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Articles » Free Annual Credit Report | | Which Credit Bureau Offers The Best Report And Why? |
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The three credit bureaus, Equifax, Trans Union, and Experian, all offer similar but slightly different credit reports. To determine which report is the best, you would need to look at what the purpose is for obtaining the report. Most lenders will look at any one of the three and you don’t normally have a choice is which one that might be. If you’re looking for a credit report for yourself then it would come down to personal preference and how you best digest information.
The Equifax credit report is the only one of the three that reports in column format, a much easier way for a novice to read a report if you’ve never seen one before. TransUnion credit report offers almost the same information but it’s broken down in subsections instead of columns. Experian credit report is the most comprehensive of the three. The categories are much more defined and it's easy to find the negative and positive portions of your credit report if you are a consumer.
Each of the three credit bureaus gives your report a FICO score. These scores will not be identical since the information on each of the three reports is not exactly the same. If you have good credit and a history of paying your bills on time, Experian is by far the best credit report. If you are less than vigilant with money going out when it’s supposed to, you might want to go with TransUnion. Again, the determination of which is the best will be decided by the purpose that you need the report for.
Other factors to take into account when choosing the best credit report is the changing credit market, a declining economy, and the proposed credit scoring systems that are currently being researched by the credit bureaus. One of these, the Vantage Score, was actually developed by the credit bureaus to compete with Fair Isaac. Another, the FICO Plus, or FICO Expansion score, is designed for people who have insignificant credit history that may not show up on a regular FICO report.
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