ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Bank of America (BOA) is a commercial bank, who will obtain loan applicant’s credit report from three credit bureaus to analyze applicant’s financial situation. In the U.S, there are three trusted independent credit bureaus: TransUnion, Equifax and Experian.

Detailed explanation-2: -Most U.S. consumer credit information is collected and kept by the four national traditional consumer reporting agencies: Experian (formerly TRW Information Systems & Services and the CCN Group), Equifax, TransUnion, and Innovis (which was purchased from First Data Corporation in 1999 by CBC Companies).

Detailed explanation-3: -These agencies include Equifax, Experian, and TransUnion. Due to the COVID-19 pandemic, many people are experiencing financial hardships. To remain in control of your finances, you can get free credit reports every week through December 2023. Request all three reports at once or one at a time.

Detailed explanation-4: -There are three big nationwide providers of consumer reports: Equifax, TransUnion, and Experian. Their reports contain information about your payment history, how much credit you have and use, and other inquiries and information.

Detailed explanation-5: -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.