How Does a Credit Bureau Work?

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A credit bureau is a large computer installation that works with credit card companies, vendors and individuals to monitor credit activity and report information on credit worthiness. Request a credit report from a credit bureau in writing with advice from a registered financial consultant in this free video on credit.

Part of the Video Series: Money Management
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Video Transcript

This is Patrick Munro financial adviser talking about how does a credit bureau work. There are three major credit bureaus in America. One is Experion, one is Transunion and one is Equifax. These three bureaus are large computer installations which report to each other and work with all vendors credit card companies etcetera using your social security number. And they monitor your credit activity. And the purpose of these bureaus is to report on a fee based basis back to the granters of credit to make sure that the information is available one individuals and businesses as to their credit worthiness. So look at them as warehouses of information on you. So it's important for you to keep aware of the type of credit that is being reported by these three bureaus and you can request your credit report in writing from them. They have their own addresses on the internet. This is Patrick Munro talking about the three credit reporting agencies.

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