Description

These credit bureaus collect information about your credit history from creditors, such as banks, credit card companies, and lenders. They then store this information in your credit report, which is a document that lenders use to assess your creditworthiness.

Your credit report includes information such as:

• Your name, address, and Social Security number
• Your credit accounts, including the type of account, the date it was opened, and the balance
• Your payment history, including whether you have made your payments on time
• Your credit inquiries, which are requests for your credit report by lenders
• Any public records, such as bankruptcies or foreclosures

Your credit score is a number that is calculated based on the information in your credit report. Lenders use your credit score to assess your risk as a borrower. The higher your credit score, the less risky you appear to be, and the more likely you are to be approved for a loan or credit card with a good interest rate.

You can get a free copy of your credit report from each of the three major credit bureaus once a year at AnnualCreditReport.com. It is important to check your credit report regularly for errors. If you find any errors, you should dispute them immediately.

By understanding the three major credit bureaus and how they work, you can take steps to improve your credit score and get the best possible terms on loans and credit cards.