All the three major credit bureaus based in the US are meant to provide free credit reports to their consumers if the consumer request to have the credit report once in every 12 months as this will help the consumers to protect them from identity fraud. Here we will see how to get all the three credit reports?
The information contained in these reports are invaluable for the consumers & if you are a consumer of any of these credit bureau or all of the three you can always request them for the free copy of your credit report from each of these three national credit bureau once in every twelve months.
As a consumer, you should always opt for these free credit reports offered by the major credit bureau of the nation as it will help you to understand if there is not an irrelevant or inaccurate information regarding you. In addition to that these reports also help the consumers to monitor the account history so that they can protect themselves against identity fraud.
Also, these reports also help the consumers to monitor the account history so that they can protect themselves against identity fraud.
You can get your free credit report if you visit the website – AnnualCreditReport.com, & this website is helping the consumers to obtain their free credit report required by the ‘Fair And Accurate Credit Transactions Act’ which is also known as FACT Act.
To order your free credit report online, you have to provide them with the specific information which includes your – Name, Social Security Number & Address. Once you are done with this, you will be asked which of three credit bureau report you to want to obtain namely – Experian, TransUnion or Equifax.
You will also need to answer the few questions o that they will be assured of your identity & the information contained in these questions will only be from your credit reports.
As said above, you can always obtain your free credit report from one of these agencies once every twelve months for free. But it is always advisable to not to get all the three reports at once you can get them in four months from each of the Bureau as it will help to monitor your account consistently.
Until you are in need of loan and you want to check your all the three credit reports then you can opt to view your all the three reports. But still, you can have these reports as per your condition and circumstances.
You can always get your free credit reports from each of the bureaus once in every 12 months, you can get one report from each in a year, and you can evaluate your credit standing. The free credit report which you get from the TransUnion, Equifax & Experian will contain all the credit information which is related to your account.
How You Can Use Your Three Credit Reports
Once you have got the copy of your credit reports, you can able to evaluate your credit and judge the potential creditors and the other permitted parties who are interested in your credit history. This information will help the creditors to decide whether they should lend you the money or not, in your credit reports you can have the information which is as follows:
- Your Name & Address
- Your open account in the present which includes your balances, payment history and highest balances.
- Your closed account which are below seven years.
- Records of the inquiries from all the parties that obtained a credit report on you from the credit bureaus.
- Your public financial track and record which was happened in the last ten years.
You are always welcome to contact the website if you see any inaccuracies or incorrect information in your credit reports, but you will not able to get the copy of your credit score with your free credit report.
To get the copy of your credit score, you need to visit the website of the particular credit bureau from which you want to obtain the copy of your score. Maybe you need to pay for this; below we have given the contact information for each of three bureaus so that you can get in contact with them easily.
If you keep checking your credit reports, then you will always verify the accuracy of the reports, and if sometimes you may find any inaccuracies you can contact the related credit bureau so that the inaccuracies will not impact on your credit report and score. Also, you should understand that if you analyze your credit reports regularly, it will help you to find out what is there in the report and accordingly you can plan for the future.
So above you have understood what credit report is, how you can get it and what’s the use of credit reports to your lenders below we will see them in which cases your credit counts and in which cases it does not:
When Your Credit Counts
- How Old Is Your Account: As there is not any set amount of time to set the good credit score, but if you have an aged credit account it will surely impact significantly on your credit score value. The age of your account is also responsible for up to 15% to calculate your credit score. As the age of your account help to evaluate how responsible you are with your credit since the time you have started.
- Recent Credit Activity: You all the payment history comprises the bulk of what calculates your credit score and this part uses 35% of the calculation. So, when you be sincere and stay on time with paying your bills, loans, mortgage, etc., will ensure you with high credit score. And at the same time if there are too many of late payments or non-payments will only going to damage your credit score, as it will help the lenders to evaluate that you are not a responsible borrower and having credit risk.
- Collections, Foreclosure & Bankruptcy: Any account which is in the collection can damage the credit score very severely since it has reached the level where the borrower has given up paying the bill & because of this there lenders have asked the collection agency to recover the remaining balance and get the debt paid. In the same way, bankruptcy will never have the positive effect on your credit score, but the severity which it affects your numbers depends upon the individual’s credit profile and the specific situation.
When Your Credit Does Not Count
- Your Marital Status: Your marital status not at all have any impact on your credit score, in case you get married your credit report will not get merged with your spouse, so your credit report will not be affected by the credit score or report of your spouse, so it won’t be get lowered or higher. Changing your last name also will not change your credit history, and you will not become a joint user of any financial dealings and activity in which your wife was involved.
- Your Present Income: Your present income does not play any role when it comes to determining your credit score, for the simple reasons that all the three major credit bureaus which collect your information do not collect any data related to your income. The main thing which matters to determine your credit score is how you are managing your loans and other financial activity which is having any role in your credit score. These activities are weighted person to person to determine your overall credit score and generate the report.
- National Origin: Any of the three major credit bureaus will not discriminate you under any factors like – sex, race, color, religion, or also the national origin under the Equal Credit Opportunity Act (ECOA). But it may always be possible that when you apply for to get the credit, you will be asked this information but this doesn’t have anything to do with your credit score and report. So they will not ever determine your credit or the terms in which it is given as per the information provided by you.
What Is Fair Credit Report Act (FCRA) & How It Is Related With Your Credit?
It is the federal Fair Credit Report Act or FCRA which is responsible for encouraging the accuracy, fairness while generating the report and privacy to all the data which is collected for generating the report, which is held by all the three major bureaus in the United States. Some of the major rights which come under FCRA is that you will be informed when the information in the file is used against you, what are data in the file, the request of your credit score can dispute about inaccurate or inappropriate data. In addition to that if there is inaccurate or inappropriate data the reporting agency must have to correct or delete the data.
The Significant Credit Bureaus – Experian, TransUnion & Equifax
As you have now understood about the major credit bureau in the US, now you should also know who are these major credit bureaus and how they work and how to contact them, below we will discuss all the three major credit bureau in the US.
Experian is one of the most significant credit bureaus in the world, and its primary function is to provide the data and all the analytical tools to its consumers and the business to determine the creditworthiness, we will see in details in sections below what is credit bureau. The score ranges from 360 to 840 in the Experian National Equivalency which is different from the VintageScore 3.0 model and FICO score.
Experian which was formerly known as CNN systems was first started in Nottingham, England in the year 1996, and you would be amazed to know that in the current scenario the Experian functions and operate in more than forty countries of the world, and their largest operations are being done in United States of America & United Kingdom. One more thing which Experian has achieved is that it is the London stock exchange which is called – LSE: EXPN and also it is the part of FTSE 100.
Experian is also one of the best known three consumer reporting agencies like Equifax and TransUnion in the United States. Experian have got some products which they are offering to their customers and consumers, and also, they are also selling their consumers the access to their credit scores and credit reports.
In the year 2003, this branch of their consumer business took a big hit when the FTC announced that all the major three consumer reporting agencies would now need to make the credit reports and it should be freely available to their consumers and customers at least once in twelve months.
And from that point, Experian have refocused their consumer business and started to focus on selling their credit scores. Below, we will see how you will have your credit scores and reports and the way to contact the Experian for having them.
Experian have started to own and started being a partner with some of the biggest credit score selling websites; this website includes – freecreditscore.com & myFICO.com etc. Experian also started to sell these credit scores on their websites. When it comes to the time of publishing the Experian were selling the following scores – VantageScore, Plus score and FICO score. But at the same time, other companies were also engaged in selling the creditXpert in addition to the number of other FAKO scores which was based on the data found in the Experian credit reports.
Experian also has the credit branch which is mainly responsible for selling the credit data directly to the creditors who can use these data to take the lending decision. As it is always very important for the creditors to know the credit score and reports and in this way they can analyze whether it is safe to lend the money to the particular person or not.
This is the most significant portion of Experian business, and they get the maximum amount of their revenue from dwarfing their consumer division. As per the current data, Experian has employed about fourteen thousand employees, and they are generating about $4.6 billion in the year 2013. In the today’s scenario, Experian is the largest consumer rating bureau among the other agencies in the United States.
How To Contact Experian To Get Your Credit Reports
Below you will get to see the contact information of Experian, and you can get your credit score and reports via Experian. The contact information page is usually kept up to date so that you can always have the basic contact with the Experian, and in case if you find that the information given below is not updated, you can always find their contact information by login on their page.
You can also view the contact information by going to this link – http://www.experian.com/corporate/personal-services-contacts.html. Below you will find the contact information of the Experian in the form of mailing address, phone numbers, and email address.
- Mailing Address of The Experian – P.O Box 4500, Allen TX 75013.
- Phone Numbers of The Experian – You can always get in touch with Experian via phone calls, and the easiest way to get a conversation with the human is by calling the number – 714-830-7000, and then push the 0 or say the ‘help.’ As per the GetHuman the average wait time which you will experience in lower than ten minutes.
- Email Address of Experian – email@example.com
TransUnion is based in the US and is credit information provider which used to distribute its information in the form of credit scores and reports to about more than 500 million consumers. It is the third largest credit bureau in the US, and the scoring model which is used by TransUnion is based upon VantageScore 3.0.
TransUnion scoring score range is from 300 to 850, the lower score is poor and proceeds with the higher score respectively. VantageScore 3.0 model is used by the TransUnion to evaluate the score of its consumers and determine the ranges.
TransUnion is third largest amongst the top three credit bureau in the US and legally known as Consumer Reporting Agencies which comes under FCRA. TransUnion is successfully able to generate the revenue of more than one billion in the year 2010.
TransUnion was also the first among all the three bureaus to provide free TRANSUNION scores, which was based on their data under the TRANSUNION open access program. TransUnion offers free scores to its consumers, but despite that, it uses to make money as they are also selling the underlying credit reports on which these scores are based upon.
If you are the consumer of the TransUnion you can always get to access your free credit report once every twelve months; below we are providing the contact information of the TransUnion. So, that you can get in touch with them and have your credit report and if you are still not a member you can ask them the formalities to be the member of TransUnion.
Contact Information Of TransUnion
TransUnion uses to update their contact information but still, we are providing you with their latest contact details, and in case you have not found them applicable you can visit their website for the latest contact details.
P.O. Box 6790
Fullerton CA, 92834
Phone Numbers Of The TransUnion
It is the quickest way so that you can man to man conversation with the TransUnion if you call the number – 800-916-8800 and then push the three followed by 2 when it is next prompt. You have to wait about three minutes which is the average wait time derived by the GetHuman.
- Credit Reports & Score – 877-322-8228
- Credit Disputes – 800-916-8800
- Fraud & Identity Theft – 800-680-7289
- Credit Freezes – 888-909-8872
Email Addresses Of The TransUnion
- For Customer Care – CUSTOMER.CARE@TRANSUNION.COM
- Fraud Department – firstname.lastname@example.org
Besides all the above contact information you can also contact them on their social media pages as the TransUnion are also having their social media pages on the topmost social platforms like – FaceBook, Twitter, YouTube & LinkedIn.
As you must have understood by now that TransUnion is one of the credit information company, but at the same time, you must also be wondering what’s the need of such information company or credit bureau. Below we will discuss the importance of credit information company and why it is needed for us or as consumers.
How Is TransUnion Score Being Calculated?
TRANSUNION use to break down to calculate a score into these main components:
- Payment History – 35%
- Credit Utilization – 30%
- Length of Credit History – 15%
- Types of Credit Used – 10%
- Recent Searches For New Credit – 10%
So, the TRANSUNION score is being calculated by looking at individuals credit report. Every individual usually has three credit reports each one is generated from each of three credit bureau namely – the TransUnion, Equifax & Experian. So, it means everyone has multiple TRANSUNION scores, and the data found in these credit report is broken down into five components or categories which are – payment history, credit utilization, the length of credit history, types of credit used and recent searches for new credit. Below we will see the importance of each one of these categories.
Equifax is the oldest amongst the three major consumer agencies in the US and was founded in the year 1899. The consumer agency works to collect all the data related to the consumer and then collate the credit data. Finally, the data is being turned into the credit reports which is then sold to the creditors so that they can make a sensible and correct decision while lending the money to any borrower.
Equifax currently has more than 7000 employees, and in over 15 countries and as per the figures from 2010 it has collected the revenue of over $1.86 billion. Equifax is also listed in NYSE having the stock ticket EFX.
Equifax like the other two bureaus as mentioned above also sell their credit reports to its consumers. In the year 2003 these all the major three consumer bureaus were forced to give free access to their credit reports to its consumers under the FACTA once every twelve months. Equifax has refocused their business since then and also started to sell their credit scores directly to the consumers using their websites and other partnerships.
Equifax Contact Information
- Mailing Address – Equifax Credit Information Services Inc, P.O. Box 740241, Atlanta, GA 30374
- Phone Numbers – 1-888-766-0008 (For Fraud Department) & 1-888-567-8688 (For Mail List Opt-Out).
- Email Address – email@example.com