We all know credit cards and the luxury of owning one, maybe even two or three, right? Having one certainly makes life easier and helps you when in need. But what do we really know about credit bureaus and the services they render? Credit bureaus goes way back from as early as the 1860’s, with the industry growing increasingly and quickly after World War 1. A credit bureau gathers information on how consumers all over use their credit. Basically, they collect information from various places on as many consumer financial transactions as they possibly can. In turn, they then sell this information to any legally known entity, company or establishment who would need it for a valid and legal purpose.
Credit bureaus have the main purpose of selling your credit information to other companies. Maybe they would like to promote a new credit card and need consumer information from the credit bureau. This company would then contact the bureau and look for possible matches like consumers with a good credit history. They look at location, your personal yearly and monthly income, the number of credit cards you own and use etc. If you are one of the consumers who fit this profile, they usually contact you to present their offer.
The three major credit bureaus are:
Equifax
Equifax not only serves the retail industry, credit card, telecommunications and health care industries, but also the government. They provide services which help grant credit, authorize and process credit card and check transactions, identify digital certificates and even predict consumer behavior, market products and manage risk for you. Many other services are also available from Equifax, which serves countries like the UK, US, Chile, Spain, Canada and many more. You can contact them at 1-800-685-1111 or by mail P.O. Box 740241, Atlanta, GA 30374.
Experian
They employ around 15 500 people in over 35 countries all over the world, supporting clients and consumers in up to 65 countries world wide! According to Experian, they manage new and existing customer relations and relationships, and easily identify new business & commercial opportunity for profitable growth to their clients and consumers. They have a web based business, which enables clients to be secure when conducting e-business online. This company is a global leader in helping to manage your risk and rewards of commercial and financial decisions. They are also listed on the London Stock Exchange, the LSE for short. Their corporate head quarters are based in Dublin, Ireland and you can contact them at 1 888 397 3742 or by mail P.O. Box 2002, Allen, TX 750 13 for more information.
Trans Union
Trans Union serves a broad range of consumers and customers in various industries and offers risk portfolio management and many other services to their clients. This includes financial services, insurance establishments, retailers, energy companies and even hospitals. Trans Union is the third primary source for credit information. Contact them at 1-800-888-4213 or via mail P.O. Box 1000, Chester, PA 19022.
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Credit in Minutes Tip #1
Stay
on top of your credit report. Most credit reports contain errors. Make
sure you check your credit report every year (you get one free credit
report every twelve months) and if there are errors make sure to
challenge them with the reporting credit agency. Credit agencies are
required to investigate each and every challenge that gets reported.
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Credit in Minutes Tip #2
Just
because you qualify for all of those credit cards does not mean you
should get them. A person with too many credit cards looks sketchy in
the eyes of a potential creditor. Think of it this way: if a person is
financially stable does he or she need ten different credit cards?
Wouldn’t just one or two suffice?
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Credit in Minutes Tip #3
The
best way to raise your credit score is to make all of your payments on
time. It sounds too simple to be true, but that’s all there
really is to it. Staying out of debt and/or making all of your debt
payments on time will keep your score up where it should be.
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