Experian Credit Reporting

Experian is one of the three major credit bureaus in the United States along with TransUnion and Equifax. Experian is best known as a provider of credit reports, because by law they must provide every individual with one free credit report every year. But the company also provides other credit-related services to individuals and businesses

History

Experian was founded in England in 1980, and it wasn't until 1996 that it entered the credit reporting business in the United States. As of 2009, Experian has clients in more than 65 countries.

Personal Services

In addition to providing individuals with credit reports, Experian also provides several credit monitoring services to protect individuals against credit fraud. Consumers are notified when any suspicious activity takes place so they can minimize the damage of identity theft.

Credit Scores

One popular commercial product Experian produces is credit scores, which it does by using the algorithm developed by the Fair Isaac Corporation. These scores are used by lenders to determine whether or not to issue loans to individuals.

Vantage Scores

Experian is also distributing VantageScores for educational purposes. VantageScores are credit scores that are calculated using a formula developed by Experian. VantageScores claim to better predict the credit worthiness of individuals with a shorter credit history.

Business Services

In addition to providing consumer credit scores, Experian also provides information about businesses and their track records of paying bills on time. This helps companies who engage in business-to-business sales determine which companies are more likely to default on their payments.