Credit Bureaus - What Are They And What Do They Do?
Credit bureaus are clearing houses of information regarding you and your credit. You are entitled to receive one free credit report each year from each of the three credit bureaus that have all the information you need regarding your credit score and rating. You may have to contact all three credit bureaus because creditors report to different ones about their clients.
If you have ever had credit of any kind - a credit card, a revolving charge account or a loan - then there is information about your credit history on file at one of the credit reporting agencies. When you apply for credit, the creditor does a check on this history at one of the credit bureaus to make sure you are a good risk to repay.
There are 3 credit bureaus
The three credit bureaus are Experian, Trans Union and Equifax. The creditors report to these credit reporting agencies regarding the amount of money you owe, how much your monthly payment is and whether or not you pay on time. It is really important to make all your payments by the due date, so as not to have an adverse credit rating.
Equifax is one of the three credit reporting agencies and has been in business since 1919. It is a recognized leader in the field of credit bureaus and provides up to date decisioning, data and fraud solutions for both individuals and businesses. It is one of the credit agencies available in Canada.
Trans Union is another of the credit bureaus that provide information for Canadians, but like Experian, it also operates in the United States. Trans Union uses a modern system that allows creditors to approve your loan in minutes or banks to approve and issue credit cards, once they do a check on your credit. The service this credit reporting agency provides is really fast and simple providing the most recent information about your credit history.
Experian is one of the credit reporting agencies that will provide you with the software you need to download your own credit report. It gives you a free trial and after that you have to pay for the services. However, you are entitled to receive free credit reports to analyze your own credit rating, so you should not have to pay credit bureaus for this service.
Each of the credit bureaus may have different information on your credit. It is very important to read your credit report at least once a year to make sure that the information is correct. You can also get a lot of information about how creditors see you when you request a report from one of the credit bureaus. You can see when you were late with payments or if you have any bills outstanding. This information will help set you on the road to repairing any bad credit your have and let you live more comfortably.
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