ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -There are three big nationwide providers of consumer reports: Equifax, TransUnion, and Experian. Their reports contain information about your payment history, how much credit you have and use, and other inquiries and information.

Detailed explanation-2: -A credit bureau is an agency that collects and aggregates consumer credit information for lenders and creditors. While there are many consumer reporting agencies in the U.S., three main credit bureaus are responsible for collecting consumer data: Equifax, Experian and TransUnion.

Detailed explanation-3: -Credit reporting agencies (CRAs) collect and maintain information for your credit reports. Each CRA manages its own records and might not have information about all your accounts. Even though there are differences between their reports, no agency is more important than the others.

Detailed explanation-4: -Each of the major credit bureaus has over 200 million files. Credit reporting agencies can sell your personal information (including unlisted phone number, credit score, current debt, debt history, property information, age, gender and estimated income) to debt collectors and financial services companies.

Detailed explanation-5: -A credit bureau collects and researches individual credit information and sells it to creditors for a fee, so they can make decisions about granting loans. The top three credit bureaus in the U.S. are Experian, Equifax, and TransUnion, although there are several others as well.