In America, your credit report is serious business. You need a great credit report to do everything from renting a house to obtaining a new job to obtaining more credit. Whatever the purpose for your credit report needs, you must know a bit about the credit bureaus.
There are 3 significant credit bureaus in America: Equifax, TransUnion and Experian. Every one assembles its own credit file and report on you and computes a credit score. When a third-party, a potential company, for example, runs a credit inquiry on you, he asks the credit bureau to produce your file or score. Similarly, a company like Visa will report your monetary history to the credit bureaus, who then include it to your file, despite whether it’s good or bad.
Sadly, some things get neglected or are gotten in erroneously on the credit bureau’s end. This is why it’s essential to always check all 3 of your credit reports– you would not want to just check your Equifax report and after that discover that the Experian report your property owner is pulling shows multiple mistakes that drop your credit report into un-rentable levels.
Equifax provides third-parties, including lending institutions, access to your FICO score or VantageScore. When you request your credit report however, they offer a different number, one based upon their own proprietary algorithms.
TransUnion provides FICO and VantageScore, however also provides scores that are product-specific. For example, it might offer one score to lending institutions pulling credit for a credit card application, however another to employers or property managers.
Experian is a bit various. Although they offer FICO scores, VantageScore is just readily available to lending institutions upon request.
Since the 3 credit bureaus are so various and typically have dissimilar monetary details about you, it is very important that you always get your free credit report from each bureau at least once a year. In addition, make certain to request a copy of your free credit report to verify that the details each of the 3 bureaus has is updated and precise.