There are three main credit bureau companies that determine your credit score. Each month, these three companies rely on information reported to them from your creditors to compile a credit report. However, credit bureaus offer more than just a compilation of credit history. The overall goal of each credit bureau is to provide tools to help businesses manage customer relationships more effectively.
Experian
Experian operates in more than 40 countries around the world. In addition to assessing the credit risk of a consumer, the company also offers analytical tools to businesses to help them increase their performance. For example, through Experian's consumer data tracking, a company can find the best location to generate more sales revenue. The Experian Plus scoring system is an educational tool that allows consumers to gain a better understanding of how their credit score is created and how they can gradually improve their scores. This creates a win-win situation for Experian's business customers, who are constantly seeking creditworthy borrowers.
Equifax
Equifax was founded more than 100 years ago as Retail Credit Co. Equifax is a member of the Standard & Poor's 500, a stock index that includes the top publicly traded companies. The original purpose of Equifax was to help insurance companies rate the credit history of applicants. The bureau kept extensive records on customer transactions, much similar in detail to those maintained today.
TransUnion
TransUnion offers products for both small and large businesses. For example, independent landlords can use TransUnion to access the credit history of prospective tenants. This is a progressive approach to credit reporting as businesses are usually required to subscribe to expensive services in order to reap consumer credit reports, leaving small business owners and entrepreneurs to find third-party services for help. TransUnion boasts a global clientele of 50,000 businesses.
0 comments:
Post a Comment