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GIZMO !
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Bulletin Board |
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THE CREDIT BUREAU
The Credit
Bureau System
Note
that the credit bureaus are private, not government credit reporting companies.
All three companies are listed on the New York Stock Exchange. They are in
business to make money just like any other business.
Their
business is to store information reported by many creditors, and in turn, sell
back credit bureau information to those same companies. The more credit data
that the credit bureau can provide on any individual is to their advantage.
How Credit
Bureaus Get Their Information
SUBSCRIBERS
Companies
that subscribe to the credit bureaus' services send credit history to the credit
bureau. Updates are sent by the creditor to the credit bureau periodically. It
should be noted that since the creditors report at different times to each
credit bureau, different amounts and dates can appear on each redit report. Many
times this information is reported incorrectly and inaccurately.
Creditors
that report to the credit bureau are most often banks, savings and loans,
mortgage companies, large department stores, finance companies, VISA and
MaterCard banks, oil companies and companies that are members of the credit
bureau.
PUBLIC
RECORDS
Credit
bureaus also get their information from public records such as the local
courthouse. This information may include judgments, bankruptcies, tax liens,
wage attachments and notice of default on properties. It may be noted that the
credit bureau may pick up from the public record a notice of default but later
fail to record the correct information if the default was corrected.
MISSING
INFORMATION
In
reviewing your credit report you may notice that much information is missing or
inaccurate. The reason for missing information is that not all creditors belong
to the credit bureau. For example, if you are paying off a bill with a small
store, and they are not a member of the credit bureau, your good payments will
not be reported on your credit report. For a small fee, you are able to list
this good credit on your credit report.
The Credit
Bureaus
Across
the Nation there are three major credit bureaus; TransUnion, Equifax, &
Esperian (TRW). There are, however over 2,000 smaller credit bureaus located in
every medium size city in the United States. Because each of these smaller
credit bureaus may or may not be affiliated with one of the "Big
Three", they will have different information in the consumer's credit file.
When you apply for credit, a creditor might check only one credit file. If they
find anything derogatory on your credit report, they probably will not check
with the other credit bureaus.
If
you are denied credit, the creditor, by law, has to let you know which credit
bureau has the negative information. However, the other credit bureaus may also
have the incorrect information. Therefore, when checking your credit you need to
look at all of the credit reports.
The
three major credit bureaus are:
TransUnion
P.O.
Box 390
Springfield,
PA 19064
(800)
851-2674
TRW/
Esperian
P.O.
Box 949
Allen,
TX 75013-0949
(800)
392-1122
Equifax
P.O.
Box 105873
Atlanta,
GA 30348
(800)
685-1111
ACCEPTABLE
RATINGS
Ratings TO
Accept
PAID
IN FULL AS AGREED
CREDIT
LINE CLOSED BY CUSTOMER
NOT
RATED (TO NEW)
R1
RATING
DISPUTED
(only if you feel that it is the best you can get)
DISPUTE
AFTER RESOLUTION (same as above)
Ratings NOT
TO Accept
BANKRUPTCY
DISCHARGED
BY BANKRUPTCY
CONSUMER
COUNSELING
DISPUTE
AFTER RESOLUTION
DISMISSED
UNPAID
MAKING
PAYMENTS
SKIP
WAGE
EARNER BANKRUPTCY