There are three main credit reporting agencies, also known as credit bureaus, TransUnion, Experian and Equifax. They collect data regarding your past and current credit and debt. They then resell it to businesses such as financial institutions which they use it to evaluate your ability to repay a loan. All three of these bureaus which are publicly traded and for profit, use a scoring model known as Fair Isaac Corporation or FICO!! This scoring model us used by 90% of the 100 leading financial institutions for their risk assessment.