Credit Repair Now: Credit Bureau is a business organization that collects and sells data regarding an individual’s credit history. This is also where you can find your credit report. Equifax, Experian, and TransUnion are the three major credit bureaus. But before I tell you the differences between these three.
Let’s get on the basics first.
It may sound a little creepy, but it might comfort you about how these bureaus collect your data. Credit bureaus collect data through credit institutions you already have a relationship with, such as banks, credit card companies, student loan providers, and auto loan providers. Credit institutions are not obligated to share information and can give one, two, three, or none of the major credit bureaus. The rest of the information credit bureaus collect from public court records. For any possible bankruptcies, tax liens, repossessions, and foreclose, they need to have access to your account.
Ever wonder why your mail is flooded with lots of pre-approved credit cards? It is because Credit bureaus sell information for marketing purposes. But there is nothing to worry about. There are rules to protect you and your data.
Fair Credit Reporting Act or the law for your credit report
The Fair Credit Reporting Act or FCRA law states that you have the right to know your credit report and the right to dispute any errors on your credit report. It also lays out a “permissible purpose” for lenders to pull to your credit and an “impermissible purpose.” Thanks to an amendment to the Fair Credit Reporting Act in 2003, congress authorized the Federal trade commission to mandate that copies of your credit report be made available for free. Since significant numbers of these reports contain errors, it is only fair that you don’t have to pay to correct others’ mistakes.
FICO score model
How your credit history always depends on your credit score. This will determine your worthiness in case of applying for financial help. Credit bureaus rely on FICO scores in computing your credit score. This scoring model is used more predominantly in the leading industry. It is created by Fair Isaac Corporation, hence, the name FICO. FICO credit scores range from 350-850 and are determined by five factors, which are ranked in terms of importance by percentage:
- Payment history: 35%
- Amount Allowed: 30%
- Length of Credit History: 15%
- New Credit: 10%
- Credit Mix: 10%
FTC enforces federal consumer protection laws that prevent fraud, deception, and unfair business practices. There are several ways you can order your credit report, but only one site can give you a free credit report, www.annualcreditreport.comrt. This acts for the three bureaus. Or you can call them at 1-877-322-8228 to request a free credit report.
Credit repair Canada helps you with your troubles regarding financial help but let me tell you about Canada’s “The Big Three,” or the three bureaus.
The big three bureaus:
First is the EQUIFAX. This bureau is best for individuals looking to check their Equifax credit reports and score and needing credit lock service. This is also the old company which is found in 1899. “Always focus on its customer” has always been their company motto. As I’ve said, they have a free credit lock, their most notable aspect. It allows the individual to protect their data at no additional cost.
Products offered include:
- Credit Report allows you to get your credit report for free.
- Equifax Credit Score- you can purchase for $15.95, and the score will be accessible for the next 30 days.
- Lock and Alert- this allows you to lock and unlock your credit and alerts you every time you lock and unlock your data.
Second is the EXPERIAN. Best for individuals looking to view their Experian credit report to actively monitor their credit report and credit score from all three Bureaus. Among the three, Experian offers the most personal products for monitoring and protecting your credit.
- Credit Report- As with every bureau, it allows you to get your credit report for free.
- Experian Credit Report and Score- Purchase for only $19.99 for a one-time view of your score.
- Three bureau credit and FICO score- For $39.99, you can view your Equifax, Experian, and TransUnion credit score. It is only for one-time viewing.
- Experian CreditWork basic- view once every month for free.
- Experian Creditworks Premium- $24.99 per month. You can view your Fico Score and access Experian credit lock, identity protection, and credit lock services.
Lastly, the TransUnion. It is best for individuals looking to check their TransUnion credit report and score and to manage their business and its credit. It came into appearance in 1968 as a holding company for a railroad leasing organization. Today, TransUnion is the smallest among the three credit bureaus but packs the biggest punch where business services are concerned.
- Credit Report- As with every bureau, it allows you to get a credit report for free.
- TrueIdentity- identity theft protection services.
- Credit Monitoring- For $19.99 per month, you can access unlimited TransUnion credit reports and score view, credit lock, credit change alerts, and score trending and score simulator tools.
In conclusion, what bureau should you use? All of them. It is essential to check your credit report in all of them. You should also consider reviewing and getting your credit reports because it is crucial to know your status, and it’s FREE. There’s no really an excuse not to get your credit report. There are a lot of the best credit repair companies Canada to choose from. In case of trouble with your credit, just choose from one of these companies.