facebook twitter instagram linkedin google youtube vimeo tumblr yelp rss email podcast phone blog external search brokercheck brokercheck Play Pause
What Is a Credit Bureau & What Data Is Included in Your Credit Report? Thumbnail

What Is a Credit Bureau & What Data Is Included in Your Credit Report?

Managing Your Finances

A credit bureau, also called a credit reporting agency, is a company that collects and stores information about how you manage your credit and finances.1 This data is then used to create your credit reports, which form the foundation of your credit score. 

Experian, Equifax and TransUnion are the three major credit bureaus and are often grouped together.2 While they’re not the only bureaus in existence, they are some of the most well-known companies that compete for the business of creditors. Let’s address the data collected by credit bureaus, how they obtain that information to create your scores and reports and how to get in touch with them if something isn’t right. 

What Data Is Included in Your Credit Report?

A credit report often consists of your history as a consumer and borrower. In order to develop these reports, credit bureaus collect a few key pieces of information that identify you and offer insight into how you manage your financial obligations. As such, your credit report may include: 

  • Account information: The types of accounts you have, the dates those accounts were opened, your credit limit, account balances, payment history and more. 
  • Collections: May include unpaid accounts that have been passed on to a collections agency. 
  • Inquiries: Records of when you allow someone to access or check your credit reports, such as when you applied for a credit card or loan. 
  • Personal Information: Your name, address, Social Security number, date of birth, etc.1 

Rules Credit Bureaus Must Abide By

While credit bureaus don’t need your permission to collect data, they aren’t allowed to do whatever they please with the information acquired. There are strict guidelines bureaus must follow, which are regulated by the Fair Credit Reporting Act (FCRA).3 

  • Disputes: As a consumer, you have the right to dispute information on your credit report that you believe to be inaccurate. Your dispute must be investigated by a credit bureau and the item removed from your report if it hasn’t been verified to be accurate.  
  • Access to your information: Your information can only be shared with someone who has a “permissible purpose” to access it. This may include lenders, collection agencies, landlords, employers and you. 
  • Expiration date: For the most part, negative information has an expiration date of seven years. But, items such as bankruptcies may remain on your report for up to 10 years. 
  • Free copy of your report: Credit bureaus must allow access to view a free copy of your report once every 12 months. 

Changes in Credit Reports From Bureau to Bureau

Your credit scores can vary depending on the bureau you check with. This can happen because of the possible differences in data that make up each report. For instance, creditors are not required to report information to credit bureaus. While many choose to do so, some may send your information to only a few of the main bureaus.2 This leads to variations in scores and reports across the board. 

Bureaus also have a tendency to use independent scoring models that take different approaches when evaluating your credit reports. This can also result in different credit scores, even if the same report from the same bureau is being used.2 

Other Credit Bureaus to Take Note Of 

Any organization that collects information about consumers and sells it to others is known as a consumer reporting agency. While this largely includes Experian, TransUnion and Equifax, there are other credit bureaus to be aware of. Here are some others you may want to know about:

  • ChexSystems: Collects and reports information on closed checking and savings accounts. 
  • LexisNexis: Provides reports to lenders with information that Experian, TransUnion and Equifax don’t collect.
  • C.L.U.E. Inc.: Collects insurance-related information and creates consumer auto and personal property reports.
  • CoreLogic: Supplies tenant screening reports to landlords. These reports may include any history of evictions and a background check.

Remain Informed of Your Credit Information

It’s important to check your credit report regularly to ensure there are no errors. Becoming a member of websites such as Credit Karma allows you to access your Equifax and TransUnion credit reports any time for free. You can also request a copy of your credit report for free once per year. 

In the event that you discover an error in your credit report, contact the associated credit bureau and file a dispute. They will be required, by law, to investigate and correct a mistake if they’ve made one.3 

If you found this article useful, you might like the following blog posts:

Which Bills Affect Your Credit Score?


Military Finance 101: Controlling Your Debt


Military Finances 101: Building a Spending Plan


  1. https://www.consumerfinance.gov/consumer-tools/credit-reports-and-scores/answers/key-terms/#credit-reporting-company
    2.        
  2. https://www.usa.gov/credit-reports
    3.        
  3. https://files.consumerfinance.gov/f/documents/102012_cfpb_fair-credit-reporting-act-fcra_procedures.pdf


This content is developed from sources believed to be providing accurate information, and provided by Twenty Over Ten. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security.

Disclaimer
Please remember that past performance may not be indicative of future results. Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product (including the investments and/or investment strategies recommended or undertaken by C.L. Sheldon & Company, LLC ), or any non-investment related content, made reference to directly or indirectly in this blog will be profitable, equal any corresponding indicated historical performance level(s), be suitable for your portfolio or individual situation, or prove successful. Due to various factors, including changing market conditions and/or applicable laws, the content may no longer be reflective of current opinions or positions. C.L. Sheldon & Company, LLC does not make any representations or warranties as to the accuracy, timeliness, suitability, completeness, or relevance of any information prepared by any unaffiliated third party, whether linked to C.L. Sheldon & Company, LLC website or incorporated herein, and C.L. Sheldon & Company, LLC takes no responsibility therefore. All such information is provided solely for convenience, educational, and informational purposes only and all users thereof should be guided accordingly. Moreover, you should not assume that any discussion or information contained in this blog serves as the receipt of, or as a substitute for, personalized investment advice from C.L. Sheldon & Company, LLC . To the extent that a reader has any questions regarding the applicability of any specific issue discussed above to his/her individual situation, he/she is encouraged to consult with the professional advisor of his/her choosing. C.L. Sheldon & Company, LLC is neither a law firm nor a certified public accounting firm and no portion of the blog content should be construed as legal or accounting advice. A copy of the C.L. Sheldon & Company, LLC ’s current written disclosure statement discussing our advisory services and fees is available for review upon request. DISCLAIMER OF TAX ADVICE: Any discussion contained herein cannot be considered to be tax advice. Actual tax advice would require a detailed and careful analysis of the facts and applicable law, which we expect would be time consuming and costly. We have not made and have not been asked to make that type of analysis in connection with any advice given in this blog post. As a result, we are required to advise you that any Federal tax advice rendered in this blog is not intended or written to be used and cannot be used for the purpose of avoiding penalties that may be imposed by the IRS. In the event you would like us to perform the type of analysis that is necessary for us to provide an opinion, that does not require the above disclaimer, as always, please feel free to contact us.