When is the last time you requested a copy of your credit report? It’s something you should be doing every year, Vivix Credit Solutions advises. The credit reporting agencies, also called credit bureaus, which compile your credit history from credit card companies, banks and mortgage companies are huge organizations with global offices. While they use the most up-to-date information gathering and analytical technology, credit bureaus can make mistakes considering how much data they process every day.  On the average, a credit bureau receives millions of pieces of new data daily.

Vivix Credit Solutions thinks it is important that all their clients understand who the credit bureaus are, how they work and your rights to correct your report under the law. At some point, you will want to buy a house or a new car or get a line of credit for personal expenses or your business. The more you know about the organizations that compile the information on your credit, the better prepared you will to repair and enhance your credit profile if there is a problem.

Among the credit reporting agencies, there are three which are the largest and the most influential. TransUnion is one of the “Big Three,” as they are called, Vivix Credit Solutions notes. TransUnion has evolved over the years to help consumers monitor and protect their credit.

Union Tank Car Company, which leased railcars, established TransUnion in 1968 as its holding company.  Over the next three decades, TransUnion grew into a global provider of business intelligence about consumer purchasing and credit, according to the company website.

Technology acquisition has been a hallmark of TransUnion throughout its history, Vivix Credit Solutions points out. The company was the first credit bureau to provide lenders with an online system to expedite their access to consumer data. By the end of the 80s, TransUnion was providing comprehensive information on consumer credit across the country.  In 2002, TransUnion bought TrueCredit.com, an online service, in order to enter the direct-to-consumer market. Today the Chicago-based company has offices across the globe.

The information in your credit report determines your credit score. That is the number that lenders use to predict how likely you are to make payment on a loan on time. Your credit scores will affect if you can get a loan or credit and what your interest will be, Vivix Credit Solutions explains.

With the growing problem of identity theft, not to mention mistakes that appear on your credit report, Vivix Credit Solutions urges you to monitor your credit reports.  Under the federal Fair Credit Reporting Act, you can request a credit report from TransUnion or any of the large credit reporting agencies once every 12 months.