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What are the three major credit reporting bureaus, what do they do, and what do they mean for your small business credit score?
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Looking to apply for a small business loan? Even if you’ve never applied for one below, you’re most likely familiar with a personal credit score or even a credit report.
Credit bureaus like Experian, Equifax, and TransUnion provide credit reports that give lenders a good idea of your credit history and reliability. But which bureau is right for you or your business? We’re here to help!
Table of Contents
Here’s a basic breakdown that compares Equifax, Experian, and TransUnion. Read on to learn more about each credit bureau.
| Equifax | Experian | TransUnion | |
|---|---|---|---|
| Free credit report | Monthly | Monthly | Annually |
| Free monthly credit score | |||
| Credit monitoring | Credit Monitor Plan and up | Credit Monitoring Plan | |
| Identity protection | Complete Plan | Premium Plan and up | Credit Monitoring Plan |
| Business credit score |
Equifax offers basic credit report and credit score services as well as several business products. The most notable aspect of Equifax is its free credit lock service that allows individuals to protect their data at no additional cost.
What really sets Experian apart from the competitors is that you can monitor your credit report from each of the three bureaus, so you can have all your credit information in one place. Experian also offers a FICO score simulator.
TransUnion is the smallest of the three credit bureaus but packs the biggest punch where business services are concerned. TransUnion also offers a credit score simulator like Experian.
Since each credit bureau collects different data regarding your credit history, it’s incredibly important to check your credit report with Equifax, Experian, and TransUnion. Luckily, you are legally guaranteed a free annual credit report from each bureau.
One recommendation is to stagger your annual free credit report. Check your Equifax report, then your Experian report four months later, and then your TransUnion report after another four months. This way, you can always have a rough idea of what your credit report looks like without losing a penny.
If you simply want more control over your credit report and credit score, Experian offers the most bang for your buck in terms of personal credit monitoring and identity protection. However, TransUnion offers the most business-related products.
Being proactive about your credit report can help ensure your credit report is accurate and can help catch any early signs of fraud, and knowing your credit score is the first step to improving your business credit score.
Next, check out our articles on the main purpose of credit bureaus and an in-depth look into credit reports VS credit scores to keep up-to-date on current credit monitoring practices.
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