How your credit report is maintained

TransUnion, Equifax and Experian are the three bureaus that maintain credit reports. They issue credit reports to creditors, insurers and others businesses as permitted under law. When you apply for any new line of credit – for example, a new credit card - the creditor requests a copy of credit report from one or more of the credit bureaus. The creditor will evaluate your credit report, a credit score, or other information you provide (such as income or debt information) to determine your credit worthiness, as well as your interest rate. If you’re approved, that new card – called a tradeline, will be included in your credit report and updated about every 30 days. Tens of thousands of credit grantors – retailers, credit card issuers, banks, finance companies, credit unions, etc. – send updates to each of the credit reporting bureaus, usually once a month. These updates include information about how their customers use and pay their accounts.