In America, your credit report is major business. You need a great credit report to do everything from leasing an apartment or condo to getting a new job to making an application for more credit. Whatever the purpose for your credit report requirements, you need to know a bit about the credit bureaus.
There are 3 major credit bureaus in America: Equifax, TransUnion and Experian. Every one assembles its own credit file and report on you and calculates a credit history. When a third-party, a potential employer, for example, runs a credit examine on you, he asks the credit bureau to produce your file or score. Also, a business like Visa will report your financial history to the credit bureaus, who then include it to your file, despite whether it is beneficial or bad.
Sadly, some things get overlooked or are entered incorrectly on the credit bureau’s end. This is why it’s essential to always inspect all 3 of your credit reports– you would not want to just inspect your Equifax report and then find that the Experian report your property manager is pulling displays numerous mistakes that drop your credit report into un-rentable levels.
Equifax offers third-parties, consisting of loan providers, access to your FICO score or VantageScore. When you request your credit report however, they offer a various number, one based upon their own exclusive algorithms.
TransUnion offers FICO and VantageScore, but likewise offers scores that are product-specific. For instance, it may provide one score to loan providers pulling credit for a charge card application, but another to companies or property owners.
Experian is a bit different. Although they provide FICO scores, VantageScore is just offered to loan providers upon request.
Since the 3 credit bureaus are so different and often have different financial information about you, it is essential that you always get your free credit report from each bureau a minimum of when a year. In addition, make sure to ask for a copy of your free credit report to validate that the information each of the 3 bureaus has is current and precise.