Public records consist of information such as bankruptcies, judgments, tax liens, state and national court records, and, in a few states, unpaid child support. Depending on the category of account, a public record can stay on your credit report between seven to ten years. Only severe financial mistakes are provided in this section, not criminal arrests or convictions. Because public records can immensely harm your credit, it’s better to keep this section clear.
A credit report is nothing but a detailed and accurate account of the financial history (especially related to credit) of a person. All the major financial transactions including history of borrowing, repayment and bankruptcy is detailed in this report. The report is useful for lenders when they determine the creditworthiness of a borrower. These reports are acquired by the lenders from companies such as Equifax, TransUnion, and Experian which are called Credit Bureaus. These credit bureaus are obligated by law to provide the credit report to the consumer if requested, once a year. This can…
Experian plc which was known as CCN system is a global credit information group and operates in thirty-six countries. The company was founded in 1980 and acquired a credit reporting agency named TRW Information Services in 1996. Experian’s main services are interactive services, credit services, marketing solutions and business analytics. As with any other credit bureau, the company collects information about insurance, motor vehicles, people, and businesses.
TransUnion is one of the three major Credit Reporting Agencies in the United States of America which also operates internationally. It is the third largest consumer reporting agency in the United States and was created in 1968 by the United Tank Car Company. It purchased the credit bureau of Cook County in 1969 and started operating as a credit reporting agency. It now operates in more than twenty five countries and in five continents across the world.
