 |
TransUnion, Equifax and Experian are the three major credit reporting agencies. All three gather the same type of information about consumers’ credit histories and payment practices. All provide nationwide coverage of consumer credit information. However, the Washington Post reported on May 12, 2001, that each agency does not always gather the same information. All three have different cities and regions in which they are more established, giving them an advantage in those areas over the other agencies. This means that each agency does not gather the same information and that the same person could receive a different credit score from each agency depending on what information is gathered.
Additionally, each agency employs a different model to calculate your credit score. Experian, for example, uses the PLUS Score method, which helps consumers understand better what their credit score means, the factors that shape their credit score and what they can do to improve it. Trans Union and Equifax also have unique consumer credit scoring models which are largely based on the same set of criteria. This criteria may include the combined balance owed and credit limit on open revolving credit cards, the number of credit application inquiries and the number of accounts where payments are late. While all three agencies perform the same basic services, the information they gather may differ slightly, along with their method of presenting and analyzing the data. Additionally, each offers unique services aimed to help consumers learn more about their credit score and how it can be managed. Additional information about each of these agencies and their services can be found online.
|
|
