Credit bureaus are companies that store and collect information about credit history. Some of this information is positive, while others are negative. In determining creditworthiness, bureaus take into account other factors. These factors include interest rates, fees, and credit history. They collect credit information from everyone, from people with high credit scores to those who have been indebted for more than 15 year. They are responsible for providing this information to creditors.
Experian
Experian is a great tool to help build credit scores. This includes the fact that Experian is internationally based. Its data are kept current monthly. Information on open and closed accounts is also available. The company also provides comprehensive fraud prevention tools and risk management tools.
Credit bureaus collect data about you to help lenders make loan decisions. This information includes your payment history and credit limits, late payments, accounts in collections, bankruptcy, and payment history. They keep records about your name, Social Security number and current and past addresses. Even better, you can check your credit score free of charge.
TransUnion
TransUnion is a credit bureau which creates consumer credit scores. A great credit score is around 680. However, lenders can set cut points. Late payments or high credit card bills can cause damage to your credit score. Lenders will review your credit reports to assess whether you're a high-risk borrower.
TransUnion is one the three major credit bureaus in America. They collect data from consumers and then sell it to companies and other interested persons. They collect information from consumers to determine their eligibility for loans, employment, and rent. TransUnion may charge you a fee to review your report, file dispute, subscribe for credit monitoring, or purchase any other products.
Equifax
As one of the three major credit bureaus, Equifax keeps track of millions of people's credit history. Equifax sells this information on to lenders in order to set interest rates, and to decide whether to approve or deny credit. The company's practices have been criticized. It disclosed that the personal information for 150 million people was compromised in 2017. To settle the matter, the company paid $700million.
Equifax's credit reports are provided by credit card companies or lenders. It contains information about account types, account date, credit limits, loan amount, balances, payment history, and more. This report may not include all credit accounts you have as some lenders might not report them.
Fair Isaac Corporation
The Fair, Isaac Corporation is an entity known for its consumer credit score. The company's credit score, which was established in 1956 by Bill Fair & Earl Isaac, is one of America's most popular tools for consumer lending. Bozeman, Montana, is where the company is located. It is the first such score and is used for identifying borrowers who are most likely repay a loan.
Fair Isaac Corporation's 2012 Long Term Incentive Plan was developed to attract and retain top talent. This plan rewards high-performing employees and aligns the company’s interests to its shareholders, helping it to stay profitable over the long term.