equifax Complete
  • Equifax Core Credit

Experian

Experian is the newest of the major three credit bureaus as it was founded in 1996. The company is based in Dublin, Ireland, and supports clients in more than 100 countries. The credit scores provided by Experian are based on the FICO Score 8 model.

Contact information

Apps:

What information is listed on your report

An Experian credit report includes information similar to the other credit reporting agency reports:
  • Personal information such as your name and aliases, current address, past addresses, SSN, phone numbers, current employer and past employers
  • A list of all your credit accounts, past and current, including your payment history, outstanding balances and creditor information
  • Public records such as bankruptcies
  • Recent hard inquiries into your account

How you obtain your report

You can get a free copy of your Experian credit report every 12 months. To request your free report, go to this page and select the “Get your free credit report” button.

Price of obtaining your report

You are legally allowed to request one free credit report from Experian every 12 months. If you want an extra report, Experian charges you $19.99 per request for both your credit report and your FICO score.

History of security issues

Experian has had two known security issues. The first was announced in October 2015 and impacted as many as 15 million American consumers. The company had a second breach in 2020 in South Africa.

Other services offered

Experian offers additional services for consumers, small businesses and large businesses. These services include:
  • Family ID Theft Protection
  • 3-Credit Bureau Report and FICO Score
  • Experian Credit Lock
  • Credit cards
  • Loans
  • Analytics for businesses
  • Marketing assistance programs for businesses

Employment reporting

Consumer reporting companies don’t just include the major three credit reporting agencies—one of the largest subsectors of reporting companies is employment screening companies. Employment screening companies screen potential candidates and existing employees to verify information. Some of the information provided by employment screening companies is unique to these agencies and can’t be accessed anywhere else.

Overall, employment reporting can provide information about:
  • Credit history
  • Previous employers
  • Salary amounts
  • Education
  • Professional license verification
Here is more information about a number of employment screening companies that might be relevant to you.

Accurate Background

Accurate Background
provides background checks for employers. The company has been in business for over 23 years and prides itself on finding accurate data for the benefit of its customers and their candidates.

Contact information

Apps: N/A

What information is listed on your report

The details of your Accurate Background report will depend on what type of report you get. However, in general, the report will include personal identification information and data about you that an employer couldn’t easily find online.

How you obtain your report

If you’re an existing Accurate Background client, you can log into your client portal to review your reports.

If you’re an individual who’s having an Accurate Background report made about them, you can contact the company’s support team for information about your report.

Price of obtaining your report

Accurate Background offers its services in three tiers:
  1. Basic: $29.95 per report
  2. Standard: $59.95 per report
  3. Premium: $74.95 per report

History of security issues

Accurate Background has not had a data breach to date.

Other services offered

Some of the services Accurate Background offers include:
  • Criminal background check
  • Business intelligence
  • Credit checks
  • Driving history
  • Drug and health screening
  • Form 1-9 and E-Verify
  • Global searches
  • Identity management
  • Sanctions
  • Social media searches
  • Verifications

ADP Screening & Selection Services

Automatic Data Processing (ADP) has over 30 years of experience in screening candidates for employers. In addition to the United States, ADP provides employment reporting in over 170 countries.

Contact information

Apps:

What information is listed on your report

The details of your ADP report can include criminal background checks, employment verification, credit history information and more.

How you obtain your report

If you’re an existing ADP client, you can log into your account to review your reports.

If you believe ADP had provided an employer with inaccurate information about you, you have the right to dispute the information by contacting ADP.

Price of obtaining your report

You will need to reach out to ADP directly to get a quote for employment reporting based on your needs.

History of security issues

In 2015 and 2016, ADP had data breaches that allowed fraudsters to access client information.

Other services offered

Some of the employment screening services ADP Screening & Selection Services offers include:
  1. SSN verification
  2. Criminal background checks
  3. Government registry searches
  4. Employment verification
  5. Education verification
  6. Credential, professional or license verification
  7. Credit reports
  8. Drug testing and medical screening

BackgroundChecks.com

BackgroundChecks.com offers background screening for employers or for individuals who want to screen themselves. The company is one of the founding members of the Professional Background Screening Association (PBSA®) and is also a co-founder of the Expungement Clearinghouse. The company has helped over 17,000 organizations with their employment screening needs.

Contact information

What information is listed on your report

Backgroundchecks.com provides employers with reports that include criminal data, employment verification, education verification and credit history.

How you obtain your report

You can order a report directly through the Backgroundchecks.com website.

Price of obtaining your report

Backgroundchecks.com offers its services in three tiers:
  • Instant Criminal Check: $29.95 per report
  • Instant Criminal Check and Local County: $49.95 per report
  • Instant Criminal Check and All Counties: $64.95 per report

Employers can receive volume discounts for ordering multiple reports.

History of security issues

Backgroundchecks.com has not had a data breach to date.

Other services offered

Some of the services offered by BackgroundChecks.com include:
  • Criminal searches (county, state and federal level)
  • Driving record reports
  • Drug screening
  • Professional verifications for employment, references, education or professional licenses
  • Credit reports
  • Bankruptcy report
  • County and federal civil search

Checkr

Checkr uses AI technology for more accurate and efficient background checks. The company launched in 2014 and believes in giving candidates a fair chance to work by connecting employers to more diversified candidate pools.

Contact information

Apps: N/A

What information is listed on your report

A Checkr report can include information about a person’s criminal record (including sex offender status and terror watch lists), driving records, employment verification, education verification, drug screening, credit checks and SSN verification.

How you obtain your report

Checkr’s “Candidate Portal” allows individuals to check on the status of their background check and receive a copy of their report, as well as access additional information. Clients also use the online platform to request candidate screenings and review reports.

Price of obtaining your report

Pricing for a report will depend on the type of report and the total number of reports you need. On average, Checkr prices range from $21 to $47 per report.

History of security issues

Checkr has not had a data breach to date. However, there have been multiple lawsuits filed against Checkr by individuals who claim the company reported obsolete information to employers.

Other services offered

Some of the services offered by Checkr include:
  • Criminal records check
  • Driver and MVR screening
  • Drug and health screening
  • Verification checks
  • Civil searches
  • Continued monitoring

EmpInfo

EmpInfo
looks to help employers, employees and verifiers in the employment screening process. To date, EmpInfo has verified over half a million applications and is used by some of the world’s most successful companies.

Contact information

Apps: N/A

What information is listed on your report

When an employer requests a report from EmpInfo, the report can contain employment history and income history.

How you obtain your report

You can obtain a report directly on the EmpInfo website.

Price of obtaining your report

Employers and verifiers have to contact EmpInfo directly for report pricing.

History of security issues

EmpInfo has not had a data breach to date.

Other services offered

Some of the services provided by EmpInfo are:
  • Employment verification
  • Income verification

First Advantage Corp

First Advantage Corp
provides a one-stop shop for comprehensive background checks. More than 35,000 companies internationally use First Advantage Corp for their employee screening needs.

Contact information

Apps:

What information is listed on your report

First Advantage provides verification for education, licenses, credentials, employment history and immigration status. Additionally, employers can order report information on credit checks, criminal background screenings and social media screenings.

How you obtain your report

Clients can access an employment report directly on the First Advantage website. Additionally, people who have had First Advantage create a report about them and report incorrect information can start a dispute on the site.

Price of obtaining your report

First Advantage is an international company offering a wide variety of detailed employment reports. To get an accurate price quote, customers will need to reach out to the company directly.

History of security issues

First Advantage had one data breach in 2007 that impacted one customer.

Other services offered

Some of the services offered by First Advantage Corp include:
  • Background checks
  • Criminal record monitoring
  • Workflow and compliance management
  • D