FAQs
Credit bureaus are not government agencies. They are publicly traded companies owned by shareholders. The government does not run these companies, but the Consumer Financial Protection Bureau (CFPB) and the Federal Trade Commission (FTC) oversee them.
Who owns Experian Equifax and TransUnion? ›
The credit bureaus are publicly traded companies owned by their shareholders. Although they are not government-operated, TransUnion, Equifax and Experian are regulated by the Federal Trade Commission and the Consumer Financial Protection Bureau.
Who is in charge of the credit bureaus? ›
The Consumer Financial Protection Bureau (CFPB) helps consumers by providing educational materials and accepting complaints. It supervises banks, lenders, and large non-bank entities, such as credit reporting agencies and debt collection companies.
Is a credit bureau a private company? ›
Credit bureaus are privately owned and privately operated companies. In contrast, credit registries—the other main type of credit reporting institution—tend to be public entities, managed by bank supervisors or central banks.
Who runs the credit score system? ›
The three major credit reporting bureaus in the United States are Equifax, Experian, and TransUnion. They compile credit reports on individuals, which they sell to prospective lenders and others. The three bureaus can have somewhat different information in their reports, depending on which creditors provide it to them.
Who owns the 3 major credit bureaus? ›
Credit bureaus are not government agencies. They are publicly traded companies owned by shareholders. The government does not run these companies, but the Consumer Financial Protection Bureau (CFPB) and the Federal Trade Commission (FTC) oversee them.
Which is more credible TransUnion or Equifax? ›
Neither your TransUnion or Equifax score is more or less accurate than the other. They're just calculated from slightly differing sources. Your Equifax credit score is likely lower due to reporting differences. Nonetheless, a “fair” score from TransUnion is typically “fair” across the board.
Which credit report is most accurate? ›
The primary credit scoring models are FICO® and VantageScore®, and both are equally accurate. Although both are accurate, most lenders are looking at your FICO score when you apply for a loan.
Who are credit bureaus supervised by? ›
Oversight of all credit reporting agency activities is governed by the Fair Credit Reporting Act (FCRA) and regulated by the Federal Trade Commission and the Consumer Financial Protection Bureau.
Who is the 4th credit bureau? ›
Innovis is sometimes called the fourth credit bureau, and it similarly collects consumers' credit data. However, companies primarily use Innovis's credit reports for identity verification and fraud detection instead of assessing credit risk.
Did you know there are actually six agencies? The additional four agencies are PRBC, SageStream, Advanced Resolution Service (ARS), and Innovis.
Who governs the three credit bureaus? ›
The Fair Credit Reporting Act (FCRA) regulates the consumer credit reporting industry. In general, the FCRA requires that industry to report your consumer credit information in a fair, timely, and accurate manner. Banks and other lenders use this information to make lending decisions.
Who has jurisdiction over credit bureaus? ›
The three major credit reporting agencies – Equifax, Experian, and TransUnion – are regulated by the federal Fair Credit Reporting Act and are members of the Associated Credit Bureaus of America.
Who controls the credit system? ›
The Federal Trade Commission (FTC) is one of many U.S. federal agencies which regulate the consumer credit system and enforce the laws related to it.
Is 750 a good credit score? ›
When your score is 750, you're in a strong position to qualify for most financial products and get among the very best rates on them. A 750 credit score is considered excellent on commonly used FICO and VantageScore scales, which range from 300 to 850.
Who controls your credit rating? ›
Who controls who can see my credit report? Credit reference agencies collect information about your credit history, and use it to create a credit report. Companies which need to find out more about your financial habits will contact a credit reference agency to get a better idea of your relationship with your finances.
Who currently owns Experian? ›
Experian (EXPGF) Ownership Overview
The ownership structure of Experian (EXPGF) stock is a mix of institutional, retail and individual investors. Approximately 23.19% of the company's stock is owned by Institutional Investors, 0.57% is owned by Insiders and 76.24% is owned by Public Companies and Individual Investors.
Is Experian higher than TransUnion? ›
The specific reason your Experian score is higher than your TransUnion score will depend on individual factors. Firstly, credit bureaus calculate credit scores differently, meaning they use different credit factor weightings to determine your score.
Who is bigger Experian or Equifax? ›
Experian. This is the largest credit bureau, maintaining credit information for over 220 million consumers in the U.S. Unlike the other credit bureaus, Experian collects rental payment data from landlords who report this information.
Is FICO owned by Experian? ›
FICO is an independent data analytics company. We are not a credit bureau, and we are not owned by the three major credit bureaus -- Equifax, Experian and TransUnion.
