Thursday, July 9, 2009

Who Uses Experian to Check Your Credit?

Who Uses Experian to Check Your Credit?

Effective credit management is critical to financial planning. Interested parties frequently analyze your credit report to gauge your ability to handle credit. Experian is one of the primary suppliers of this information.

Identification

    Experian, TransUnion and Equifax are the three main consumer credit reporting agencies. Experian compiles information related to the type and amount of debt that you carry. Further, the company documents your payment history. Experian generates credit scores that evaluate your debt management capabilities.

Features

    Creditors review Experian debt statistics prior to extending credit. Banks then decide to approve your credit application and set interest rates. Credit card companies, mortgage providers and automobile loan enterprises review Experian information before agreeing to terms.

Considerations

    Insurers, landlords and employers also analyze your Experian profile as a means of judging your character. These parties feel that financially stable consumers are less likely to commit fraud.

Strategy

    Order a copy of your credit report prior to taking out loans for major purchases. You are entitled to one free report through Annualcreditreport.com, which includes information from Experian. Verify information and dispute errors.

Risks

    Third parties, such as employers, that access Experian credit information as documentation for your personality may expose themselves to lawsuits.

0 comments:

Post a Comment