What should you know about the three credit reporting bureaus?

Your credit report is the most important tool you have in fixing your credit, fighting identity theft and staying one step ahead of serious debt problems. However, did you know that you can get your credit report from three different credit reporting bureaus? It is important to know this because your credit can vary at each bureau by as much as 50 points. That is a big difference because 50 points on your credit report can mean the difference between a low interest rate and a high interest rate.

The first credit reporting agency is TransUnion. Founded in 1968, it began reporting on credit for consumers in 1969, building itself up by acquiring city credit bureaus. Today, it operates with 250 offices in the United States and 24 offices in other countries, while having its headquarters based in Chicago.

The second credit reporting agency is the oldest and largest of the three. It is Equifax and it was founded in 1899. Growing quickly, the company had offices throughout North America by 1920, and was the holder of millions of credit reports on American citizens by the 1960s. The company offers several services including CreditLock, which prevents and limits inquiries into your credit report. You can set the preferences for access to your report, making it much easier to protect your credit with this credit reporting agency.

The third credit reporting agency is the youngest and the smallest. It is Experian and it was founded in Nottingham in 1980. Over the years, it acquired credit reporting businesses until the 2000s, when it became one of the big three credit reporting agencies in the world with TransUnion and Equifax.

So, why do you need to know about these three companies? Well, when you get your one free credit report that is provided to you each year thanks to the Fair Credit Reporting Act, you should make sure that you are getting a report that will show you what your credit score is with all three companies. That way, you can make sure that when you go to get credit, you are having them check the credit report of the agency that gives you the highest credit rating. It is also important to check your credit report with all three agencies because one agency may have an error while the others do not. If you have a credit error for an unpaid bill on your TransUnion credit report, but you only check your Experian credit report, you may never realize there is a problem. Then when you attempt to get credit and are refused because they looked at your TransUnion report, you will have no idea why. Hence the reason why you should look at all three credit reports from all three credit reporting agencies so that you can compare them and make sure they match completely.

Staying on top of your credit is very important, and looking at your credit score from all credit bureaus is just as important. Mistakes happen and not everything is the same with credit, so get all the information you can from TransUnion, Experian and Equifax.

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