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Experian
Explanation:
One of the three credit bureaus / credit reporting agencies in the United States. Formerly known as TRW.
One of the three credit bureaus/credit reporting agencies in the United States. Formerly known as TRW.
Like most other credit bureaus, Experian has also begun offering its own credit scores in recent years. However, it is the only major credit bureau that you cannot get a credit score based on. Experian FICO scores are still sold to banks, but in 1999 Experian pulled out of the myFICO agreement that allowed FICO, the nationâ??s biggest credit scoring company, to provide scores based on data from its reports to consumers.
Our Thoughts:
The fact that you cannot gain access to an Experian FICO score is problematic given that FICO scores are the most widely used credit scores by lenders. In other words, if you are hoping to get a loan from a lender that uses the Experian FICO score, as opposed to a score based on either Experian or TransUnion credit reports, it will be much harder to determine your chances of approval and therefore whether or not you should apply.
Nevertheless, it's very important to visit annualcreditreport.com each year and order a free copy of each of your major credit reports so that you can check them for inaccuracies. Not only could errors lead to you being undeservedly declined for certain financial products, but the presence of accounts that you didn't open could be a sign of fraud.