In the US, there are 3 credit reporting agencies that have a major reputation in the entire country. They are Experian, TransUnion, and Equifax. The functions of these credit reporting agencies are to collect financial data of a person and submit it to the creditors where the creditors are the affiliates of the tenant or lender. Here is what you need to know about the agencies.
Experian credit bureau
Experian is one of the three major credit bureaus in the US. The score of this credit bureau is varied from 300-850. The variable that determines the scores are not that definitive. Therefore, there are a lot of scores regarding the Experian such as from FICO Scores and VantageScores. There are also other scores that are not published to the public such as business credit scores. Regardless of the scores, the company has been giving financial data to various creditors.
One of the biggest features of the bureau is Experian Credit Tracker. The feature is used as a database that includes the Experian credit score, FICO score, fraud resolution support, a dedicated phone hotline, and daily credit monitoring with email notifications. To use this service, you have to pay the monthly fee.
TransUnion credit bureau
TransUnion is also one of the major credit bureaus in the US. They generate various credit scores such as VantageScore, FICO scores, business scores, and company-specific educational scores where all of them are not viable to the consumers. The FICO scores and VantageScores offered various scores and TransUnion is able to display all of them. The offered credit score in the TransUnion is in a form of an educational score and the creditor may see a different number of it. The score range of TransUnion credit is between 300 to 850.
The unique feature of TransUnion bureau is the TransUnion SmartMove. It is a tenant screening service that helps property managers and landlords. While submitting the rental applications, the renters can use the screening service to keep the personal information private. The feature allows the screening report to be sent directly to the landlord.
Equifax credit bureau
The scoring from Equifax has no definitive model. The bureau also provides you with VantageScores and FICO scores with different calculation models. The calculation model will determine the credit score published by Equifax. Similar to the previous two, the current VantageScores and FICO scores are ranged from 300 to 850. The creditors have a different credit score if compared to the Equifax credit score model with the same range from 300 to 850.
As one of the biggest 3 credit reporting agencies, the unique feature from Equifax is the Equifax Complete. It is a monitoring service similar to the TransUnion. You can pay a monthly fee in order to use the feature. The monitored value is credit reports, credit scores, a credit freeze, and any notable alert.encies