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The "big 3" credit reporting agencies are Trans Union, Equifax and Experian. These three privately held corporations have licensing agreements with providers and users of YOUR CREDIT INFORMATION. They DO NOT give you any of the money they make by selling your credit information. Every credit application that you sign gives them the authority to do this!
Your credit report is exactly what it says….A REPORT! The credit bureaus or credit reporting agencies merely arrange the data into a format that can be used to underwrite a loan. Underwriting a loan simply means to judge the "risk" of a consumer and see if that risk meets certain criteria laid out by an investor or bank.
But where do they get the data? Hold on to your hat because you probably have never heard of this company! The company that stores all of your credit information is called e-OSCAR! This company actually maintains the database and handles any disputes as well as any updates to the information. This is why calling a creditor to get an error fixed on your credit report is often an exercise in futility. The person who answers the phone at the creditors’ call centers has NO ACCESS to e-Oscar and cannot fix the error!
What is in your FICO score?
FICO Scores are calculated from a lot of different credit data in your credit report. This data can be grouped into five categories as outlined below. The percentages in the chart reflect how important each of the categories is in determining your FICO score.
These percentages are based on the importance of the five categories for the general population. For particular groups - for example, people who have not been using credit long - the importance of these categories may be somewhat different.
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