Equifax, TransUnion, and Experian – collectively they are often referred to as “The Big 3.” The Big 3, also known as the credit reporting agencies (CRAs), are the companies who create your credit reports. The CRAs are not government agencies and they do not work together, contrary to what many people believe. Instead, they are competitors and for-profit companies that earn money by collecting and reselling your information to be used in a variety of products and services.
You never agreed to it, you never gave your permission, you might not have even been aware that it was occurring, but information about you and how you manage your financial obligations is being collected behind the scenes. This information is compiled into documents known as credit reports. Lenders, insurance companies, and many others will consult your credit reports (and often your credit scores) to determine whether they wish to do business with you.