BUSINESS ADMINISTRATION
FINANCIAL MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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They help people improve FICO scores for a fee.
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They provide trustworthy credit reports.
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They provide credit.
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Detailed explanation-1: -The primary function of all three credit bureaus is to use historical credit data to create up-to-date credit reports on consumers for the use of lenders and creditors. These reports essentially help real estate investment lenders and creditors to determine how creditworthy consumers are.
Detailed explanation-2: -Equifax, Experian and TransUnion are the three main consumer credit bureaus. They collect and store information about you that they use to generate your credit reports, which are used as the basis of your credit scores.
Detailed explanation-3: -Providing U.S. consumers and businesses with a wide range of solutions-from consumer credit monitoring and identity theft prevention to business risk information, commercial identity & fraud solutions, financial marketing and analytical services.
Detailed explanation-4: -There are three primary consumer credit bureaus (or credit reporting agencies): Equifax, Experian and TransUnion. Although each bureau is a different organization, they all collect consumer credit information that lenders and other parties use to evaluate an individual’s credit risk.
Detailed explanation-5: -For example, Equifax is known to report longer credit histories for borrowers than TransUnion or Experian. Additionally, TransUnion may report your employment history and personal information to determine your creditworthiness, while Equifax and Experian may only report the name of your employer.