Expert Debt Management
Expert Debt Management
The Credit Bureaus

     When you apply for a loan or any type of financing, or even insurance, or a job you may have to submit to a credit check.  When a company or entity does a credit check they will get their information from one, two, or all three of the credit bureaus.  These three credit bureaus are Experian, Equifax, and Trans Union.  A creditor can choose to check one or all of these credit bureaus and it is at their discretion.  Generally if they find negative information through one report they will not bother to check with the others.

     While a creditor may only check with one bureau when they run a credit check on you, they may only report to one or two or all three.  Each creditor has their own process in place, and the result is that your credit score can vary wildly from one to the next.  This difference in reporting procedures is what causes the differences and why you may have a much better score with one bureau than you have with the others.

Many people are really intimidated by the idea of the credit bureaus, but you needn't be.  These bureaus are actually just private companies, like any other, and they work to sell the information of each consumer to the individuals or companies who need them.  These companies are not to be feared, instead you should just view them as a maintenance entity of all of your credit information, both good and bad.

     You should also remember that the credit bureaus are a business and they are in business to make money, selling your credit information.  There are some things that you should know about the bureaus and how your credit past and present are reported. 

     First, you should know that all of the information that appears on your credit report has to be proven, if it cannot be proven it has to be removed from your credit report.  In addition, you should know that you can call the bureaus at any time and challenge anything on your credit report and the bureau has 30 days to investigate it and either provide proof that validates the information or they have to remove it.

     In addition, you should be aware that the credit bureaus get a lot of their information not only through creditors but also through public records so your bankruptcies and foreclosures will appear on your credit report, as well.  When you understand where the information comes from and how the credit bureaus work, it takes a lot of the mystery and intimidation out of the process and allows you to take control of your credit and your financial future.

Disclaimer: This site is not , nor should it be taken to be, legal, financial or other professional advice. It merely provides a generalized guidance and generalized information only. Consult a financial advisor or an attorney to discuss any legal or financial issues involved with credit and debt decisions.
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