Credit Reports
Experian Credit
Reports
· Their
US credit reporting business began in 1995.
·
Experian sells online credit reports under the company name
Consumer Info.
·
Experian also owns lowermybills.com, freecreditreport.com, and
pricegrabber.com.
·
Equifax is the oldest of the three major credit reporting
companies.
·
Formally know as Retail Credit Company, it changed its name in
the mid 70's to Equifax.
·
This is a public company traded on the NYSE traded under the
ticker EFX.
·
Created in 1968 by Union Tank Car Company.
·
TransUnion operates truecredit as its consumer credit reports
company.
·
Provides credit services to Privacy Matters 1-2-3.
With how much importance credit
reports play in everyday life, it is amazing to find out that many people fail to know or even care
to know what is on their report. Often times people are simply confused or scared to check
their credit reports. The article below explains more about how to read or interpret credit
reports; here we will look at the importance of credit reports.
Credit reports are an essential part
to how people qualify for loans. Every lending institution must see credit reports when
determining your loan rate, or if you even qualify at all. The rate on your loan can vary
by more the ten percentage points depending on where your credit reports say your FICO
score is. It is very important to be familiar with you credit score prior to going into
applying for loans. You may see that a few more points on your score could
dramatically change the interest rate of the loan. There may then be ways to take steps,
like paying off some credit card balances, to raise your credit score and get a better rate
on the loan.
There are three credit bureaus that
independently grade and judge where your credit stands. Often times credit reports will
have FICO scores from all three of them, sometimes it will be just one. In addition to the
score you will see you current open credit line limits, along with balances. For
information on improving your credit score along with other tips for making the credit reports
better for loan qualification, you should contact a credit counselor.
You should take some time to review you
r credit report, and see what credit reporting tool is best for you. Remember, credit
reports are an important part in all of your financial goals. Make sure to review all the
information showing up on your credit report. If anything is wrong or doesn't seem right
contact the proper bureau to dispute the claim.
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Understanding a credit Report
A credit report can often times be confusing
and over whelming. Understanding credit reports can be down right
frustrating. The fact is that credit reports plays so much importance, when trying to
take out a loan, buy a new house, car, or even a cell phone, that understanding credit
reports.....
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