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How many credit bureaus are there? The answer is more complex than just a number. There are actually two (2) types of credit bureaus.
The first type are the huge repositories that we all know of; Experian, Trans Union, and Equifax. Each of them houses the records of approximately 150 million Americans.
The other type is a smaller class that is comprised of thousands of small independent companies that provide credit reports to lenders, of all types, on a regional or even local level. These small companies combine reports from two or three main bureaus (listed above) to get a complete analysis of your credit profile. Mortgage lending laws require a combination of at least two of the repositories.
Fortunately for consumers, the laws that govern credit repositories apply to all of them, whether they are large or small.
Todd Bierman and David Masten, authors of the book “The Fix Your Credit Workbook” claim that it is easier to challenge the smaller bureaus and can be more effective than disputing with one of the three larger credit repositories. “Smaller bureaus can make reporting changes much more quickly and are less capable of with-standing costly legal proceedings.”
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