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About Credit Bureaus
Credit bureaus—also called consumer reporting agencies—are companies that gather payment information from banks, credit unions, merchants and other creditors about their customers. The types of information these lenders provide to the bureaus include:
- Your account/loan numbers
- Dates accounts were opened
- Current balance and status of your loan, merchant charge card or credit card—that is, whether you "pay as agreed" or are past due and for how long
Hard Inquiries
Credit bureaus summarize all this information into a report on you. For a fee, a credit bureau provides the companies you authorize with a copy of your report. Authorized inquiries are called "hard" or voluntary inquiries. Usually, it is lenders that request copies of credit reports, but landlords, insurance companies and potential employers can also request them. Your credit report will list all the businesses that have received your report in the past 12 to 24 months—depending on the bureau.
Soft Inquiries
When you request a copy of your own report, you will also see a section containing "soft" or involuntary inquiries. These inquiries note your request for your own report or a request by a company considering offering you credit, such as a credit card solicitation or the car dealership you visited. These inquiries do not appear on the credit report sent to the companies you authorize.
The Fair Credit Reporting Act (FCRA) is a federal law that regulates how credit bureaus use your information. The FCRA restricts who has access to your sensitive credit information and how that information is used. For more information, visit FCIC: Fair Credit Reporting.
The three major credit bureaus are:
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