“I stumbled on this photograph, it kinda made me laugh. It took me way back, back down memory lane. I see the happiness, I see the pain. Where am I? Back down Memory Lane” – Minnie Rippleton
Everyone has heard of the three major credit reporting agencies: Experian, TransUnion, and Equifax better known as the infamous credit bureaus. They are responsible for stalking you, I mean, keeping track of consumer spending and repayment history. Prior to their existence, a consumer could default on their financial obligation and easily go to another financial institution and obtain financing.
Most people are under the false impression that credit bureaus are operated by the government. Well, I hate to break your heart, but that is not true. All three bureaus analyze consumer credit in the US and each one of these agencies has its own proprietary method for doing so.