The Experian credit bureau are a famous and well-established consumer credit reporting agency, which operates in many countries. This article looks at the company in more detail, as well as explaining the role they play in our credit applications.
There are three major credit bureaus in the USA, namely Equifax, Trans Union and Experian. This article will look solely at Experian, though the role carried out by the other two in credit applications is similar to that played by Experian.
They were established in 1980 in Nottingham, England, as CCN Systems. The founder, Mr. John Pearce, initially established the company as an UK-based information services business, and it was not until 1996 that it gained a foothold in the US credit reporting market.
Various acquisitions saw the company grow rapidly over the following years, and today the bureau employs around 16,000 people in 36 countries around the world, with their corporate headquarters in Dublin, Ireland, and operational headquarters in Costa Mesa, California.
What Does Experian Do?
They have several lines of business, but one of their key areas is consumer credit reporting. Credit information is stored in the Experian databases, and for a fee individuals and businesses can request certain pieces of information that will aid them in their operations.
Businesses that offer lines of credit, such as credit card providers, can purchase information from Experian on any citizen of the US who has made a credit application through them. This information contains personal details, as well as information on the individuals’ previous and current credit accounts, which the business can then use to establish the credit risk of the applicant.
As with all credit reporting agencies, the Experian credit bureau is regulated in the US by the Fair Credit Reporting Act (FCRA). Under the terms of the 2003 Act all consumers are entitled to a free copy of their credit report, once every 12 months, which can be obtained by visiting annualcreditreport.com.
By requesting this free report, it is possible to find out what data is currently held by Experian against your name. Incorrect or inaccurate data can then be amended or removed by filling a credit dispute.
Doing this is strongly recommended, as the information contained within the report will directly affect any credit applications you make. You will have to dispute Experian credit report and also the other two bureaus. By disputing one bureau it will not remove the information from the other bureaus reports.
By correcting and amending details where appropriate, you may see your credit score improve and have more success when applying for credit products, such as credit cards and personal loans, in the future.