Experian is a British-based credit card information agency, which got into the U.S. credit market in 1996 with its acquisition of TRW Information Services. Experian is considered one of the big three U.S. credit information institutions, though it is younger than TransUnion (1968) and much younger than Equifax (1899). Experian describes itself as a “global information services company”, but in common language, they offer credit report information to credit institutions in 44 different countries, including the United States and Canada.
When you apply for credit (or a loan) from a credit card company or a bank, this credit institution contacts either Experian, Equifax or TransUnion — and many times a combination of the three. These credit reporting agencies sell your credit information to these potential creditors, who use your credit history to decide whether to give you credit and what kind of interest rate they should charge. Therefore, Experian is one of the most important corporations in the credit industry, despite the fact that most people have never heard of it.
Free Experian Credit Report
Each of the credit report agencies uses their own formula to arrive at a credit score for you. If you get turned down for a credit card or loan (like home loan or student loan), you can check to see what your credit score is with the credit reporting institutions are. You can get a free Experian credit report or even a 3-in-1 credit report, where you can compare and contrast your credit scores and look for discrepancies between each credit history. You’ll find that your credit score might be different from one to another, because of incorrect information on one company’s credit history file.
For instance, Experian uses your FICO score to determine a credit rating. Fico stands for Fair Isaac Corporation. The Fico Score calculates how likely you are to default on a loan.
Experian offers a credit report and credit score for $15, as well as a three-in-one credit report for $39. You can get free credit reports online, though. When you contact Experian about a credit score, you’ll receive a credit report in the mail. After you look at a current credit report, you can then contact Experian and dispute information in your credit file.
Filing A Dispute With Experian
People who are interested in filing a dispute with Experian should visit the link we’ve listed here and follow their directions. Remember that you need a recent credit report from the last 90 days, so the information both you and the Experian representatives use will be up-to-date and the same. If you have bad credit, it pays to go through your credit history and challenge any information you consider incorrect. Keep good financial records and cross-reference with the Equifax and TransUnion credit reports and you might be able to have information taken off your credit history that is ruining your credit score.