Equifax, Experian, and TransUnion are the three major credit bureaus that compile your debt details into credit reports. Creditors use these reports to decide if you qualify for loans or credit cards. Each bureau collects its own data, so reports may vary slightly. The bureaus do not make lending decisions, creditors do.

The Fair Credit Reporting Act (FCRA) allows you to access your credit reports for free and ensures accuracy and fairness. You can dispute errors for free, and the bureaus must investigate and correct them. The FCRA also mandates removal of most negative information after seven years and provides other consumer protections.

In 2023, TransUnion had to pay $5 million for FCRA violations, highlighting the importance of consumer protection laws. You can get free credit reports from each bureau weekly through AnnualCreditReport.com. Special circumstances, like fraud alerts or being turned down for credit, also qualify for free reports.

Children 14 and older can request their credit reports through AnnualCreditReport.com for free. Younger children should not have reports unless they are victims of identity theft. To request reports for children under 14, contact the credit bureaus by mail. Stay informed and protect your financial health.

Read more at Yahoo Finance: What are credit bureaus? A guide to Equifax, Experian, and TransUnion.