A Comparison of Some Credit Report Companies

A Comparison of Some Credit Report Companies

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.

A Comparison of Some Credit Report Companies

Before enrolling in a credit reporting company, one has to learn about the services each company has to offer. This service includes:

  • Identity theft protection
  • Continuous credit monitoring
  • Credit reports and,
  • Credit score methods.

Each company has its own website and a comparison between them can be made through the information offered by these companies. You can browse through the links about the details pertaining to specific products available and which agencies the major bureaus are using for credit monitoring services.

The Experian credit report consists of the financial performance and identification data of a consumer. Reports can be attained through creditors, public records, and other legitimate sources. TransUnion on the other hand, includes information about the consumer’s identification, factors that may affect credit worthiness, credit activities and history and inquiries both from the past and the present. It does not include though, the particulars about medical histories, personal business accounts, and major purchases that are fully paid.

The 3 leading credit report bureaus known to all, TransUnion, Experian and Equifax had their very own methods and approach for creating the credit report and identifying the consumers’ ability to own a credit line. But, these companies are goaled to one major purpose, all them have agreed to adapt to a new method. And this method is called the VantageScore system. This method provides the consumers to have a better understanding of the credit scored they gave garnered. More so, it will provide a highly predictive and consistent scoring process and result.

Since January 1, 2004, all these credit bureaus are obligated to offer one free credit report per year. However, they are not really compelled to hand out free credit score. They charge consumers 9USD to 15USD if scores are to be included in the report. But they are ways to avail of free credit reports and scores. A consumer should only enroll through a legitimate credit monitoring service. Some of the valid credit reporting companies is the GoFreeCredit.com which provides a free Equifax Credit score, a free 30 day trial, free 3 in 1 credit monitoring and a monthly fee of 16.95USD after trial period. FreeScoreFinder is also providing a 7 day free trial, 24/7 Email alerts, accessibility to your credit score and a fee of 16.95 USD monthly fee after trial.