Trans-Union is the country's third largest credit reporting bureau and offers a range of information to banks, creditors, lenders and borrowers. Trans-Union was first founded in 1968 by the Union Tank Car Company. There are three major credit bureaus in the country Trans-Union, Experian and Equifax. Each of the three credit unions keeps a detailed record of a consumer's lending and repayment histories. The reports compile a score that provides insight into the likelihood that a creditor will repay his or her debts on time. For this reason, many banks, lenders and mortgage companies perform a credit check during the lending application process. Because the reports are an essential component of the lending industry, consumers often check theirs on an annual basis. Having a higher score means a borrower can secure more money and pay lower interest rates.