Skip to content Skip to sidebar Skip to footer

Never Underestimate The Influence Of The Three Credit Bureaus | the three credit bureaus

 The credit bureaus are compiling useful information about you so that you can make informed decisions. They are the three big ones. The other two are TransUnion and Equifax. All three of these companies gather financial data about you when you apply for a loan, a mortgage or even if you just want to open a checking account.

The credit bureaus are very hesitant to share this information without your permission. That is why they send different credit reports to you once a year at the same time. You can get copies of your credit reports at any time from any of the three bureaus. Each bureau provides the same information. They report personal information, such as age, address, social security number, current employer and how long you have been employed by them.

It is easy to see why the credit bureaus are anxious to compile your financial history. All three major credit bureaus keep track of your application activity. If you fill out an application at one of the three major agencies and your application is declined, it will cause the other two to report your rejection as well. This creates an enormous drag on your overall credit scores. It is not uncommon for someone to be denied for a job or a lease simply because of their poor credit scores.

In addition to the credit reports from the three major credit bureaus, you may also receive notice of negative items from one of the three agencies. These negative items are referred to as “non-disclosed” items. The only way to remove these items from your credit reports is to order them deleted. Of course, you need to order them deleted from your credit card statements as well.

Your credit reports and your credit card statements contain information which the three credit bureaus need in order to provide you with the “full and accurate” information about your credit scores. Unfortunately, if you do not order the items deleted from your statements and credit card application, they remain on your reports until you attempt to have them removed. It is a good idea, therefore, to order the items deleted from your credit reports at least six months prior to beginning any type of dispute with the credit bureaus.

You will find that there is a possibility that the three credit bureaus contain different information regarding the same individual. For instance, there could be different information regarding a mortgage loan on your credit report than there is on a auto loan report. There are different information regarding a student loan on your credit reports than there is on your tax returns. Basically, the three credit bureaus work off of different information when compiling your credit reports.

It can take weeks or even months before the dispute is removed from your credit report and you may discover that the one credit bureau has deleted the dispute while the other two still have it in their files. In the event that you have this problem, the best thing to do is to write to the three credit bureaus. You should indicate that you have written to each bureau separately and provided them with the same information pertaining to the dispute that you have received from each bureau. If you have done this, the dispute should be deleted from your credit report within one month.

Unfortunately, sometimes the error will remain on your credit reports for six months or more. During this time frame, you may find that creditors continue to report you as having good credit despite the fact that the dispute was never filed with the appropriate credit reporting bureaus. In many cases, the error will be so severe that it will be obvious to any lender that you did not receive any credit reports containing accurate information. This may lead to the denial of you mortgage, automobile or other loan application. In such a case, the remedy would be to file a lawsuit against the individual who provided you with the incorrect information. By taking advantage of this option, you can be certain that you receive the fair credit reporting bureaus work and that your credit reports are free from errors.

Vola - the three credit bureaus

Vola – the three credit bureaus | the three credit bureaus

What Are the Three Credit Bureaus? - NerdWallet - the three credit bureaus

What Are the Three Credit Bureaus? – NerdWallet – the three credit bureaus | the three credit bureaus

The 3 Major Credit Bureaus and What They Do - the three credit bureaus

The 3 Major Credit Bureaus and What They Do – the three credit bureaus | the three credit bureaus

Post a Comment for "Never Underestimate The Influence Of The Three Credit Bureaus | the three credit bureaus"