Credit Business
The three most notable credit bureaus that exist today are Experian, Equifax, and TransUnion. This was not always the case, however. Two decades ago, many more credit bureaus operated around the country, both regionally and nationally. Over the years, the combination of mergers and evolution of the market has placed these three bureaus in the forefront of consumer credit data mangement. While these top contenders dominate the market, there are other smaller credit bureaus that deserve some attention as well.
The big 3 bureaus are not affiliated with the government. They function as for-profit businesses, collecting, managing, marketing and selling credit data. The customers they attract are lenders that use the data they buy to underwrite loans. The data provided by these corporations are also used in the form of marketing. The past decade has really provided a boost for this market, as the everyday consumer is coming to appreciate the importance of credit to a greater extent. These three notable bureaus continue to see success because of the growth of the consumer market.
When you consider these bureaus from the standpoint of credit repair, they are certainly not the enemy. The data each corporation manages on a daily basis is for the benefit of more than 200 million Americans. They are responsible to gather and report the information that is provided by the creditors. However, when disputing erronious information that has been reported, they act as the gatekeeper or middleman between you and the creditor. Credit repair companies like work with the bureaus directly to remedy issues of the customer as quickly and effectively as possible.