ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -A frequent misperception about the three nationwide credit bureaus (Equifax, Experian and TransUnion) is that they make lending decisions.

Detailed explanation-2: -On AnnualCreditReport.com you are entitled to a free annual credit report from each of the three credit reporting agencies. These agencies include Equifax, Experian, and TransUnion. Due to the COVID-19 pandemic, many people are experiencing financial hardships.

Detailed explanation-3: -The three nationwide credit bureaus (Equifax, TransUnion and Experian) are important parts of our credit-based economy. Credit bureaus (also known as credit reporting agencies or CRAs) do not determine whether you qualify for a loan or at what rate.

Detailed explanation-4: -As noted above, in the U.S., there are three major credit bureaus: Equifax, TransUnion and Experian. Each of these credit bureaus collects your information from multiple sources. They may receive this information voluntarily from credit card issuers, banks, auto lenders, mortgage lenders or debt collection agencies.

Detailed explanation-5: -Each credit bureau differs in how they extract and compile your information, so it’s important to understand how they work. There are three main credit bureaus: Experian, Equifax and TransUnion.