Credit bureaus collect and analyze your loan and other credit use data. They collect this information from your creditors (banks, credit card companies and other merchants), or bill payment companies, and use it to develop your credit report and score.

Each credit bureau has different information. Not all lenders will report your payment history to each of the "Big 3" credit bureaus. So, before freaking out that your score may vary from bureau to bureau, make sure you check each one for errors or older data that may exist in different reports.

The credit bureaus are required by law to make your credit history available to you. Although you can enroll in services such as, MyFICO.com to monitor your credit reports for a monthly fee, you are entitled to request a FREE report from each of the "Big 3" credit bureaus annually. Keep in mind, a free report will NOT include your credit score, just your payment history.