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VantageScore
VantageScore is a consumer credit-scoring system in the United States, created through a joint venture of the three major credit bureaus (Equifax, Experian, and TransUnion). The model is managed and maintained by an independent company, VantageScore Solutions, LLC, that was formed in 2006 and is jointly owned by the three bureaus. VantageScore models compete with the FICO score produced by Fair Isaac Corp. (FICO). Like the models developed by FICO, VantageScore models operate on data stored in the consumer credit files maintained by the three national credit bureaus. VantageScore models and FICO models use statistical analysis on those data to predict the likelihood a consumer will default on a loan. Both VantageScore and FICO models represent risk of loan default in the form of three-digit scores, with higher scores indicating lower risk, but VantageScore and FICO use different, proprietary analytical methods, and scores from one system cannot be translated into one from the othe ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Comparison Of Free Credit Report Websites
The following chart compares websites that provide United States credit reports or credit scores free of charge. Services limited to cardholders or only offering trial plans are excluded. The chart specifies what is free, what kind of credit reports are included, and whether a full Social Security number is needed. According to the Federal Trade Commission, " AnnualCreditReport.com is the only authorized source for the free annual credit report." Care should be taken when providing a full Social Security number to any other website. See also * Credit score in the United States * Criticism of credit scoring systems in the United States * Fair Credit Reporting Act The Fair Credit Reporting Act (FCRA), 15 U.S.C. § 1681 ''et seq'', is U.S. Federal Government legislation enacted to promote the accuracy, fairness, and privacy of consumer information contained in the files of consumer reporting agencies. It ... References {{Reflist Credit ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Credit Score In The United States
A credit score is a number that provides a comparative estimate of an individual's creditworthiness based on an analysis of their credit report. It is an inexpensive and main alternative to other forms of consumer loan underwriting. Lenders, such as banks and credit card companies, use credit scores to evaluate the risk of lending money to consumers. Lenders contend that widespread use of credit scores has made credit more widely available and less expensive for many consumers. Under the Wall Street reform bill passed in 2010, a consumer is entitled to receive a free report of the specific credit score used if they are denied a loan, credit card or insurance due to their credit score. History Before credit scores, credit was evaluated using credit reports from credit bureaus. During the late 1950s, banks started using computerized credit scoring to redefine creditworthiness as abstract statistical risk. The Equal Credit Opportunity Act banned denying credit on gender or mari ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
FICO Score
A credit score is a number that provides a comparative estimate of an individual's creditworthiness based on an analysis of their credit report. It is an inexpensive and main alternative to other forms of consumer loan underwriting. Lenders, such as banks and credit card companies, use credit scores to evaluate the risk of lending money to consumers. Lenders contend that widespread use of credit scores has made credit more widely available and less expensive for many consumers. Under the Wall Street reform bill passed in 2010, a consumer is entitled to receive a free report of the specific credit score used if they are denied a loan, credit card or insurance due to their credit score. History Before credit scores, credit was evaluated using credit reports from credit bureaus. During the late 1950s, banks started using computerized credit scoring to redefine creditworthiness as abstract statistical risk. The Equal Credit Opportunity Act banned denying credit on gender or mari ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Credit Bureau
A credit bureau is a data collection agency that gathers account information from various creditors and provides that information to a consumer reporting agency in the United States, a credit reference agency in the United Kingdom, a credit reporting body in Australia, a credit information company (CIC) in India, Special Accessing Entity in the Philippines, and also to private lenders. It is not the same as a credit rating agency. Description A consumer reporting agency is an organization providing information on individuals' borrowing and bill-paying habits. Such credit information institutions reduce the effect of asymmetric information between borrowers and lenders, and alleviate problems of adverse selection and moral hazard. For example, adequate credit information could facilitate lenders in screening and monitoring borrowers as well as avoiding giving loans to high risk individuals. Lenders use this to evaluate credit worthiness, the ability to pay back a loan, and can a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Equifax
Equifax Inc. is an American multinational consumer credit reporting agency headquartered in Atlanta, Georgia and is one of the three largest consumer credit reporting agencies, along with Experian and TransUnion (together known as the "Big Three"). Equifax collects and aggregates information on over 800 million individual consumers and more than 88 million businesses worldwide. In addition to credit and demographic data and services to business, Equifax sells credit monitoring and fraud prevention services directly to consumers. Equifax operates or has investments in 24 countries in the Americas, Europe, and Asia Pacific. With over 14,000 employees worldwide, Equifax has nearly US$5 billion in annual revenue and is traded on the New York Stock Exchange (NYSE) under the symbol EFX. History Equifax was founded by Cator and Guy Woolford in Atlanta, Georgia, as Retail Credit Company in 1899. By 1920, the company had offices throughout the United States and Canada. By the 1960s, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Experian
Experian is an American–Irish multinational data analytics and consumer credit reporting company. Experian collects and aggregates information on over 1 billion people and businesses including 235 million individual U.S. consumers and more than 25 million U.S. businesses. Based in Dublin, Ireland, the company operates in 37 countries with offices in Brazil, the United Kingdom, and the United States. The company employs approximately 17,000 people and had a reported revenue of US$5.18 billion for the fiscal year ended in March 2020. It is listed on the London Stock Exchange and is a constituent of the FTSE 100 Index. Experian is a partner in USPS address validation. It is one of the "Big Three" credit-reporting agencies, alongside TransUnion and Equifax. In addition to its credit services, Experian also sells decision analytic and marketing assistance to businesses, including individual fingerprinting and targeting. Its consumer services include online access to credit hist ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
TransUnion
TransUnion is an American consumer credit reporting agency. TransUnion collects and aggregates information on over one billion individual consumers in over thirty countries including "200 million files profiling nearly every credit-active consumer in the United States". Its customers include over 65,000 businesses. Based in Chicago, Illinois, TransUnion's 2014 revenue was US$1.3 billion. It is the smallest of the three largest credit agencies, along with Experian and Equifax (known as the "Big Three"). TransUnion also markets credit reports and other credit and fraud-protection products directly to consumers. Like all credit reporting agencies, the company is required by U.S. law to provide consumers with one free credit report every year. Additionally a growing segment of Transunion's business is its business offerings that use advanced big data, particularly its deep AI-TLOxp product. History TransUnion was originally formed in 1968 as a holding company for Union Tank Car C ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
FICO
FICO (legal name: Fair Isaac Corporation), originally Fair, Isaac and Company, is a data analytics company based in Bozeman, Montana, focused on credit scoring services. It was founded by Bill Fair and Earl Isaac in 1956. Its FICO score, a measure of consumer credit risk, has become a fixture of consumer lending in the United States. In 2013, lenders purchased more than 10 billion FICO scores and about 30 million American consumers accessed their scores themselves. The company reported a revenue of $1.29 billion dollars for the fiscal year of 2020. History FICO was founded in 1956 as Fair, Isaac and Company by engineer William R. "Bill" Fair and mathematician Earl Judson Isaac. The two met while working at the Stanford Research Institute in Menlo Park, California. Selling its first credit scoring system two years after the company's creation, [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Credit Karma
Credit Karma is an American multinational personal finance company founded in 2007, which has been a brand of Intuit since December 2020. It is best known as a free credit and financial management platform, but its features also include monitoring of unclaimed property databases and a tool to identify and dispute credit report errors. The company operates in the United States, Canada and the United Kingdom. All of Credit Karma’s services are free to consumers. Revenue from targeted advertisements for financial products offsets the costs of its free products and services. Credit Karma earns revenue from lenders, who pay the company when Credit Karma successfully recommends customers to the lenders. History Kenneth Lin, who previously founded Multilytics Marketing and worked with E-Loan and Upromise, launched Credit Karma in 2007 with co-founders Ryan Graciano and Nichole Mustard. The website went live in February 2008. Early investors included Chris Larson, CEO of Prosper, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tax Lien
A tax lien is a lien which is imposed upon a property by law in order to secure the payment of taxes. A tax lien may be imposed for the purpose of collecting delinquent taxes which are owed on real property or personal property, or it may be imposed as a result of a failure to pay income taxes or it may be imposed as a result of a failure to pay other taxes. Federal tax lien in the United States In the United States, a federal tax lien may arise in relation to any kind of federal tax, including but not limited to income tax, gift tax, or estate tax. Federal tax lien basics Internal Revenue Code section 6321 provides: ::Sec. 6321. LIEN FOR TAXES. ::If any person liable to pay any tax neglects or refuses to pay the same after demand, the amount (including any interest, additional amount, addition to tax, or assessable penalty, together with any costs that may accrue in addition thereto) shall be a lien in favor of the United States upon all property and rights to property, whet ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Medical Debt
Medical debt refers to debt incurred by individuals due to health care costs and related expenses. Medical debt is different from other forms of debt, because it is usually incurred accidentally or faultlessly. People do not plan to fall ill or hurt themselves, and health care remedies are often unavoidable; medical debt is often treated with more sympathy than other kinds of debt resulting in advice that people ought not try to convert it to credit card debt. United States Medical debt is an especially notable phenomenon in the United States. According to the poll from the Pew Research center, American citizens are much more worried about health care issues as a top public matter and concern, especially medical expenses, rather than the economy and terrorism. In less developed nations those on low income in need of treatment will often avail themselves of whatever help they can from either the state or NGOs without going into debt, and in most developed countries public cover ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Alternative Data
In economic policy, alternative data refers to the inclusion of non-financial payment reporting data in credit files, such as telecom and energy utility payments. Types of alternative data Alternative data in the broadest sense refers to any non-financial information that can be used to estimate the lending risk of an individual. Information includes: * Utility bills (such as electricity, gas, and heating oil) * Telecommunications bills (such as landlines and mobile telephones) * Rental payments * Electronic payments ( remittances, withdrawals, transfers, etc.) * Social media activity * Psychometric data * Telco data * Smartphone device metadata Alternative data for credit in North America United States In the United States, credit files include negative information, such as delinquencies as well as positive information, such as repayment of debts. Still, an estimated 35 to 54 million Americans have insufficient credit information to qualify for mainstream credit. If immigran ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
