TransUnion got its start in 1968 when the Union Tank Car Company -a railcar leasing operation- created it as its parent holding company. Years later, TransUnion grew quickly after acquiring companies like Credit Bureau of Cook County and TrueCredit.com. The company tends to be a leader in innovation. After the acquisition of the Credit Bureau of Cook County, it became the first credit reporting company to replace accounts payable invoice data with tape-to-disc transfer. The company was also the first bureau to have an online information retrieval and storage data processing system. TransUnion has grown to operate in 25 countries.

Like Experian and Equifax, TransUnion has run into problems with the law. According to a study conducted by the U.S. Public Interest Research Group, 79% of credit reports have errors and 25% of those errors are serious enough to prevent you from acquiring credit. A PIRG survey suggests that the sheer capacity of the data collected makes the mistakes unavoidable. The company was sued for $5.3 million by Judy Thomas because she spent six years trying to remove another woman’s credit information off of her report. Later, the judged reduced the award to $1 million. The company was also sued for selling lists containing personal and financial consumer information to third parties for marketing purposes, violating the Fair Credit Reporting Act.

TransUnion offers various services. The bureau not only offers monitoring for its own brand of credit report but for all three credit reports. Another unique service the company provides is Authorized User Alerts. Authorized User Alerts reduces the negative effects of authorized user abuse by alerting you of possible artificial inflation in accordance with your risk threshold guidelines. Each credit bureau has its own services and products. Check out the TransUnion website for more information.

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Previously known as CCN Systems, Experian is a large credit bureau with offices in approximately 36 countries. Experian was established in 1980 in Nottingham and grew drastically after acquiring several other bureaus. The company not only handles credit services but decision analytics, interactive services and marketing services. Experian collects data on: businesses, motor vehicles, insurance and lifestyle data.

Unfortunately, almost all of the bureaus have faced some trouble with the government. In August of 2005, Experian admitted that they violated the rules of Federal Trade Commission by not sufficiently explaining that by signing up for a free report with the company, consumers would be automatically signed up for a credit report monitoring service and that the consumer would also be charged $79.95 if they didn’t cancel within 30 days.

Each bureau offers its own way of handling credit information. Experian uses the PLUS Score method to determine credit ratings. The PLUS Score includes: the number of application inquiries, the combined balance, number of accounts with late payments and credit limit on open, revolving accounts. The PLUS Score model was designed to create a better understanding of these factors so that consumers can take immediate action to improve their credit ratings.

Experian offers various services but the company is best known for its Triple Advantage deal. Triple Advantage checks your report for signs of identity theft. The service also monitors all three national credit files and will alert you of key changes. Though, all three of the bureaus offer these services, most people find the deal in Experian’s price. While some credit bureaus offer separate prices for each service, Triple Advantage, offers one price for all three. Protect your credit. Check out all of your credit service options.

Visit http://www.icreditinc.com for more information on credit.

Equifax is one of the three major credit reporting agencies, along with Experian and Tans Union. All three get information from creditors voluntarily. You may have heard of the agencies, and realize the important of your credit report. If you do, then you may be interested in retaining a copy of your own credit report from Equifax. Your Equifax credit report should be of great interest to you since the contents can have such a profound influence on your ability to make certain purchases. Therefore, it is important to understand what you are going to see on your report and what it means. The contents of your Equifax credit report can basically be broken down into five parts: your personal information, inquiries, your credit history, public record information, and your overall credit score.

The first part of your Equifax credit report is your personal profile. Your personal information is kept in this portion. You name, aliases, spouses name, current and former addresses, birth date, employment history, and Social Security number. When looking at your Equifax credit report, make sure the information is accurate. You can make corrections to the information by talking with Equifax.

Next, you will find the inquiries section. Here, you can see everyone over the last two years that has requested your credit report. You will find two types of inquiry on your Equifax credit report: hard and soft. A hard inquiry is one made by a company and initiated by you, like when you apply for a mortgage or credit card. A soft inquiry does not show to creditors unless you request it and is made by existing creditors who are monitoring your credit.

Third on your Equifax credit report is your credit history and public records. Your history will have a detailed list of your credit debts. It will include how you have done in terms of paying, all late payments, and information about how the account has been paid to date. You records will include bankruptcies, liens, and over due child support type information. Any public records are negative and will lower your overall score. They usually will stay on your Equifax credit report for six to ten years.

Last you will find your credit score. The credit score is a rating that shows how great of a credit risk you are and what the chances are that you may default on a loan. Most lenders will use the credit score as factor in y our loan application. The number of the score is between 300 and 850. The higher the score on your Equifax credit report, the less risky you will be considered by creditors. If the score is lower, you will be seen as a higher risk and while you still may get loans, you will likely be headed toward higher rates of interest.

Your Equifax credit report has a big influence on your ability to make purchases on credit. Many state and federal laws allow you to receive a copy of your Equifax credit report either for free or at a low cost. Take the time to get a copy of your Equifax credit report, as well as ones from the other companies. That way you can be sure that all of the information is correct and have an idea of how risky you are so that there are no surprises when you got apply for any loans.

There are 3 major credit bureaus that have information on your regarding your credit history. Anyone that has ever applied for a loan or credit of any kind has a file at one of the 3 major credit bureaus. Since merchants usually report to only one of the 3 major credit bureaus, you may have to request a free report from all three to get an overall look at your credit report.

To request a free credit report from either or all of the three major credit bureaus, all you have to do is to request a free report online. You can also send the request by mail and you have to provide all your personal information. There are sites that will charge you for a credit report from one of the 3 major credit bureaus, but it is necessary for you to know that by law you are entitled to one free credit report a year. You should contact the credit bureau directly to get your free report.

When you do receive your credit report from the 3 major credit bureaus there are certain sections of this report that you need to pay particular attention to. The first section details your name and address. You should check this to make sure that it is correct. If there are any inaccuracies in this section, you need to contact the credit bureau that sent the report with the correct information.

The next section will give details of your current bills. Each of the three major credit bureaus may contain the same information or one of the three may have different information regarding your credit history depending on which merchants report to that credit bureau. You should also note that you might have an excellent credit record with two of the 3 major credit bureaus and a poor rating with the other.

Check the listing of your bills, the amount of the payment and the due date. If you have been late with a payment or missed one altogether, this will show up on the credit report you receive from the 3 major credit bureaus. You also need to check to see who has been inquiring about your credit history to make sure that no unauthorized person or company has been making inquiries without your permission. When you see that everything is as it should be, then you know that your information is safe with the 3 major credit bureaus. If there are any inaccuracies in the debt information, you will need to contact the credit bureau to start taking the necessary steps to have it corrected.

There are 3 credit bureaus and you need to know about them if you are concerned about your credit report.