What are the three Credit Bureaus

The three credit bureaus are businesses who collate and analyse all manner of credit information on individuals and other businesses, in order that their creditworthiness can be determined by providers of personal loans, mortgages, credit cards, monthly accounts, commercial finance, and so on.

Credit bureaus provide information on current and past credit arrangements - how much was borrowed from whom, and when. They also record how borrowings have been repaid - for both past and current credit -  if arrears occurred, and whether collection agencies or court action was required to clear a debt.

The information contained in their credit files is only accessible by businesses authorised to do so. If you have applied for any borrowings you will have sanctioned access to your credit information in the small print of your application in the terms and conditions. A credit file provides a snapshot of a person's current indebtedness, that enables lenders to determine if, in their opinion, that person could reasonably afford to repay additional borrowing, and the likelihood that, if they were granted further credit, they would honour their obligations, and pay them on time.

Lenders of all the different types of finance, have their own lending criteria. They are not necessarily advancing credit just to people with the highest credit scores. What is of concern to them is whether the loan, at whatever rate of interest, will be repaid on time and in accordance with the credit agreement.

The credit files compiled by the three credit bureaus, are a factual representation of an individual's credit history. The credit bureaus are not judgmental about a person's credit file at all, and they are not involved in deciding whether to grant credit, or not.

All decisions about accepting or refusing credit applications, are made by the finance companies themselves. The credit bureaus merely provide them with details of your credit history - your borrowing track record - so that they can make an informed decision about whether to agree to additional credit.

The three Credit Bureaus are:

Credit Expert                                       .
from Experian
PO BOX 7710
Nottingham
NG80 7WE

Get your free online credit report from Credit Expert at Experian by clicking here

Equifax Plc                                          
Capital House
25 Chapel Street
London
NW1 5DS

Consumer Services                              
Callcredit Limited
PO Box 491
Leeds
LS3 1WZ