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The correct statement is that there are three major credit bureaus: Experian, TransUnion, and Equifax. These bureaus play a crucial role in the financial system by collecting and maintaining consumer credit information. They provide credit reports and scores that lenders use to evaluate the creditworthiness of borrowers. Each bureau operates independently, but they share similar functions in gathering credit data and reporting it to creditors and consumers.

Regarding the other statements: there is not just one major credit bureau; having multiple bureaus helps ensure that the data is comprehensive and accurate from different perspectives. Credit bureaus are indeed private entities, but they do share consumer information with authorized users, such as lenders and creditors, which is essential for assessing credit risk. Finally, while some credit bureaus may charge for access to credit reports, there are also free options available for consumers to check their reports periodically, especially under particular regulations that mandate free access to credit reports annually.