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A credit bureau can simply be described as an organization that keeps track of the credit histories and all related information of people. When you apply for a credit, employment, housing, or anything that might be impacted negatively or positively by your credit history, your potential creditor, employer, or landlord is at liberty to check your credit information on file with a credit bureau. A negative report or a less than satisfactory one for that matter may result in high rate of interest on a credit card or loan.

There are 3 bureau credit report online agencies – Trans Union, Experian, and Equifax and even though all the three agencies share similar information, each bureau maintains its own credit score and report on each individual. The bureaus get their information from creditors. In other words, financial lending institutions will report information, whether good or bad, to the credit 3 bureau credit report online agencies on a regular basis.

All your personal information will reflect on a credit report online agency i.e. your name, your date of birth, social security number, employment history, and current and previous addresses. Note that your credit history is also included in your credit report. The report will include detailed information about your account, the name of the business handling the account, when the account was opened, the outstanding balance and credit line limit, and the payment history. Keep in mind that even if you close your account or the account becomes dormant, the 3 bureau credit report online agencies will still have the information or 7-11 years in their database.

Even though the role of the 3 bureau credit report online agencies may seem potentially hurtful especially to individuals with poor credit histories, the bureaus also protect individuals. Each time a negative report is added on your credit information, the credit bureaus will send you a letter of notification, giving you an opportunity to substantiate the accuracy of the information and whenever necessary contest.

In most cases, the 3 bureau credit report online agencies are required to give individuals a free copy of their credit annually, upon request, allowing you to have greater control over your credit report. It also gives you a better chance to track down and catch any identity fraud that may arise. Note also that the credit bureaus can also put a fraud alert on your report upon request, to help you identify theft and prevent any such activities in the future.