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There are three major credit bureaus in the United States and two in Canada. If you have ever borrowed money (even to arrange a mortgage), you will most likely have a file with these agencies. Lenders report credit history to the bureaus and use the accumulated information to make credit decisions about people and companies. The report will include your current and past borrowings, any late payments, your employment history, and any bankruptcies or other financial judgments against you.

All of this information is distilled into a credit score, which lenders then use to assess how risky you are to them. You should review your credit history at least annually to ensure that it is accurate and that you know what it includes. Any inaccuracies should be corrected as soon as possible, as the corrections may take a few months to show up. Each credit bureau has its own procedure to investigate and correct errors.

In the United States, the three national credit reporting agencies for individuals are —

• Equifax, www.equifax.com,

• Experian, www.experiangroup.com, and

• TransUnion, www.transunion.com.

In Canada, the two reporting agencies are —

• Equifax, www.equifax.com/EFX_Canada, and

• TransUnion, www.transunion.ca.