International online payments are a mandatory need for businesses that look forward to venturing into the global market. While physical cash payments cannot be done between a seller and a buyer all the time, the sellers and buyers look towards technological advancements that make such restrictions disappear and aid in the growth of the business troughs successful transactions. Technological advancement over the last decade has created a wide array of choices that make online international payments feasible and are at the same time user friendly.
The most basic form of online payments involves the use of credit or debit card. Since both these cards are issued by a bank, the cards have international payment transaction options by which the card user can just enter the unique card number and make an online transaction after processing the required authorization details as set up for the card. While some people may fear fraud or theft using these details, the banks have the alternative of a virtual credit card for credit card holders because the virtually encrypted card is protected with multi layers of security exclusively for the internet world.
All the mediums are not just safe and bank authorized but also instant in terms of time. However, the only glitch would be that these cards have a set transaction amount limit, as a result of which these cards can only be used for small transactions. Another important detail to note would be that these transactions would not cost an exorbitant amount, but a minimal fee would be charged by the bank as handling charges based on the total transaction cost.
Some of the advanced options for online international payments include e-cheque, digital cash and peer-to-peer gateways(P2P. The e-cheque medium is similar to a paper cheque except for the fact that the cheque can be authorized through the bank, followed by a direct electronic fund transfer into the required account or the bank could send a mail which the end-user can use to credit that amount into their bank. This medium is highly secure due to the direct transaction through banks.
On the other hand, digital cash is nothing but the use of e-wallets, through which an account sign up and use of bank details allows the users to credit payments to the required businesses through the use of internet. P2P is similar to digital cash but is directly routed to the bank of the user, while digital cash requires transfer of money into an e-wallet after which the money goes to the vendor and then the bank.
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.