The Three Credit Bureaus and What You Should Know About Them

Your credit is something that affects your life in many ways, and there are three different reporting bureaus that you should know about. There is Experian, Equifax and TransUnion. If you want to maintain good credit over the long term, it is a good idea to learn about each of these bureaus. This is something that a lot of people never bother doing, and they pay for it as a result.

Experian

Experian is based in Ireland and has credit details on over 220 million Americans and businesses in the U.S. You can get a copy of your credit report with this bureau from AnnualCreditReport.com. This credit bureau has a credit score range of 300 to 850.

They offer a service called Credit Tracker, which gives you a copy of your credit report, FICO score, fraud resolution support, access to a phone support line, and daily credit monitoring. You do have to pay for this service, but it could be well worth it.

TransUnion

You can get a copy of your credit report from TransUnion’s official website, but you will have to pay for it. Their credit scores go from 300 to 850 and there are many different kinds. There is the standard FICO score as well as VantageScores and business scores.

This credit bureau offers a tenant screening service called TransUnion SmartMove. This service will allow you to get valuable information on prospective renters so you can choose the right ones. It doesn’t cost a whole lot and can be incredibly useful. The background checks this bureau offers can provide you with lots of useful details on applicants.

Equifax

Equifax offers FICO and VantageScores, allowing you to see exactly where you stand with your credit. You will be able to calculate your score using a variety of models. This bureau’s score range goes from 300 to 850 like the other two.

The Equifax Complete service provides you with comprehensive and convenient credit monitoring services for a monthly payment. It will give you your credit reports, scores and various alerts.

Looking at Your Credit Report

There are a number of things that you need to look at when looking at copies of your credit report. You will need to make a point of looking for mistakes, because they do sometimes happen. If you see any errors on your report, you need to file a complaint with the appropriate bureau. The sooner you do this the sooner you will get the mistake taken off, but it can take a while. You also need to make sure that all of your personal and contact information is up to date.

What is Included in Your Credit Report?

There are a number of different things that you might find on your credit report, including missed or late payments, payment history, foreclosures, liens, bankruptcies, civil suits, credit limits, and personal details. You will also find the total number of inquiries. An inquiry is when a company has run a credit check on you for a loan or for some other reason.

How to Achieve an Ideal Credit Score

If you want to work on building up your credit to get the highest possible score, it is important that you do a few key things. It is crucial that you pay all of your bills on time. Being late on even a single payment can really work against you. You should also be careful about your credit utilization. You don’t want to use too much or too little of the credit you have been given. Make sure that you only apply for credit when you absolutely need it. Submitting too many applications in a short period of time can chip away at your score.

Credit Monitoring Agencies

You should at least consider taking advantage of the services offered by a credit monitoring agency. These agencies will provide you with regular updates on your credit score so you know exactly where you stand. If you are trying to improve your credit, this type of service can be incredibly useful. It will also notify you if you become a victim of identity theft. You shouldn’t need to pay very much, and it can be well worth the cost.

A person’s credit has a big impact on their ability to get a loan and many other things throughout their life. It is therefore crucial that you have a full understanding of the major credit bureaus as well as how to check and improve your own credit. The more time and effort you put into boosting your score, the easier your life will be. Any fiscally responsible adult needs to make a point of checking their credit report at least once every year. This information will help you to stay on top of your finances in a big way.

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