Answer:
Equifax – An Equifax report shows Inquiry Information. This portion of the credit reports indicates how many parties have requested a copy of the credit report. There are two types of inquiries. A “soft” inquiry is a company that sends me an offer for a credit card or other kind of preapproved products based on my credit. I did not apply for this product. A “hard” inquiry is what happens when I apply for a loan or credit card. Soft inquiries have no effect on credit worthiness, but hard inquires do. They stay on a report of two years, and so people should not shop around for credit cards or loans as this can affect credit worthiness.
Experian – On Experian, there is a section for Public Records. These are financial transactions where some type of legal action has taken place. This might include a bankruptcy, tax lien or wage garnishments. These types of records on a credit report would hinder a person’s credit worthiness. They stay on the credit report for seven years.
TransUnion – TransUnion lists all accounts and specifies information on each account that includes the type of lender (KOB or Kind of Business), the dollar amount the person has been delinquent in the past, the amount past due today, and the payment pattern over the past 12 or 24 months. Each of these pieces of information indicates a person’s credit worthiness. For example, KOB of a mortgage is a high-quality kind of loan, while a KOB for a finance company is a lower-quality kind of loan, which may hinder a person’s credit worthiness.
Explanation:
