Online payment services has been the primary factor for the growth of the global market over the past decade. All traditional business operations that had been carried about over face to face cash/check transactions has now evolved into online cashless transactions. While credit cards and net banking had been the beginning of these online payment systems, the current e-wallets or digital wallets have become the trend of the day as these transactions can be done using a simple ID or even just a phone number. When at a restaurant for a dinner date and your short on cash, your pre-configured e-wallet can come to your rescue and save an embarrassing moment of your life.
An e-wallet is primarily linked to an individual’s bank account and these wallets just appear as applications on their smart phones. The e-wallet accounts are linked using an individual’s health card, driver’s licenses or any form of government proof in order to encrypt security into the individual’s transactions so as to not fall prey to the online phishing scams. While people are adapting to a cashless world, technology is ever-evolving and the need for information security as an individual’s bank information and identity becomes easily vulnerable on the internet. Hence, instead of merchants picking up levels of security systems to safe guard their customers, corporations have built up these dedicated e-wallet platforms for the users to make all transactions without any fear of loss of confidential banking data.
E-wallets are not just for purchase transaction but also used widely for authenticating an individual’s identity in the course of these transactions. The corporations that have introduced the e-wallet systems have also paired up with network service providers and smart phone manufactures to make their application interface user friendly as well as security tight. While certain card transactions or net banking facilities have restrictions on their usage, the e-wallet providers break all barriers and allow for world wide transactions.
Its not just the applications that are user friendly, even the mode of signing up for these services is easy. The first time sign up required your basic information, ID proof, and bank details, which after processing gives you a customized encryption page to ensure that only the individual who created the account can access it any given point of time. E- wallets are not just payment modes for shopping but can be used at varied places ranging from business transactions to cash transfer to your friends and family. The world of e-wallets has taken a front seat in today’s modern world due to the minimum risk of security threats.
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.