What is Experian

What is Experian? They are an information provider. Experian collects information from its reporting members, public records and then compiles it into various reports that they offer to businesses and consumers. The information that they collect includes payment records, account balances, collection accounts, judgments, tax liens, repossessions, and bankruptcies. Both consumers and businesses pay for this information. Let’s explore what is Experian in more detail.




Information provided by Experian. What do they know about you and who is allowed to see it? What is Experian collecting on me? These are all very good questions; let's address them one at a time. Experian has companies that report their business dealing with consumers and other businesses to them. These companies report on how timely you make your payments, what your credit limit is, and how much of that credit limit you have used. They provide contact information about you such as the social security number they have on file, your account number, your address, phone number, employer, other names used, and your spouse's name. This information is updated at regular intervals, usually monthly, sometimes less often by your creditors and other whom you do business with. Your mortgage lender will report any delinquencies, if you are facing foreclosure, if foreclosure has been started, and if the property was repossessed. They will also report if you make your payments on time. Companies that financed your car will report delinquencies, amount of the loan, on time payments, and repossessions or other collection activity. It’s basically the same for all others as well. Public records are also searched. This will turn up any judgments, bankruptcies, tax liens, repossessions, property seizures, and unpaid or delinquent child support. Now that you know what information Experian is collecting, let’s look at what they do with it.




What is Experian doing with my information? They compile it into reports and sell it to other businesses. When you look for employment, they provide some employers with your information. If you are looking for insurance, the underwriters are looking at your report. Applying for a loan, they search the credit files. Did you also know that they sell basic information to businesses looking for credit worthy individuals to market too? Companies interested in marketing to people just like you can buy lists of names, addresses and basic credit information from Experian. They use this information to send you credit card offers, mortgage offers, refinancing offers, and a whole lot of other things as well. If you own a business, they collect information on that too. Experian and other credit reporting agencies are looking to have a combined business and personal credit score. So now you know what Experian sends out to others.




How can I see what is in my Experian report? You can get a copy of your information any time by contacting Experian and giving them your information and payment. If you were denied credit, employment, insurance, or had a negative action (like an interest rate increase on a credit card), and the decision was based whole or in part by information obtained from Experian, then you can request a copy of your report for free, as long as the event occurred within the last 60 days. Aside from that, you will have to pay for your report. So that about covers it. Experian collects and distributes information. We have examined what is Experian and what information they have on you.