Lauren Smith, WalletHub Staff Writer
@laurenellesmith
Credit bureaus get their information from banks, credit unions, other financial institutions, public records, and businesses such as utility and cell phone companies. Banks and credit unions share your credit card or loan account information regularly, while businesses often only report accounts in collections. Bankruptcy filings are among the information sourced from public records.
The information collected by credit bureaus is used to create your credit report and calculate your credit score when requested.
Information Credit Bureaus Collect
- Applications for credit
- New accounts
- Credit limits / amounts loaned
- Account balances
- Payment history
- Account status
- Bankruptcy filings
The three major credit bureaus, TransUnion, Equifax and Experian, may use different sources, so each of your credit reports can vary slightly.
You can check your TransUnion credit report and access personalized credit-improvement tips for free here at WalletHub.
People also ask
Who reports to the credit bureaus?
Generally, most creditors and lenders are required to report to the credit bureaus about their customers.
An individual can self-report as well, but in order to do this they need to become a member of one of the credit bureaus. This can usually be done for a fee. Keep in mind that each bureau has their own guidelines.
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