Online international payment gateways have paved the way for both exporters and importers alike to build business across the continents in the global market that is a gold mine over the past decade as global trade has been the major contributor for worldwide economic growth. While international payment methods had been time consuming factors due to the amount of time taken to complete overseas transactions, technological advancement has not only made payments easier and feasible but also instant. Without getting full payments, the shipment or delivery of services would affect all parties involved in the transaction.
However, to ease such issue and to build a factor of trust between these organizations for future businesses, all forms of finance agencies have worked up simple online payment service solutions that could keep the businesses running internationally without any glitches.
The two most common forms of online international payment transactions are:
Credit/virtual credit/ debit cards
Online purchases or payments can be done instantaneously using credit cards/ debits cards that have international usage authorization. Just by entering in the card details, a purchaser can complete the payment transaction instantly, and the seller can have the respective amount credited to their bank accounts to process the purchaser’s order. In order to make the transactions secure, the credit card issuing banks have fraud protection to protect their customers’ account information.
Two other alternatives to credit cards are the virtual credit cards and debit cards. The virtual credit card are available for people who own a credit card already, and using the special number provided, the individual can make the payments in the same way as a credit card but without exposing the purchaser’s bank details/ account information. This mode of payment would only be feasible for small business, online market trading, online shopping portals, etc, and not for making large purchases as these cards have a set transaction limit for international payments.
Peer-to-peer payments (P2P)
This payment mode is another user friendly gateway that aids in online international payments for all types of businesses and purchasers. The purchaser can just sign up for this form of payment by opening an account with P2P providers using their name and bank account details. In order to do a transfer, the individual can sign in using their details and provide details as required about the end-receiver, and then transfer the required amount instantly. Once the transaction is done, the end-receiver can log into their P2P account and transfer the received money into their bank account. One of the most common and internationally connected P2P service provider is PayPal.
There are companies that work on collecting and maintaining credit information of consumers. These are known as credit reporting agencies (CRAs). There are three such major CRAs in the country, namely Equifax, Experian, and TransUnion. Apart from these, there are other smaller-scale agencies too that specialize at the job. If you’re worried about “where to get my credit score?,” the larger CRAs are the most reliable bets.
These major CRAs obtain information from companies that you hold business and transactions with. People or companies that lend you money regularly report to these CRAs on your repaying status. There is also detailed information on the amount you are indebted and whether you have ever defaulted on your payments. Aside from the reports obtained from lenders, these companies also tally your general records based on certain other aspects. Some of these aspects are your public records from the local and state judiciary. These include your tax records and bankruptcy information. This information makes up an important chunk of your credit score and its report.
Equifax
Present in 24 countries, Equifax is an agency that offers consumers protection against identity theft and credit fraudulence. They also sell credit reports and credit monitoring assistance to businesses.
Experian
Experian started off in London and is now a trusted agency in 39 different countries. It provides you with a credit score, credit report, and even credit tracker on subscription. The agency uses FICO 8 system of credit score calculation. Experian was a part of Forbes’ “World’s Most Innovative Companies” in 2018.
TransUnion
Based across 30 countries with a database of over 1 billion consumers, TransUnion is another CRA giant. The agency, like the other ones, will provide you with your credit score and your credit reports. In case you decide to freeze your TransUnion credit report, it will also go the extra mile to notify Equifax and Experian, which frankly is a big help especially in case of identity theft and credit fraud.
So, the next time you are sat wondering “where to get my credit score?,” think of these three giants that provide you with an annual credit score and credit report for free once each year. However, if you are looking for more frequent updates, you can subscribe to their services and receive your monthly updates.
Did you know that you have more than a single credit score? Agencies calculate your credit score based on the data in your credit reports. If you are wondering, “where to get my credit score?,” there are three main credit reporting agencies. These can have different credit scores for you if your information on each of their credit reports is different. Also, these agencies charge a fee to reveal your credit score.
Recently, it has become easier to track and get hold of your credit score without paying any fees. You can get it from your credit card company, your loan provider, and even from a non-profit counselor. Here are a few tips you can use to check your score.