Overseas money transfer has become a general medium of payment transactions for businesses that are becoming a part of the developing global trade. While there are many forms of payment modules, one of the most common mediums for transferring money is through online payment services. Service providers for online money transfer help create a user account, after which the user can simply transfer money from the comfort of their home or work space with the simple tap of a computer. This payment mode is best suited for immediate transfer of money to the receiver’s account, at the charge of a small fee based on the amount that is being transferred.
While the conversion rates are inbuilt into their system for ease of access, these online payment service providers only allow feasible transactions of certain amounts, in order to keep the money flow legal. Any detection of suspicious activity or illegality would result in the freezing of funds. This system just need the receivers email id and name to transfer funds. The then funds land in the service providers account, after which the receiver can transfer it to their respective bank account using the appropriate authorization.
There are other options for overseas money transfer like money transfer operators and international bank wire transfers. Popular money transfer operators like Western Union, Money Gram, etc. have access to a wide range of countries, wherein the facilities are available both online and in physical centers in various places around the globe. They charge a minimal fee for the transactions and the receivers have the option of transferring the amount into their bank accounts or withdraw it as local currency by providing the required ID proof. While these services have high speed delivery for emergency situations, the drawback however is the number of scams that are pulled off through these transfers due to the comparatively lower security.
On the contrary, although bank wire transfers for international transactions are time delayed, they are fool-proof because the transfer is between authenticated bank accounts and the chances for frauds are lower. However, this type of transfer requires detailed information to be filled out, in order for the transaction to be successful, and the amount charged for the transaction would depend highly on the rate of the currency being converted to and the amount being transferred. Some of the other upcoming payments modules that are being updated with technological advances are money orders, foreign exchange (FX) brokers, and peer-to-peer currency exchange markets.
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.