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.
Credit reports are crucial for borrowers as well as lenders; for lenders, credit reports provide an idea of the applicant’s creditworthiness. If you have applied for any type of loan then the lender is sure to check your credit report before releasing any finances. The lender gets hold of these reports from any of the three major credit reporting agencies; Equifax, TransUnion, or Experian. These agencies record almost all the financial transactions of the applicant by getting the relevant data from other lenders who have done business with the applicant in the past.
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.
Equifax Inc. is one of the largest Credit Reporting Agencies or credit bureaus in the United States of America. However it also operates in fourteen other countries in the world. The credit bureau was founded in the year 1899 and is the oldest among the three credit rating agencies in the United States. Equifax Inc. started operating under the name of Retail Credit Company during its inception. However it later changed the name to Equifax in order to improve its image in the market.
