Question

Experian, Equifax, and Transunion are all types of ______ companies.
security
stock exchange
financial planning
credit reporting

Answer 1

Experian, Equifax, and Transunion are all types of credit reporting companies.

Firms that gather and sell credit reports are known as credit reporting companies, commonly referred to as credit bureaus or consumer reporting agencies. Companies that collect credit account information on your borrowing and repayment history do so in the following ways:

• the loan's initial principal sum
• A credit card's credit limit
• A credit card or other loan's outstanding balance
• The account's payment status, including whether you have timely repaid your loans
• products sent for collection
• judgments and bankruptcies are examples of public records.

Thousands of lenders across the nation, public documents like bankruptcies, garnishments, liens, and other judgments, and collections agencies that offer information on past-due accounts are just a few of the sources that credit reporting bureaus might use to acquire information.

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