Experian, one of the three major credit bureaus and the company behind FreeCreditReport.com, has announced that it will acquire competitor Mighty Net, operator of several credit-related websites, for approximately $207.5 million dollars.
Mighty Net maintains sites like CreditScore.com and CreditReport.com, both of which are subscription-based sites that send users monthly credit reports for a fee. Experian’s website is similar, in that it supplies one free credit report upon enrollment in the payment program.
As of June, Mighty Net had approximately 680,000 subscribers. Experian says those users will not see an interruption in service. It is unclear if the company will continue to provide reports from Experian’s competitors, TransUnion and Equifax.
Drivers should check their credit before applying for a car loan, as this score determines what types of rates they will qualify for. Furthermore, these paysites are not the only way to check one’s credit. The government currently maintains AnnualCreditReport.com, which allows for one free report per year without enrollment in a subscription-based program. Consumers should also be aware that bad credit doesn’t preclude them from acquiring a car loan, which they may be pre-approved for.