There are three main credit bureaus, Equifax, Transunion and Experian. Each of these are 100% for profit companies that are in business to sell your credit reports to lenders. Lenders need a way to access your worthiness and they turn to these companies to do so. Equifax is the largest and probably oldest of the three organizations.
They have the largest market share so it's a safe bet that major lenders such as banks and mortgage lenders turn to them in one form or another when it comes to accessing your information.
Transunion and Experian conduct the same tasks but are simply not as big as Equifax. It is also important to understand that creditors will report your payment history to at least one of the three, and in some cases all three companies. This is why when improving your credit rating you want to focus on each of your reports, as there is no way to know which bureau a lender will pick to view your report.
It is also possible to have an account show up on your Equifax file and not your transunion. This simply means that the lender does not report information to the transunion company. For this reason also, when it comes time to purchase a home for a mortgage, lenders will look at each of your three files before making a decision.
They want to see the total picture for such a big loan while lenders such as car and personal loan are fine with looking at one of the three.
Visit do-it-yourself-credit repair or credit repair services to learn more on raising your credit score 200+ points to get approved for car, home and credit card loans. Article Source: http://EzineArticles.com/?expert=Tony_Banks What is the Difference Between My Equifax and Transunion Credit Reports? |
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