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FINANCIAL MANAGEMENT

Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
What is the function of Equifax, Experian, and TransUnion?
A
They help people improve FICO scores for a fee.
B
They provide trustworthy credit reports.
C
They provide credit.
D
None of the above
Explanation: 

Detailed explanation-1: -The three major credit reporting bureaus in the United States are Equifax, Experian, and TransUnion. They compile credit reports on individuals, which they sell to prospective lenders and others. The three bureaus can have somewhat different information in their reports, depending on which creditors provide it to them.

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.

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