Credit report companies, or credit bureaus, are venues for a consumer’s credit history and activities. In the United States alone, there are more than 1,000 credit reporting companies. Amongst the vast array of companies out there, the majority are owned by three large national credit bureaus. These are the TransUnion, Experian and Equifax. Each one has its own description of the FICO Fair Isaac Corporation scoring method to rate a consumer’s credit. A FICO score is a vital tool in the ability of the consumer to obtain loans, insurances, credit cards and other desired credit applications.
Considerably, we are reliant on those who are equipped to lend us the financial assistance that we need. And these are financial organizations or institutions such as banks, lending companies or credit card companies. If you want to manage your finances effectively, especially when you are in debt, you have to be well-aware of the dos and don’ts. Credit lenders and companies will base their decision on whether or not to lend you money on these factors.