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| Comparing Options to Get Your Credit Reports |
| Written by Kristina Lee | ||||||||||||||||||||||||||||||
 So you’re trying to check your credit score and credit report? There are plenty of sources out there that are more than willing to sell you either or both. Most will charge you a fee to provide the report and score, but know your rights: you are entitled by law to access to one free credit report from each of the big three credit bureaus. Credit bureaus – Also called Consumer Credit Reporting Agencies, they are companies that compile the credit information, create a summary of this information in a credit report with a credit score, and then distribute it for use in credit evaluation Major Credit Bureaus These credit bureaus offer credit related information to potential lenders, consumers, and creditors. Equifax, TransUnion, and Experian are the most prevalent of the credit bureaus. Innovis and PRBC are examples of other smaller, but still effective agencies. They are all Fair Credit Reporting Act compliant national data repositories. Equifax – Founded in 1899 as the Retail Credit Company and based in Atlanta, Georgia, it is the oldest of the three agencies. TransUnion – Created in 1968 by Union Tank Car Company as a holding company, its credit business was built through the acquisition of many city credit agencies. A private company, it is based in Chicago, Illinois. Experian – Founded in 1980 as CCN Systems, it began its consumer credit reporting business in 1996 when it acquired TRW Information Services, and later acquired CheetahMail. It is a publicly traded company headquartered in Dublin, Ireland. Innovis – Started in 1970 as Associated Credit Bureaus Services, Innovis is a subsidiary of CBC Companies. It is referred to as the 4th credit bureau, although it is much smaller and less widely used than the big three. Innovis offers credit reports for a fee ($8 for CA). PRBC – Incorporated in 2002 as Pay Rent, Build Credit, Inc, it is considered the 5th Consumer Credit Reporting Agency. Based out of Annapolis, Maryland, PRBC is unique in that it allows consumers to self enroll and self report. While only negative information is automatically collected at other agencies, it allows consumers to record timely payments to build positive credit. PRBC’s credit reports include the new FICO Expansion Score, which is only available to lenders. Compare Your Options Credit Bureaus offer a variety of packages of credit reports, scores, and credit monitoring programs. You can pay one time to check your credit and have access to your credit report or score for a specified period of time (for example, 30 days for Experian). Alternatively, you can also purchase a credit monitoring program, which informs you of changes in your credit report and updates you on your credit scores in exchange for monthly payments. Compared to one credit report, a 3-in-1 package that includes credit reports from all three credit bureaus provides you with a more complete picture of your credit profile, though at a higher cost. The prices vary slightly among different packages depending on what reports and scores are included. You might pay a cheaper price but receive a score other than the most commonly used FICO score. You might also pay less for a package with only a credit report excluding your credit score. It is important for you as the consumer to decide what services you need, and then find the package that serves you the best. Make sure that you double check which score you are receiving when you order your credit reports. Different credit reporting agencies use different scores such as FICO score or Experian PLUS Score; and different versions of each score.
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| Last Updated on Wednesday, 16 February 2011 14:03 |
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