The way an individual in a modern setting spends and organizes their lives is hugely dependent on the needs and requirements they have in exchange of the hard work they invest their lives for. The earnings an individual works for in one payroll cycle is divided and further sub divided into categories so that the hard-earned money can go to the best of places where it is required. Before a certain sum of the income is encashed in the form of payment checks or bank transfers from an employer, a certain percentile is deducted from the total earnings towards funds which are to plan ahead of time the future for the employee.
The system wherein a certain pre-decided amount from a person’s salary is kept aside for, basically a rainy day. It is human tendency to spend off money when put into one’s pocket as is human psychology. So, the ideology behind creating direct debit from payroll for savings and also for tax deduction was introduced to negate the possibility for anyone employed by a company to miss out on paying mandatory sums of amount to the government which is for the greater good of the economy.
Under corporate social responsibility, it is considered to be the duty of the employer to keep in tab the financial practices of its employees. Setting aside funds for taxes and for retirement is one such slab. In earlier days, it used to be the case that the entire sum of amount earned by an individual would be credited in form of pay checks and then over a phase of time, the individual would have singular responsibility to pay off the taxes owed to the federal and state government through forms and public platforms. The con of such a procedure would be that payment would not always be as planned, and people would miss on making the payment or would delay it and incur penalties which will ultimately end up resulting in a heavy undertaking for the pocket.
The procedure which involves monthly or weekly deduction of a certain sum of money which is directly paid to the government from the employee is the safest and quickest way to make sure taxes are paid as per plan and on time.
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.