Credit Report Companies
A credit report is the record of your financial activities. It shows all the loans, all the debts and how you pay off your payments. It also makes actions against your unpaid payments. Credit monitoring companies bring you essential information about your financial history. Most of these companies make use of this information to make decisions whether to do business with you or not. A good report qualifies you for low interest rates on loans, credit cards and provides better chances for your job.
These companies can easily provide details just to the particular subsequent requestors:
1. Creditors that are usually thinking about granting or have granted you loan.
2. Organizations contemplating a person for job, promotion, reassignment, or maintenance.
3. Insurance companies contemplating you for an insurance policy or looking at a current plan.
4. Government bodies organizations reviewing your monetary position or government rewards.
5. Any person otherwise together with a reputable business need with regard to the actual details, such as a prospective property owner.
There are three major credit report agencies and they are responsible for collecting information from creditors and sell these reports to those companies who evaluate client for credit risk and any legal business needs. There are three major credit report companies’ bureaus which are famous. They are as under:
1. Equifax
Equifax is the individual agency in US. There are three largest American credit monitoring companies in which one is Equifax. Equifax is the oldest company among three and it maintains and gathers information over 400 million credit holders. Equifax provides complete information on credits and payment history and explains how they have provided financial services.
2. Experian
Experian is known as CCN system is a worldwide credit information group. Experian is the second largest credit company in US. They are responsible for providing one free copy of credit history report per 12 month period.
3. TransUnion
TransUnion is the third largest agency in US. TransUnion provide individuals and businesses the power to catch their goals. Their services provide in credit mentoring like identify theft, credit disputes, report options and educational resources. These Credit history report companies provide same basic steps to make sure that lenders do not have any problems in getting credit report reputation of consumers.
All these three credit score report agencies have been sued and criticized for selling credit report for free, but still they are the three best credit report companies functions in United States. These days many financial service providers use your credit report which are taken from credit report agencies to make decisions whether to extend your loan or not. Many experts believe that regularly checking of your credit score with three major companies is the excellent way to make sure no inaccuracy rises.
