Experian Credit Bureau
From LoveToKnow Creditcards
The Experian Credit Bureau is one of the three major credit bureaus next to Trans Union and Equifax. Of the three, this particular bureau could be considered the pioneer; they were one of the first companies in the industry to offer scores based on accumulated credit agency data. As a result, they have a unique understanding of the relationship between consumer credit and lending institution underwriting decisions.
The Fair/Isaac Risk Model
The method that the Experian Credit Bureau uses to calculate the FICO is referred to as the Fair/Isaac Risk Model. This method is a complex statistical model which helps predict the creditworthiness of consumers.
The Experian National Score Index
The National Score Index is a scoring model which is designed to give consumers an idea of how their credit compares to other consumers in the United States. This index also helps monitor financial behavior in geographic regions on a national, regional, and state level.
Data is based on a representative sample of three million profiles of United States consumers. The data collected from this sample is frequently evaluated for significant changes in consumer finance trends.
This is one of several tools Experian provides in order to empower consumers and to help them improve their financial standing.
The PLUS Score
The PLUS score model is another tool the Experian Credit Bureau provides consumers. PLUS is an acronym for Plan, Live, Understand, and Succeed. This score was created to give consumers more knowledge of credit, such as how it affects them and factors that drive scores up and down. The main goal is to help consumers understand more about how to improve their credit and to stay in good standing with creditors.
Visiting Online
If you have Internet access, you can visit Experian Credit Bureau online at www.ExperianCreditBureau.com. This site provides a number of services and tools for consumers, but the main thing this site offers is a free Experian Credit Bureau credit report.
A credit card is required to access your credit profile online, but once you signup, you can monitor your credit report and access it 24 hours a day. You can also upgrade to a report from all three credit bureaus. This is not to be confused with the free credit report that you are entitled to under Federal Law.
Credit Manager
Once you signup for a credit report on the Experian website, you will get a free one month trial of the Credit Manager. Credit Manager is a tool that allows you to monitor the daily activity of your credit report for any changes or suspicious activity.
You will be notified of any unusual activity, which includes early detection of incorrect negative additions, credit fraud/identity theft, and new accounts that have been opened.
This helps you learn of any activity that will negatively affect your credit before it causes your credit score to go down. Since early detection is the key to minimizing the damage, this is a powerful tool for consumers who are concerned about their credit report.
Credit Education
In addition to the free credit report and Credit Manager, you can also get helpful credit education on the Experian Credit Bureau web site. You will find reports on credit basics, credit scores, preventing fraud, and reports on how life events affect your credit.
Smart Business Reports and Auto Check
Two other tools offered on the Experian Credit Bureau website include Smart Business Reports and Auto Check. The first tool, Small Business Reports, is a tool consumers can use to investigate contractors or other businesses that they plan on hiring. If you own a small business, you can use this tool to check your own credit score as well.
The next tool, called Auto Check, is used to check out the history of any vehicle using the vehicle identification number (VIN). This is similar to the service Carfax.com offers. The service can easily save you thousands of dollars by helping you stay away from cars that are considered lemons.
Business Services
The Experian website has many tools and services for consumers, but they have even more for businesses. They offer help in acquiring creditworthy customers, improving collection efforts, preventing money laundering, improving marketing, and improving business to business results. They also have some special tools geared toward businesses in the automotive industry.
Getting a Free Credit Report
If you would like to get a free Experian Credit Bureau credit report, you have three choices. You can visit the Experian website, visit www.annualcreditreport.com, or write to Experian Credit Bureau and request one my mail at:
- Experian Credit Bureau
- P.O. Box 2002
- Allen, TX 75013
Correcting Credit Report Errors
If you have errors on your credit report, write a dispute letter and send it to the same address mentioned above. For more information on disputing reports, call Experian directly at 888-397-3742.
Learn More
Comments
Donald,
You should send each of the three credit bureaus a letter requesting the closure of their files and attach copies of the death certificates. It is always a good idea to keep their credit bureau files open until you file their final tax return and until you have had a chance to close out all of the details of their estate, particularly their financial and insurance accounts. This could be several years after their death.
-- Contributed by: SusanWeberHow do I report my Mother and Father's death to the three credit bureaus and close their credit files.
Don Freeman [personal information deleted]
-- Contributed by: Donald Freeman, JRMichelle,
You will need to contact all three credit bureaus for help. There are ways to restrict whether anyone can check your credit report or not, but it does take a little work on your part.
Unfortunately the only way to make this happen is directly through each credit bureau. In addition to Experian, you should also contact TransUnion Credit Bureau and Equifax.
Good luck!
-- Contributed by: Debbie VasenThis page has been accessed 3,157 times. This page was last modified 20:29, 13 November 2006.
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