Did you know that your credit score is actually updated and maintained by three different credit bureaus? Those three bureaus are going to control what other people see of your credit and whether they decide to grant you a loan or other type of credit at all. By understanding those three bureaus and how they report information you’re going to be much better prepared when someone actually pulls the information for your next credit application and that’s going to be extremely important for you in the long run.
The three credit bureaus are named Experian, Transunion and Equifax. Equifax is run from Atlanta, Georgia and helps with the financials of over 800 million consumers as well as over 88 million businesses throughout the world. In fact, it’s rated #1 in most countries around the world including the US, Argentina, Australia, Canada, Costa Rica, El Salvador, Mexico, Portugal, Russia, Spain and Uruguay. In other stats, such as Brazil, India and the UK it has been rated second most popular. No matter which way you look at that it’s definitely a reason that you can feel safe believing what this bureau has to tell you about your credit.
Transunion is a little more recent of a company, especially in the general public eye but it has been able to make a name for itself and has started to make some waves in the industry. It became a publically traded company just last year though it has started helping millions of people throughout the world several decades before that. In fact, Transunion is located in 33 different countries and provides services not only through providing credit information in the form of credit reports but also through its website, TrueCredit.com.
Finally, Experian, which has its corporate headquarters out of Dublin, Ireland. The company is prevalent in 38 different countries around the world. Originally started all the way back in 1826, the company has grown exponentially from merchants sharing information about their customers to becoming part of the London Stock Exchange and expanding further in the early 2000’s. The company currently provides services throughout the world and has even purchased the fourth largest credit reporting agency (after the three mentioned here) to continue its expansion and earn it the number one slot in the Brazilian market as well as many others.
Overall, these three credit bureaus are going to look at the same information about you and they are going to see what they believe is most important about each. Though they report on the same information, the algorithm they use to decide your credit score is going to be slightly different, so you want to make sure that you’re paying attention to each one and that you know what your score will be each time it’s pulled. Different companies will look at different reports so you want to be prepared on any of them. If you’re looking for a loan you want to make sure you’re getting the right one so check here to find out more about your next car loan.