What is the Difference Between My Equifax and Transunion Credit Reports?

What is the Difference Between My Equifax and Transunion Credit Reports?

By Tony Banks

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?

Your Equifax, Transunion and Experian Credit Scores - Why You Need to Raise Them

Your Equifax, Transunion and Experian Credit Scores

Why You Need to Raise Them

By Tony Banks

Ever wondered why there's so much talk about score increase or repairing your file? Frankly, there are many who have such thoughts running through their heads but don't know where to begin. The first step is to make sure that you know the factors that are taken into consideration in order to get a good score.

Your scores ultimately determine exactly how much you'll get, and the terms of the loan such as how long you're expected to pay and the interest rate you'll pay over the life of the loan.

But it is not only banks or lenders that use your score for major decisions. Some employers have joined also. It is now common for some employers to buy their employee's report from the bureaus before they take a big step of promoting them. This is especially so if they're reshuffling workers and some are going to land in the financial department. It is also used when you're applying for a new job. Though they will not tell you this but a good number of employers do take a peek at your main reports.

Another use of your scores comes into play with car insurance. Insurance agencies are slowly but surely making it a practice to look at your scores before quoting a rate. Many don't agree with this practice but its becoming a standard.

There are two effective methods to neutralize the effects of a bad score and these are the "do-it-yourself" and "repair agency" methods. It costs less to repair a bad file than having to pay higher interests on loans or being denied outright.

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 Your Equifax, Transunion and Experian Credit Scores Why You Need to Raise Them