If you’re like most people, you probably don’t know the difference between Equifax and Experian. Both are credit reporting agencies, but they collect and provide information in different ways. Here’s a look at the differences between Equifax and Experian, so you can be sure to get your credit reports from the right source.
What is Equifax?
Equifax is a credit reporting agency that provides credit reports, credit scores, and other financial information to businesses and consumers. The company was founded in 1899 and is headquartered in Atlanta, Georgia. Equifax is a member of the Big Three credit reporting agencies, along with Experian and TransUnion. Equifax collects and maintains data on more than 800 million individual consumers and 87 million businesses worldwide. The company’s data products include credit reports, credit scores, fraud protection services, and identity theft protection products. Equifax also offers a variety of other financial services, such as mortgage loans, auto loans, and personal loans.
Equifax has been the subject of several major data breaches, the most recent of which occurred in 2017 and affected 143 million consumers. As a result of the breach, Equifax agreed to pay up to $700 million in fines and restitution to impacted consumers. Equifax has also been the subject of several class-action lawsuits. Despite these problems, Equifax remains one of the largest and most well-known credit reporting agencies in the world.
What is Experian?
- Experian is one of the three major credit reporting agencies in the United States. Experian collects and maintains information on consumers that is used by lenders to make credit decisions. Experian also sells credit scores and other credit-related products to consumers. Experian was founded in 1897 and is headquartered in Dublin, Ireland. Experian is a publicly-traded company on the London Stock Exchange.
- Experian operates in 37 countries and employs 17,000 people. Experian is a member of the FTSE 100 index of the largest companies listed on the London Stock Exchange. Experian has a portfolio of products and services that helps individuals and businesses manage their credit and fraud risk.
- Experian’s products and services include credit monitoring, identity theft protection, and public records management. Experian also provides marketing services and data intelligence solutions to businesses. Experian’s products and services are used by more than 48 million consumers and 2 million businesses in the United States. Experian has offices in New York, Los Angeles, San Francisco, Atlanta, Boston, Chicago, Dallas, Detroit, Denver, Minneapolis, Phoenix, Salt Lake City, Seattle, and Washington, D.C. Experian is a part of the S&P 500 index of large-cap companies.
Difference between Equifax and Experian
Equifax and Experian are two of the three major credit bureaus in the United States. While both Equifax and Experian maintain extensive databases of credit information on consumers, there are some key differences between the two companies. Equifax is one of the oldest credit bureaus, having been founded in 1899. Experian, on the other hand, was established in 1996 through the merger of several smaller credit bureaus.
Equifax purchases its credit data from banks and other financial institutions, while Experian collects data directly from consumers. As a result, Equifax has a more comprehensive database of credit information. However, Experian is generally considered to be more proactive than Equifax in terms of investigating and resolving errors on consumer credit reports.
Conclusion
The Equifax breach is a reminder that we all need to be vigilant about our personal information. However, it’s also important to remember that not all credit reporting agencies are created equal. If you are looking for the most comprehensive and up-to-date credit report, Experian is the best option. Equifax may have been breached, but its data is still valuable for lenders and other businesses.
