Upstart is a company that began in 2005. It is an AI lending platform that partners with banks and credit unions to provide consumer loans using non-traditional variables, such as education and employment, to predict creditworthiness. Let’s learn ‘What Credit Bureau Does Upstart use?’.
In simple words, it is a platform that provides loans to customers by partnering with banks and credit unions. Today it is a $10 billion publicly-traded company in all 50 states.
What is a Credit Bureau?
The word “Credit Bureau” does sound like a ‘loan shark’ but this is not what it looks like. A Credit Bureau is a company that collects the personal information of an individual from their credit lenders.
That information is made available in the form of a credit report to a particular third party to help them to evaluate your creditworthiness.
Credit Bureaus or Credit reporting agencies provide credit to the customers according to their capacity, for example, income, to avoid the future loss of the customers and credit lenders too.
Three credit bureaus that you can use in the Upstart are Equifax, Transunion, and Experian.
- Equifax(1899): Equifax promises their customers over 80 million to keep their information secured within their system.
- Transunion(1968): Transunion promises their customers over 1 billion to keep their information secured with their advanced software.
- Experian(1996): Experian promises their customers over 25 million to keep their collected information secured with their advanced software.
What Credit Bureau Does Upstart use?
Credit Bureau collects information about your credit accounts, payment history, and other information such as bankruptcies. That information is made available in the form of a credit report to a particular third party to help them to evaluate your creditworthiness.
Upstart reports to all three credit bureaus which are: Equifax, Transunion, and Experian. You should know about these credit agencies if you want to build your credit. Upstart creates scores based on the data given in the credit report.
| All the information that gets reported to the credit bureau by Upstart is recorded in your credit report. The Credit score of credit bureaus are numbers that are designed to predict customers’ payment behavior on a variety of credit products. Upstart uses credit scores as one of the factors to decide whether they should extend the credit and at what interest rate. |
Equifax
- Equifax is one of the oldest credit bureaus.
- It also provides credit evaluation of its customers.
- It has monthly plans for its customers including for individuals as well as family plans.
- Daily it also gives the report credit report and credit scores to their customers.
Transunion
- Transunion is one of the biggest credit bureaus since 1968.
- Same as Equifax, it also provides credit evaluation of its customers.
- It provides a report of credit report monthly and credit scores unlimited to their customers.
- It has monthly plans per person.
Experian
- Experian is not so old as another bureau. It was launched in 1996.
- It provides credit evaluation to its customers.
- It has more expensive plans than Equifax.
- Daily it reports credit reports and credit scores to its customers.
Which Credit Bureau is better- Equifax, TransUnion, or Experian?
| Credit Bureau | Equifax | TransUnion | Experian |
| Plans | $9.95-$19.95/month including individual and family respectively | $24.95/month | $19.95/month |
| Credit Report | Daily | Monthly | Daily |
| Credit Scores | Daily | Unlimited | Daily |
Therefore Equifax is one of the best credit bureaus from others because it does have plans for individuals as well as a family too. Plus it also reports daily about the customer’s credit report and credit scores than the other credit bureau.
What should you keep in mind about the Credit Report?
- Private details like name, address, and social security number.
- Public records that the court collects on bankruptcies.
- Collection for No/Late payment and payment demands.
- Tradelines which is information of various credit accounts such as credit cards, car loans, retail accounts, and student loans.
- When someone accesses your credit file, an inquiry is reported such as promotional inquiry, consumer disclosure inquiry, and credit application inquiry.
Tips to make your credit score better than others
- You should check your credit score regularly. Sometimes, your credit score can become low.
- Monitor them and see the differences.
- Check for accuracy. You should see what factors do impact your credit scores.
Conclusion
Upstart is a platform that provides loans to customers by partnering with banks and credit unions. Credit Bureaus or Credit reporting agencies that provide credit to the customers according to their capacity. You should know what type of credit bureau is right for you by consulting an expert in this field so that you don’t lose your money in the future.
FAQs
- If you check your credit report, does it impact your credit score?
No, checking your credit report does put any impact on your credit score.
- Does Upstart show on your credit report?
No, Upstart will not show any impact on your credit scores.
- Does Upstart report to all three bureaus?
Yes, Upstart reports to all three credit bureaus: Experian, TransUnion, and Equifax.
- Will Upstart let you skip a payment?
No. Upstart does not let you skip your payment which is noted in your promissory note.
