Credit bureaus are companies that store and collect information about credit history. Some of this information can be positive, while other may contain negative information. Bureaus also consider different factors when determining the creditworthiness. These factors include interest rates, fees, and credit history. Bureaus have access to credit information on everyone, from those with good credit to those who are in deep debt for over 15 years. They are responsible to provide this information creditors.
Experian
Experian can help you build your credit score for many reasons. One of these is the international presence of Experian. The agency's data are updated every month. The company provides information on both closed and open accounts. Additionally, the company offers comprehensive risk management tools as well as fraud prevention solutions.
Credit bureaus have access to data about you that allows lenders to make loans decisions. Credit bureaus collect information about you, including payment history, available credit, late payments and accounts in collections. They also keep records regarding your name as well, Social Security number, current address, and employer. Your credit score can be checked for free.
TransUnion
TransUnion is an agency that provides credit scores for consumers. An excellent credit score of around 760 is considered an excellent score, however lenders may have lower cutoffs. Late payments or high credit card bills can cause damage to your credit score. Lenders will investigate your credit report in order to determine if there is a chance you could be a good risk.
TransUnion is the main credit bureau in the United States. They collect data from consumers and then sell it to companies and other interested persons. The information they collect is used for determining whether consumers are eligible in order to obtain loans, employment, or rent. TransUnion may charge fees to access your credit report, file a dispute or sign up for credit monitoring services.
Equifax
Equifax is one of three major credit bureaus and keeps track of credit history for millions of people. It sells this information to lenders so they can set interest rates and determine whether to grant or deny credit. However, the company has come under fire for its practices. 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
Fair Isaac Corporation is a company known for its consumer credit score. It was founded by Bill Fair and Earl Isaac in 1956. The score is one the most widely used tools in consumer lending in the United States. Bozeman is where the company's headquarters are located. Its score is the first of its kind, and it is used to identify borrowers who are most likely to repay a loan.
Fair Isaac Corporation designed the 2012 Long-Term Incentive Plan to Attract & Retain The Best People. The plan rewards high performers and aligns the company's interests with its shareholders, helping it stay profitable in the long-term.