One very important part of any person’s financial life is the credit report. You need a good credit report and also a good credit score in order to be able to get approved for credit. You probably don’t need it now, but there is a large chance that you will need it to get a home, a car, or even a good education. Today, Equifax and Experian are two dominating credit bureaus whose services are the most widely used across the United States. So, which is the best credit reporting service that you can trust? See the comparisons between Equifaxvs Experian below.
Equifax is one of the three biggest American consumer credit reporting agencies in the United States. Of the three, Equifax is the oldest. It was founded in 1899. It is now based in Atlanta, Georgia. Today, Equifax has served more than 88 million businesses and more than 800 million consumers worldwide. (See also : Transunion vs Equifax)
Along with Equifax and TransUnion, Experian makes up one of the three largest credit bureaus in the United States. Experian is actually a global information services group founded in 1996. It now operates in at least 40 countries across the world. Experian has two headquarters, one is the corporate headquarter located in Dublin,Republic of Ireland, and the other is an operation headquarter located in Nottingham, United Kingdom. Experian is a partner of the UK government’s USPD Address Validation and Verify ID system.
Reliability and Accuracy
Since Equifax and Experian are well-known names, we can expect that these companies’ reports are generally accurate and reliable. However, there are some complaints about Equifax not being able to identify addresses even though they have been written in the exact format required. Experian does better, probably because it does not only handle credit reports but also other information services. Nevertheless, both companies allow you to dispute errors and inaccuracies.
When comparing Equifax vs Experian, we must note that Experian has a worrisome track record. Experian is known to have ever sold personally identifiable information to anidentity thief in Vietnam through its subsidiary and data aggregator, Court Ventures. The information, which includes names, addresses, social security numbers, driver’s license numbers, bank account numbers, bank routing numbers, email accounts, and passwords, can then be resold to identity fraud websites. In addition, on September 15, 2015, Experian servers were hacked, compromising the private information of at least 15 million people.
|- Founded in 1899, the oldest of the three biggest credit bureaus in the US||- Founded in 1996|
|- Provides credit reporting service worldwide||- Provides information services in at least 40 countries|
|- Good accuracy, but sometimes unable to identify details||- Great accuracy|
|- More trustworthy||- Bad safety track record|
Between these two options, Equifax is more reliable and trustworthy. The problem with Experian is that it has ever sold consumer information to a third-party. Thus, we should question the safety and reliability of its service.