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.

Experian

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.


 


Comments

Chev.girl51,

Any unpaid bills can be reported to a credit bureau and reflected on a cardholder's credit history for seven years. These unpaid bills can cause immediate interest rate changes or you may not get an increase unless you ask for more credit such as a credit line increase. To avoid surprises in the future you can request a free copy of your credit report from all three bureaus annually.

-- Contributed by: SusanWeber

My husband and I went to our bank wanting to increase his limit on his credit card. His credit score is 705=A. We found that my husband had two unpaid bills that were turned over to the credit bureau. Being that he did not have an A+ to get the increase the bank told us that he could still get the increase, but that his interest rate would go from 9.0 to 11.9%. We asked the worker if we paid the debt, would it come off the Credit Bureau. We were told that one out of the three credit bureaus, would take our payment but would not take it off his credit report. We need written statements from all three credit bureau's (Experion, Trans Union & Equifax. We were told that even should we pay our two very small dedts that the credit would stay the same and would also stay on the record another SEVEN YEARS. What is matter with this? It makes no sense. It is like being punnished for trying to improve his credit and wanting to pay back his dedts. Please get back to me on this. And being that the (3) credit bureau's I mentioned are working together...please pass this complaint over to them. Thanking you in advance!!

-- Contributed by: I need a reply to my complaint

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: SusanWeber
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