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It may interest some people to get a profile of the three major credit bureaus in the United States. This is mainly to get to know the agencies in charge of keeping your credit report on file.

This is a very brief history of TransUnion, Experian, and Equifax. It gives you an idea of where they are located and such and how they got started.

Some History

TransUnion was first created in 1968. It was founded by the Union Tank Car Company. Its role as a credit agency took place after the purchase of the Cook County Credit Bureau in 1969.

Today the TransUnion Credit Union is based out of Chicago, Illinois. It operates 250 offices in all.

Experian is actually known as a “credit informational group” according to Wikipedia. It was started in 1980 by John Peace in Nottingham. It has over the years (since 1996) acquired agencies formerly known as TRW Information Services, Bain Capital, and Thomas H. Lee Partners in 1996.

Then, in 1998 Experian acquired CheetahMail. This was a business founded in 1998. Experian is the one that offers the Triple Advantage (SM) Credit Monitoring services. They still require a credit card number for a free credit report but are now complying with the FTC as far as providing free credit reports.

There was an issue back in 2005 during which time it was found out that Experian violated FTC rules. Apparently they were not within-and are still not within Federal Trade Commission rules-because of the fact that they require a credit card number from consumers to receive it.

Equifax is actually the oldest of the three agencies. It was founded in 1899 and is today responsible for over 400 million credit accounts worldwide.

Equifax (formerly Retail Credit Company) especially started to grow in the 1920s and the planting of offices spread throughout the United States and Canada. By the 1960s it has held files for millions of Americans and Canadians.

Of course, just like other credit agencies this one has had its share of dirt dug up about it. There has been a fair share of rumors and inaccuracies pertaining to consumers that were said to be retrieved by Equifax over the years. This has to do with fact that this credit bureau was sued for getting too much into people’s private lives in order to make their situation worse.

All in all though, we still have to deal with Equifax as well as the other two bureaus (TransUnion and Experian). They can either be our friend or our enemy. Most of the time though they are there to help consumers and any problems with these credit bureaus should be reported to the Federal Trade Commission immediately.

Before you sign up to receive paid credit monitoring services you should make sure you are not paying for services you could get for free. After all, you are entitled up to two free credit reports a year from all three credit bureaus (depending upon the situation).

If you have any doubt about your consumer rights according to the Fair and Accurate Credit Transaction Act of 2003 (FACTA), take a look at this documentation. Your rights and responsibilities are spelled out here. A great place to find this documentation is at the Federal Trade Commission website.

Evaluation Tips

If you are seeking monitoring services for which you may have to pay here is a short guideline to help you along the way. Please view these tips:

• Choose a website that has a clear cancellation policy. Also, before you sign up make sure you read all the terms and services as specified.
• If you can, make sure you are receiving monitoring services you cannot otherwise get for free. It would take a careful study of federal guidelines to be sure, but you can use your best judgment. If you are not sure what your rights are you can take a look at the Fair Credit Report Act documentation.
• Make sure you know whether or not you are going to receive the credit score given out by FICO or whether or it is from some other obscure organization. The FICO one is most reliable.
• Find out who owns the companies who charge for credit reports. This should give you some idea as to whether or not the services are necessary-so necessary you would be willing to invest money.
• Make sure the site you use is secure. One way to know is if you see signs that it is verified. You can also read its privacy or security policy.

The Federal Trade Commission (FTC) alerts consumers about access to free credit reports. This information pertains to the fact that according to the Fair Credit Reporting Act (FCRA) you are entitled to one free credit report every 12 months.

However, you should also know that you are actually entitled to one report from each of the three agencies, not just one report total every year. Therefore, you can receive a copy of your payment histories and other vital financial records as kept by Equifax, Experian, and TransUninon.

Additional FTC Guidelines

In addition to the above, you are also entitled to the following:

• Accuracy and privacy of the information kept about you
• The right to know if someone has stolen your identity
• Immediate access to your credit report if you file online
• To receive your requested report within 15 days if you want it mailed to you
• Right to a free report if you are unemployed and looking for work within 60 days
• Right to investigation in case of an error
• Opportunity to dispute your case when necessary
• The right to know if anyone has obtained an unauthorized copy of your financial records

FTC Function

The Federal Trade Commission works to prevent consumer fraud. They also fight against unfair and deceptive business practices, including false advertising. They also help consumers remain aware of problems and thus teach buyers and sellers to avoid being a victim of fraud.

The FTC also helps people file complaints in the event a company or individual has wronged them in some way. This organization deals with all types of consumer-related scams, including falsified records, fake credit report fraud, and credit card identity theft.

Consumers Beware!

The Internet has given rise to many fraudulent websites claiming to offer you a free credit report instantly. While some of these sites are very helpful, you need to watch out for any sign of a stolen identity.

WARNING: If you seek a credit report instantly online, make sure you know whom you are dealing with. This is especially important if you are signing up for a free trial of a credit monitoring service.

Remember, you should know what you are getting yourself into and who you are dealing with at all times. This is not to make you paranoid but rather to make you aware.

Use the Internet with caution when seeking a free copy of your financial history. Your financial future greatly depends upon taking proper precautions.