What role do the three credit bureaus play in your credit history and score?

TransUnion®, Experian®, and Equifax® are the three major credit bureaus that compile your credit reports. Your score is based on the information in your credit reports that your credit scores are then calculated. These credit scores become a reference point for creditors to decide whether to approve your loan or credit card application.

Your credit report is basically a report of your credit history: how many credit accounts you have, your credit balance, the amount of debt you carry, payment history, and major financial crises like bankruptcies and foreclosures. Your credit history begins as soon as you open your first credit account. Potential lenders look at your credit report and credit score to understand your credit history to determine the level of risk you pose as a borrower.