Tuesday, February 4, 2003

Three National Credit Reporting Companies

The United States' three major credit reporting agencies, Equifax, Experian and TransUnion, provide your credit information to banks, credit card holders and other businesses when you apply for credit. They use your financial history to determine your credit score, which can affect your credit approval and interest rates. By law, each credit agency must supply you with your credit report once a year. You may also purchase individual or combined reports directly from the agencies that feature enhanced information, such as your credit score.

Equifax

    In addition to supplying credit ratings, Equifax offers credit services for individuals and businesses. Individuals can purchase expanded access to personal credit reports, and Equifax also has tools, such as identity protection, debt repayment plans and credit repair assistance. Free services include a no-obligation mortgage match for people interested in buying a home and the ability to dispute credit report errors through the Equifax online portal. Equifax also has a product called Identity Reports, available to both businesses and individuals. They are snapshots of a person's credit history that includes identity verification. The company markets the reports to landlords and owners selling their own property who may wish to verify a person's financial situation.

Experian

    Like Equifax, Experian is a major credit reporting agency that also offers credit services to both small businesses and individuals. Business solutions include fraud management, risk management, customer acquisition and debt recovery. The company also provides marketing services, such as direct mail, real estate leads and business leads. Individuals can request their credit score or purchase the company's identity theft protection program, which offers Internet scanning and alerts to any changes in your credit score. Other resources include complimentary credit advice, credit education programs and credit report dispute assistance.

    Experian

    955 American Ln.

    Schaumburg, IL 60173

    888-397-3742

    experian.com

TransUnion

    TransUnion also provides businesses and individuals with credit reports. Products include 3-Bureau Credit Monitoring, which provides you with an updated credit score every 30 days, individual credit analysis and $25,000 in identity theft insurance. TransUnion provides free online credit resources, including credit education videos, information about fraud and child identity theft and the TruCredit credit learning center. ZenDough is a service from TransUnion that provides monthly credit score and report monitoring, as well as information about how your score is calculated, risk assessment and debt analysis.

    TransUnion

    2 Baldwin Pl.

    P.O. Box 1000

    Chester, PA 19022

    800-493-2392

    transunion.com

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