The three credit reporting bureaus in the United States are Transunion, Experian and Equifax. The agencies gather consumer information, including home addresses, current employment, monthly payment histories, and installment or revolving loan balances. Based on the information, the agencies issue credit scores that lenders use to determine creditworthiness, explains USA.gov.
Banks and finance companies use consumer credit scores to make a determination regarding extendsion of credit to potential borrowers. Typically, scores range from 300 to 850, with 850 representing the best possible score and the likelihood that consumers pay all of their bills on time. Lenders also use credit scores to determine what interest rates consumers pay and the terms of the financing, explains the Federal Trade Commission.