What You Should Know about Experian

January 3rd, 2018 | Author:

[E]xperian is one of the three major credit reporting agencies for the US. It is the newest, formed in 1996. It also happens to be the biggest of the three with around 220 million consumers included and 25 million businesses.

What Experian Does

Just like with the other two credit reporting agencies, Experian keeps data on consumers about their credit history. Many businesses use Experian to check the credit history on applicants for credit if they choose only one agency for information.

In addition to the credit reporting it does, Experian provides other services as well. It offers software to detect fraud and provide identity protection. One of the features users can appreciate about this credit reporting agency is the fact that what they see is the same information that creditors see. Because it’s transparent, you can quickly review your information and know what negative data will impact your chances for approval. It also makes it easier to know what areas of your credit to work on.

Credit Monitoring

Experian offers credit monitoring services to alert you to any changes on your credit report. The basic plan only checks the report from Experian, so it doesn’t provide a complete picture. However, it can be beneficial since Experian is the largest of the three.

There are two packages for credit monitoring: the CreditWorks Basic and CreditWorks Premium. You get an updated credit report every 30 days with the Basic plan. The Premium package allows you to receive your FICO credit score monthly and updates from all three agencies.

Experian has its own credit score which is influenced by whatever information is found in your credit report. It also contributes to the Vantage Score, which is made up of information from all three agencies.

Many credit card companies use Experian to check your credit history and to report your account with them. If you choose to only get one credit report, many experts will recommend Experian. However, it can be a good idea to get a report from all three bureaus for a complete picture of your credit history.

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