The three credit reporting agencies

If you have ever wondered what happens with regards to your financial details relating to finance related transactions, or how your credit rating is determines, the answer is that these are matter dealt with by the three credit reporting agencies that are currently in operation. These agencies perform a vital task in logging the data provided to them by various external companies in relation to the financial transactions of people and businesses, and the information that the three credit reporting agencies hold can really affect your financial future.

Which are the three credit reporting agencies operating today?

The three credit reporting agencies in operation today are Experian, Equifax, and TransUnion. These agencies all receive information from external companies, such as banks, finance companies, other lenders, credit card companies, and utilities companies, with regards to financial transactions ranging from loan and credit applications to payment of bills and financial commitments.

When you apply for any form of credit, such as a mortgage, car loan, or credit card, the company to which to apply will most likely carry out a credit check with one or all of the three credit reporting agencies. The information that is held about you by these agencies will determine what your credit scoring comes back as, and this in turn will determine whether the company is willing to make a loan to you based on their own policies with regards to credit ratings.

If you have adverse information on your credit file, your credit rating will be low, and this means that you will most likely be turned down for any form of credit until your credit rating starts to look a little more healthy. This is why it is so important to keep an eye on your credit file to ensure that you are not penalized for inaccurate or false information that could very well be on your file, and may be affecting your credit worthiness without your knowledge.

Ordering your credit report from the three credit reporting agencies couldn’t be easier, as you can do this online, and you can ensure that your credit related information is all correct and up to date.