Sunday, August 28, 2011
11:04 PM | 
Posted by
AHM |
rans union is a credit scoring company which has been around since 1968. It started as a holding company before acquiring it's first credit bureau which was based in Cook County, Illinois and is still based in the Illinois area although now operates out of Chicago.
Since it's first acquisition back in 1969 the company has went on to do quite a few other acquisitions and merges over time and has now built it's way up to being the third largest organization of it's kind and competes directly alongside the market leaders in the credit reference agency field.
As with any other company that has been around for this length of time it has had it's fair share of problems over the years and there are many that make bold outright statements to say that the business is a fraud as they have had a bad experience with them.
Most leading organization can get this kind of negative attention these days with the use of the Internet being widely available to to the vast majority of the population. When you look into the background of any major leading company they are going to have taken some knocks along the road. That does not mean that business doesn't do what they claim to do. If that were the case they wouldn't be where they are today.
The Fair Isaac Corporation which is better known today by the acronym FICO is a market leader in the credit scoring field. However, the business strategies differ.
While FICO directly deals with businesses by providing a service that allows a creditor to check an applicants risk and get an insight into the likely hood of default payments arising the other 3 major credit reference agencies offer their services in a different way.
Trans Union operates with the same marketing strategy as its leading competitors Experian and Equifax by marketing their products directly to the public. all three companies took the idea of the credit scoring system based on the success of FICO and opened the market up to us the consumer.
Trans Union as with the other 2 credit reference agencies operates in line with the FCRA* & FACTA* as required by law to provide a free copy of a credit report to everyone. The legislations brought all three companies together to offer the free credit report to the consumer through the use of annualcreditreport.com which makes it easy for consumers to get a copy of their reports from one source.
References
*FCRA - Fair Credit Reporting Act
*FACTA - Fair and Accurate Transaction Act
ABOUT THE AUTHOUR: Bob Bowman is the author of many finance related articles and enjoys sharing his knowledge across such a large platform and aims to educate readers in the options available relating to credit reports,scores as well as techniques to improve their credit scores. To compliment this a full Credit Scoring Explanation is available at: http://hubpages.com/hub/credit-scores-1. All Bob Bowman's articles available by clicking the link below.
Article Source: http://EzineArticles.com/?expert=Bob_Bowman
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