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Credit Reports: What They Are, How To Get One, How To Fix It

Who Creates A Credit Report?

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Fair Isaac is a company that created software used to calculate credit scores. The software is generally referred to as FICO scoring software.

Each of the three nationally recognized credit bureaus, TransUnion, Experian and Equifax, uses FICO software but has its own credit information for each individual. 

Credit information is provided by major creditors such as credit card companies, banks and finance companies to three national credit bureaus. Only members of the credit bureau are able to report information about you. Many very small landlords, smaller local retail stores and other vendors are not members of the credit bureaus. Non-members cannot report information (favorable or unfavorable) that will appear on your report.

Some creditors report to all three bureaus. Some only report to one or two.

The result is three scores which are usually at least slightly different -and sometimes very different.

NOTE: There are some credit organizations which calculate scores without using FICO. Non-FICO scores are rarely checked by lenders.

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