What do Equifax, Experian, and TransUnion do?(1 point) Responses ensure no one is able to see their credit report ensure no one is able to see their credit report compile credit reports on individuals compile credit reports on individuals help you to improve your credit score help you to improve your credit score decide whether to approve or reject a loan application
Equifax, Experian, and TransUnion are credit reporting agencies that compile credit reports on individuals. Their main function is to collect and maintain credit information on consumers, including their borrowing and repayment history. These credit reports are then used by lenders and creditors to assess the creditworthiness of individuals and make decisions on whether to approve or reject loan applications. These agencies do not directly improve credit scores or ensure that no one can see a person's credit report.
Equifax, Experian, and TransUnion are all credit reporting agencies that compile credit reports on individuals. So, the correct answer is "compile credit reports on individuals" which is worth 1 point. These agencies gather and analyze financial information about individuals, such as their borrowing history, repayment behavior, and credit utilization. Lenders, such as banks or credit card companies, rely on the reports provided by these agencies to assess an individual's creditworthiness. This information helps lenders decide whether to approve or reject a loan application. Additionally, individuals can also check their own credit reports from these agencies to ensure the accuracy of the information and to monitor their creditworthiness. While these agencies don't directly improve an individual's credit score, understanding the information in the credit report can help a person take measures to improve their credit score, such as paying bills on time and reducing debt.
