Tag Archive: Bureaus

Who Are the Three Major Credit Bureaus, three credit bureaus.#Three #credit #bureaus

Who Are the Three Major Credit Bureaus?

Three credit bureaus

Credit bureaus, also called credit reporting agencies, are companies that collect and maintain consumer credit information then resell it to other businesses in the form of a credit report.

There are many credit bureaus in the United States, but most people are familiar with the big three: Equifax, Experian, and TransUnion. These bureaus are all publicly-traded, for-profit companies who are not owned by the government.

The government does, however, have legislation, the Fair Credit Reporting Act, regarding how these and other credit bureaus should operate.

Credit bureaus have business relationships with many banks, credit card issuers, and other businesses that you may have an account with. Because of this connection, your account history will appear on one or all three of your credit reports with these bureaus.

You have a right to view your credit report and you can order a free credit report from each of the three major credit bureaus each year through AnnualCreditReport.com. You can also purchase a credit report directly from any of the credit bureaus at any time. Two of the credit bureaus, Equifax and Experian, offer 3-bureau credit reports which include all three major credit reports in a single document.

You may also need to contact a credit bureau directly to dispute inaccurate information in your credit report, purchase a credit score, or to place a fraud alert or security freeze on your credit report.

Otherwise, you generally wouldn t interact with a credit bureau, even though they play a major role in your financial life.

Contact Information For the Three Credit Bureaus

Atlanta, GA 30374-0241

Allen, TX 75013-0949

Chester, PA 19022

What the Three Bureaus Do and Don t Do

The major credit bureaus receive credit-related information from companies that you do business with. They may also pull relevant public records, like tax lien or bankruptcy, and include that information in your credit report.

The major credit bureaus sell your credit information to businesses who have a legally valid need for viewing your credit information. Your information is also sold to companies who may prescreen you for their products and services. For example, a company who you ve applied for credit with would have a valid need for looking at your credit report.

The major credit bureaus only provide the information or other analytical tools to help businesses make decisions about which customers to accept and the price they should charge. The bureaus themselves do not make the decision.

Credit Bureau Differences

These three credit bureaus, like all other credit bureaus, are separate entities and operate independently of each other. They generally do not share your account information with each other.

Your creditors may report to all three of the major credit bureaus or just one of them.

Because of that, the information in your credit file may be different between the three credit bureaus.

When potential creditors and lenders check your credit, they may only pull one bureau s credit report, rather than viewing all three. (It s often less expensive for businesses to check just one credit report.)

Because your credit reports may be different from each other, it s important that you review your reports from all three bureaus.

FICO Is Not a Credit Bureau

FICO is another major company in the credit industry. FICO developed and maintains the FICO credit score, but it is not a credit bureau. While they compile your credit score based on data from the major credit bureaus, they do not collect credit report data on their own.

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Who Are the Three Major Credit Bureaus, 3 credit bureaus.#3 #credit #bureaus

Who Are the Three Major Credit Bureaus?

3 credit bureaus

Credit bureaus, also called credit reporting agencies, are companies that collect and maintain consumer credit information then resell it to other businesses in the form of a credit report.

There are many credit bureaus in the United States, but most people are familiar with the big three: Equifax, Experian, and TransUnion. These bureaus are all publicly-traded, for-profit companies who are not owned by the government.

The government does, however, have legislation, the Fair Credit Reporting Act, regarding how these and other credit bureaus should operate.

Credit bureaus have business relationships with many banks, credit card issuers, and other businesses that you may have an account with. Because of this connection, your account history will appear on one or all three of your credit reports with these bureaus.

You have a right to view your credit report and you can order a free credit report from each of the three major credit bureaus each year through AnnualCreditReport.com. You can also purchase a credit report directly from any of the credit bureaus at any time. Two of the credit bureaus, Equifax and Experian, offer 3-bureau credit reports which include all three major credit reports in a single document.

You may also need to contact a credit bureau directly to dispute inaccurate information in your credit report, purchase a credit score, or to place a fraud alert or security freeze on your credit report.

Otherwise, you generally wouldn t interact with a credit bureau, even though they play a major role in your financial life.

Contact Information For the Three Credit Bureaus

Atlanta, GA 30374-0241

Allen, TX 75013-0949

Chester, PA 19022

What the Three Bureaus Do and Don t Do

The major credit bureaus receive credit-related information from companies that you do business with. They may also pull relevant public records, like tax lien or bankruptcy, and include that information in your credit report.

The major credit bureaus sell your credit information to businesses who have a legally valid need for viewing your credit information. Your information is also sold to companies who may prescreen you for their products and services. For example, a company who you ve applied for credit with would have a valid need for looking at your credit report.

The major credit bureaus only provide the information or other analytical tools to help businesses make decisions about which customers to accept and the price they should charge. The bureaus themselves do not make the decision.

Credit Bureau Differences

These three credit bureaus, like all other credit bureaus, are separate entities and operate independently of each other. They generally do not share your account information with each other.

Your creditors may report to all three of the major credit bureaus or just one of them.

Because of that, the information in your credit file may be different between the three credit bureaus.

When potential creditors and lenders check your credit, they may only pull one bureau s credit report, rather than viewing all three. (It s often less expensive for businesses to check just one credit report.)

Because your credit reports may be different from each other, it s important that you review your reports from all three bureaus.

FICO Is Not a Credit Bureau

FICO is another major company in the credit industry. FICO developed and maintains the FICO credit score, but it is not a credit bureau. While they compile your credit score based on data from the major credit bureaus, they do not collect credit report data on their own.





3 Ways to Report to Credit Bureaus, 3 credit bureaus.#3 #credit #bureaus

How to Report to Credit Bureaus

Credit bureaus are agencies that keep credit reports on file for every consumer with a federally-issued social security number (SSN). A credit report file contains information about an individual’s financial debt, including account numbers for current and past debts, loan types and terms and payment history. If an individual defaults on loan payments, the creditor may opt to send a report of the late payment(s) to the credit bureaus so that it will be reflected in the consumer’s credit file. If you are a small business with few debtors, you will have to use a middleman and pay a fee to report to the credit bureaus. Otherwise, you may join the credit reporting bureaus and report directly to them.

Steps Edit

Method One of Three:

Learning About Credit Bureaus Edit

3 credit bureaus

3 credit bureaus

3 credit bureaus

Method Two of Three:

Hiring a Collection Agency or Credit Reporting Service Edit

3 credit bureaus

3 credit bureaus

3 credit bureaus





Three Credit Bureaus Agencies, three credit bureaus.#Three #credit #bureaus

Information on the 3 National Credit Reporting Agencies or Credit Bureaus

The 3 national credit reporting agencies in the United States are Equifax, Experian, and Trans Union. Experian was formerly known as TRW. A fourth national credit reporting agency named Innovis exists, but does not currently seem to factor into decisions for denials of credit, insurance or employment. It is more in a development stage.

To contact the 3 national credit reporting agencies:

The three national credit agencies may be contacted directly at:

Equifax

TransUnion

Experian

Atlanta, GA 30374

Chester, PA 19022

These national credit agencies are for-profit companies owned by their shareholders. They are not government entities or funded by the government. There are also independent, non-national, local credit bureaus throughout the country that are generally affiliated with one of the 3 national credit reporting agencies. Local bureaus are sometimes for-profit companies and sometimes non-profit associations of lender/members in a particular geographical area.

The 3 national credit reporting agencies are competitors of each other, and they do not normally share their credit information except in special cases. That is why it is important to order a credit report from all three.

Credit agencies or bureaus gather their consumer credit information by soliciting creditors such as credit card companies, banks, and lenders to join their systems and contribute their credit experience on consumers to the systems. In return for submitting information to the systems, creditor members may use the system to obtain credit information on consumers to approve credit decisions or review existing consumer accounts.

Credit agencies are generally regulated by the Fair Credit Reporting Act (FCRA), which is the Federal law generally covering consumer reporting agencies including credit reporting in this country. Individual states may also have their own versions of the law.

Under Federal law credit reporting companies known as CRAs (consumer reporting agencies) have numerous responsibilities to protect consumers and their credit information. A Summary of the FCRA is at http://www.creditreporting.com/fair-credit-reporting-act/index.html .

Opt Out Number For List Sales by the National Credit Reporting Agencies

IN COMPLIANCE WITH THE FAIR CREDIT REPORTING ACT OF 1996.

The credit reporting industry has designated a single toll free number that will allow consumers to opt out of promotional mailing lists sold by credit reporting agencies. The system is an interactive voice mail that requests information necessary to opt out of such lists.

Consumers should call (888) 5 OPT OUT and follow the voice prompt. Once the information is recorded, an e-mail is sent to the three bureaus daily and posted to consumer files. The number is available 24 hours a day.





3 Ways to Report to Credit Bureaus, 3 credit bureaus.#3 #credit #bureaus

How to Report to Credit Bureaus

Credit bureaus are agencies that keep credit reports on file for every consumer with a federally-issued social security number (SSN). A credit report file contains information about an individual’s financial debt, including account numbers for current and past debts, loan types and terms and payment history. If an individual defaults on loan payments, the creditor may opt to send a report of the late payment(s) to the credit bureaus so that it will be reflected in the consumer’s credit file. If you are a small business with few debtors, you will have to use a middleman and pay a fee to report to the credit bureaus. Otherwise, you may join the credit reporting bureaus and report directly to them.

Steps Edit

Method One of Three:

Learning About Credit Bureaus Edit

3 credit bureaus

3 credit bureaus

3 credit bureaus

Method Two of Three:

Hiring a Collection Agency or Credit Reporting Service Edit

3 credit bureaus

3 credit bureaus

3 credit bureaus





ProCredit – Get Your 3 Credit Scores Now, 3 credit bureaus.#3 #credit #bureaus

Get your 3 Credit Scores Complete Protection as of November 12, 2017!

Check your credit scores. Is it as high as it needs to be? Lenders favor scores in the high 700s. What’s your score? Find out now.

24/7 Credit Monitoring

Gain peace of mind knowing that your credit is being monitored for sudden changes that could affect your standing at the top 3 credit bureaus.

3 Credit Reports

Credit bureaus collect information, and use it to create your credit reports. Credit reports can affect loans, interest rates, even employment!

Triple Bureau Protection

To ensure your credit is protected at the 3 national credit bureaus, ProCredit.com gives you credit monitoring and alerts at all 3 of them. Triple bureaus require triple protection. Anything less leaves your credit at risk.

The ProCredit.com Advantage

Your membership includes MyRewards

3 credit bureaus

Up to 67% OFF Roadside Assistance

Not just for breakdowns! We provide fuel delivery if you run out of gas, jump starts and tire changes for flats. Motorcycles are covered too.

3 credit bureaus

Up to 76% OFF at Pharmacies

Save up to 76% OFF your prescriptions at your local Walmart, Costco, Target, Walgreens, CVS, Kroger, Albersons, Kmart, and more.

3 credit bureaus

$100’s OFF on your Groceries

Weekly pre-clipped coupons delivered to your door – good at every major grocery chain. 1,000’s of products to choose from every week!

Important Information: The credit score you receive from us may not be the same scores used by lenders or other commercial users for credit decisions. There are various types of credit scores, and lenders may use a different type of credit score to make lending decisions than the ones being offered.

Under federal law you have the right to receive a Credit Report from each of the three nationwide consumer reporting agencies once every 12 months. A Credit Score is not included.

After verification of your identity, your scores are available for immediate online delivery securely. Please note that the score you receive may not be the one your lender uses. Scores shown are for illustrative purposes only.

ProCredit provides you with the tools you need to access and monitor your financial profile through the program’s credit reporting and monthly monitoring benefits. ProCredit Credit Monitoring and its benefit providers are not credit repair service providers and do not receive fees for such services, nor are they credit clinics, credit repair or credit services organizations or businesses. Credit information is provided either by TransunionВ® and TransUnion Interactive, Inc. or Experian and CSIdentity Corporation..





Things You Should Know About Credit Bureaus, 3 major credit bureaus.#3 #major #credit #bureaus

Things You Should Know About Credit Bureaus

3 major credit bureaus

3 major credit bureaus

A credit bureau is an company that collects and maintains individual credit information and sells it to lenders, creditors, and consumers in the form of a credit report. While there are dozens of credit bureaus across the U.S., most consumers are familiar with the big three: Equifax, Experian, and TransUnion. The biggest credit bureaus do more than just compile and report consumer credit information.

They also provide dozens of solutions that help businesses more better decisions.

Types of Information the Credit Bureaus Collect

The credit bureaus maintain a number of details related to you and credit history, starting from the time you open your first credit account. For instance, the credit bureau collects Information about credit accounts: your repayment history, the amount of credit you have available, the amount of credit you re using, outstanding debt collections, details on public records like bankruptcy, tax liens, foreclosure, and repossession.

Credit bureaus also maintain non-credit information about you including your address, current and previous employers, and salary information. While this information isn t used to calculate your credit score, businesses may consider it when they re evaluating whether to do business with you.

Where Do Credit Bureaus Get Information?

Credit bureaus depend on banks and other businesses to provide them with consumer information.

Many of the companies you do business with send regular updates on your open accounts. Credit bureaus also get information about you from public court records.

Credit bureaus use different sources for obtaining information so your credit report may vary slightly from bureau to bureau. Entire accounts may be missing from your credit report.

Who Uses Credit Bureau Data?

Banks and credit card issuers are the most obvious users of the information provided by credit bureaus. A host of other companies turn to credit bureaus to make decisions about you. Employers, insurance companies, landlords, and debt collectors all request information from the credit bureaus.

Credit bureaus provide prescreening lists to banks and insurance companies to help these companies decide which consumers may take advantage of their products. Credit card issuers, for example, may request a list of consumers with high credit card balances to send these consumers offers for balance transfer credit cards. If you ve ever wondered how pre-approved credit card offers wind up in your bank account or how banks know to offer an unsolicited refinance on your mortgage, this is how. (By the way, you can opt-out of prescreening by going to OptOutPrescreen.com.)

Law Regarding Credit Bureaus

The Fair Credit Reporting Act (FCRA) is a federal law that defines how credit bureaus are supposed to operate. The FCRA gives consumers the right to an accurate credit report. If you find errors in your credit report, you re allowed to dispute these errors with the credit bureaus.

The credit bureau is then required to do an investigation and correct the errors when necessary.

Credit Bureaus Providing Free Credit Reports

You also have the right to order your credit report from the three credit bureaus. The Fair and Accurate Credit Transactions Act gives you the right to one free credit report each year from each of the three major credit bureaus. You can order this annual credit report through AnnualCreditReport.com.

The credit bureaus are also required to give you a free credit report if:

  • you had an application denied because of information on your credit report
  • you re unemployed and are planning to start a job search within 60 days
  • you re on welfare
  • you re a victim of identity theft.

Your Credit Information Could Have Errors

One in 20 consumers has a credit report error that will lower their credit score to the point that it makes getting credit more expensive, according to a 2013 study by the Federal Trade Commission.

Another person s information can erroneously wind up on your credit report, especially if their name or other personal information is similar to yours. Federal law gives you the right to dispute errors on your credit report, but the process doesn t always work as easily as it should. In 2013, an Oregon woman won an $18 million lawsuit against Equifax, one of the big three credit bureaus, after it failed to correct a credit report error that she s disputed 13 times over the course of two years.

These errors are sometimes supplied and confirmed by creditors and lenders who rely on the (sometimes erroneous) information in their computer systems rather than documentation provided by consumers.

Credit Bureaus Only Provide Information

While credit bureaus provide some or all the credit information that creditors and lenders use to deny or approve your applications, the bureau itself does not make a credit decision.





Credit Bureaus Announce Changes in the Way They Handle Errors, Medical Debt, Money, three credit bureaus.#Three #credit #bureaus

It Just Got Harder for Debt Collectors to Destroy Your Credit

Today the three big credit bureaus Equifax, Experian, and Transunion announced changes in the way they report medical debt and how they respond to consumer complaints about errors.

The changes are part of a settlement with New York State Attorney General Eric Schneiderman, who has been investigating the credit bureaus since 2012, according to the Wall Street Journal. However, the new practices, which will phase in starting in the next six months, will apply nationwide.

Under the agreement, the credit bureaus will assign trained employees to review complaints and investigate even when a creditor says its information is accurate, according to the WSJ. Plus, credit bureaus will wait 180 days before adding medical debt to your report to give you time to actually receive and pay your bill and take the debt off your report as soon as it s paid by an insurance company.

Here s why this matters: Before deciding whether to offer you a mortgage, a credit card, an apartment or even a job, a firm will pull your credit report to evaluate whether you re likely to pay your bills on time. But that report can have errors: One in five consumers has a mistake on at least one credit report, according to a Federal Trade Commission study.

And those mistakes can be hard to fix. First, you have to file a dispute with the credit bureau. Even after filing a dispute and getting changes made, more than half of the consumers that the FTC surveyed reported lingering problems on their credit reports.

The worst part: The most common kind of debt on credit reports isn t even a good measure of your creditworthiness. Some 43 million Americans have medical debt on their credit reports, according to data from the Consumer Financial Protection Bureau. About a third of those people have otherwise flawless credit, according to the CFPB.

Medical bills are notoriously unintelligible and riddled with errors. To make it worse, debt collectors will sometimes park medical debt on your credit report before you even get the bill from your doctor. In the end, your insurer may pick up the tab but only after the medical debt has already damaged your credit.

Put another way, if you haven t checked your credit report recently, you could be one of the 43 million Americans with medical debt on your report and you might not even know it.

Back in August, FICO announced that medical bills that had been paid off would no longer affect your credit score. Today s announcement means that medical bills paid by insurance won t show up on your credit report either.





3 Ways to Report to Credit Bureaus, three credit bureaus.#Three #credit #bureaus

How to Report to Credit Bureaus

Credit bureaus are agencies that keep credit reports on file for every consumer with a federally-issued social security number (SSN). A credit report file contains information about an individual’s financial debt, including account numbers for current and past debts, loan types and terms and payment history. If an individual defaults on loan payments, the creditor may opt to send a report of the late payment(s) to the credit bureaus so that it will be reflected in the consumer’s credit file. If you are a small business with few debtors, you will have to use a middleman and pay a fee to report to the credit bureaus. Otherwise, you may join the credit reporting bureaus and report directly to them.

Steps Edit

Method One of Three:

Learning About Credit Bureaus Edit

Three credit bureaus

Three credit bureaus

Three credit bureaus

Method Two of Three:

Hiring a Collection Agency or Credit Reporting Service Edit

Three credit bureaus

Three credit bureaus

Three credit bureaus





Who Are the Three Major Credit Bureaus, 3 credit bureaus.#3 #credit #bureaus

Who Are the Three Major Credit Bureaus?

3 credit bureaus

Credit bureaus, also called credit reporting agencies, are companies that collect and maintain consumer credit information then resell it to other businesses in the form of a credit report.

There are many credit bureaus in the United States, but most people are familiar with the big three: Equifax, Experian, and TransUnion. These bureaus are all publicly-traded, for-profit companies who are not owned by the government.

The government does, however, have legislation, the Fair Credit Reporting Act, regarding how these and other credit bureaus should operate.

Credit bureaus have business relationships with many banks, credit card issuers, and other businesses that you may have an account with. Because of this connection, your account history will appear on one or all three of your credit reports with these bureaus.

You have a right to view your credit report and you can order a free credit report from each of the three major credit bureaus each year through AnnualCreditReport.com. You can also purchase a credit report directly from any of the credit bureaus at any time. Two of the credit bureaus, Equifax and Experian, offer 3-bureau credit reports which include all three major credit reports in a single document.

You may also need to contact a credit bureau directly to dispute inaccurate information in your credit report, purchase a credit score, or to place a fraud alert or security freeze on your credit report.

Otherwise, you generally wouldn t interact with a credit bureau, even though they play a major role in your financial life.

Contact Information For the Three Credit Bureaus

Atlanta, GA 30374-0241

Allen, TX 75013-0949

Chester, PA 19022

What the Three Bureaus Do and Don t Do

The major credit bureaus receive credit-related information from companies that you do business with. They may also pull relevant public records, like tax lien or bankruptcy, and include that information in your credit report.

The major credit bureaus sell your credit information to businesses who have a legally valid need for viewing your credit information. Your information is also sold to companies who may prescreen you for their products and services. For example, a company who you ve applied for credit with would have a valid need for looking at your credit report.

The major credit bureaus only provide the information or other analytical tools to help businesses make decisions about which customers to accept and the price they should charge. The bureaus themselves do not make the decision.

Credit Bureau Differences

These three credit bureaus, like all other credit bureaus, are separate entities and operate independently of each other. They generally do not share your account information with each other.

Your creditors may report to all three of the major credit bureaus or just one of them.

Because of that, the information in your credit file may be different between the three credit bureaus.

When potential creditors and lenders check your credit, they may only pull one bureau s credit report, rather than viewing all three. (It s often less expensive for businesses to check just one credit report.)

Because your credit reports may be different from each other, it s important that you review your reports from all three bureaus.

FICO Is Not a Credit Bureau

FICO is another major company in the credit industry. FICO developed and maintains the FICO credit score, but it is not a credit bureau. While they compile your credit score based on data from the major credit bureaus, they do not collect credit report data on their own.





Things You Should Know About Credit Bureaus, credit bureaus contact information.#Credit #bureaus #contact #information

Things You Should Know About Credit Bureaus

Credit bureaus contact information

A credit bureau is an company that collects and maintains individual credit information and sells it to lenders, creditors, and consumers in the form of a credit report. While there are dozens of credit bureaus across the U.S., most consumers are familiar with the big three: Equifax, Experian, and TransUnion. The biggest credit bureaus do more than just compile and report consumer credit information.

They also provide dozens of solutions that help businesses more better decisions.

Types of Information the Credit Bureaus Collect

The credit bureaus maintain a number of details related to you and credit history, starting from the time you open your first credit account. For instance, the credit bureau collects Information about credit accounts: your repayment history, the amount of credit you have available, the amount of credit you re using, outstanding debt collections, details on public records like bankruptcy, tax liens, foreclosure, and repossession.

Credit bureaus also maintain non-credit information about you including your address, current and previous employers, and salary information. While this information isn t used to calculate your credit score, businesses may consider it when they re evaluating whether to do business with you.

Where Do Credit Bureaus Get Information?

Credit bureaus depend on banks and other businesses to provide them with consumer information.

Many of the companies you do business with send regular updates on your open accounts. Credit bureaus also get information about you from public court records.

Credit bureaus use different sources for obtaining information so your credit report may vary slightly from bureau to bureau. Entire accounts may be missing from your credit report.

Who Uses Credit Bureau Data?

Banks and credit card issuers are the most obvious users of the information provided by credit bureaus. A host of other companies turn to credit bureaus to make decisions about you. Employers, insurance companies, landlords, and debt collectors all request information from the credit bureaus.

Credit bureaus provide prescreening lists to banks and insurance companies to help these companies decide which consumers may take advantage of their products. Credit card issuers, for example, may request a list of consumers with high credit card balances to send these consumers offers for balance transfer credit cards. If you ve ever wondered how pre-approved credit card offers wind up in your bank account or how banks know to offer an unsolicited refinance on your mortgage, this is how. (By the way, you can opt-out of prescreening by going to OptOutPrescreen.com.)

Law Regarding Credit Bureaus

The Fair Credit Reporting Act (FCRA) is a federal law that defines how credit bureaus are supposed to operate. The FCRA gives consumers the right to an accurate credit report. If you find errors in your credit report, you re allowed to dispute these errors with the credit bureaus.

The credit bureau is then required to do an investigation and correct the errors when necessary.

Credit Bureaus Providing Free Credit Reports

You also have the right to order your credit report from the three credit bureaus. The Fair and Accurate Credit Transactions Act gives you the right to one free credit report each year from each of the three major credit bureaus. You can order this annual credit report through AnnualCreditReport.com.

The credit bureaus are also required to give you a free credit report if:

  • you had an application denied because of information on your credit report
  • you re unemployed and are planning to start a job search within 60 days
  • you re on welfare
  • you re a victim of identity theft.

Your Credit Information Could Have Errors

One in 20 consumers has a credit report error that will lower their credit score to the point that it makes getting credit more expensive, according to a 2013 study by the Federal Trade Commission.





Three Credit Bureaus Agencies, credit bureaus contact information.#Credit #bureaus #contact #information

Information on the 3 National Credit Reporting Agencies or Credit Bureaus

The 3 national credit reporting agencies in the United States are Equifax, Experian, and Trans Union. Experian was formerly known as TRW. A fourth national credit reporting agency named Innovis exists, but does not currently seem to factor into decisions for denials of credit, insurance or employment. It is more in a development stage.

To contact the 3 national credit reporting agencies:

The three national credit agencies may be contacted directly at:

Equifax

TransUnion

Experian

Atlanta, GA 30374

Chester, PA 19022

These national credit agencies are for-profit companies owned by their shareholders. They are not government entities or funded by the government. There are also independent, non-national, local credit bureaus throughout the country that are generally affiliated with one of the 3 national credit reporting agencies. Local bureaus are sometimes for-profit companies and sometimes non-profit associations of lender/members in a particular geographical area.

The 3 national credit reporting agencies are competitors of each other, and they do not normally share their credit information except in special cases. That is why it is important to order a credit report from all three.

Credit agencies or bureaus gather their consumer credit information by soliciting creditors such as credit card companies, banks, and lenders to join their systems and contribute their credit experience on consumers to the systems. In return for submitting information to the systems, creditor members may use the system to obtain credit information on consumers to approve credit decisions or review existing consumer accounts.

Credit agencies are generally regulated by the Fair Credit Reporting Act (FCRA), which is the Federal law generally covering consumer reporting agencies including credit reporting in this country. Individual states may also have their own versions of the law.

Under Federal law credit reporting companies known as CRAs (consumer reporting agencies) have numerous responsibilities to protect consumers and their credit information. A Summary of the FCRA is at http://www.creditreporting.com/fair-credit-reporting-act/index.html .

Opt Out Number For List Sales by the National Credit Reporting Agencies

IN COMPLIANCE WITH THE FAIR CREDIT REPORTING ACT OF 1996.

The credit reporting industry has designated a single toll free number that will allow consumers to opt out of promotional mailing lists sold by credit reporting agencies. The system is an interactive voice mail that requests information necessary to opt out of such lists.

Consumers should call (888) 5 OPT OUT and follow the voice prompt. Once the information is recorded, an e-mail is sent to the three bureaus daily and posted to consumer files. The number is available 24 hours a day.





ProCredit – Get Your 3 Credit Scores Now, 3 major credit bureaus.#3 #major #credit #bureaus

Get your 3 Credit Scores Complete Protection as of November 12, 2017!

Check your credit scores. Is it as high as it needs to be? Lenders favor scores in the high 700s. What’s your score? Find out now.

24/7 Credit Monitoring

Gain peace of mind knowing that your credit is being monitored for sudden changes that could affect your standing at the top 3 credit bureaus.

3 Credit Reports

Credit bureaus collect information, and use it to create your credit reports. Credit reports can affect loans, interest rates, even employment!

Triple Bureau Protection

To ensure your credit is protected at the 3 national credit bureaus, ProCredit.com gives you credit monitoring and alerts at all 3 of them. Triple bureaus require triple protection. Anything less leaves your credit at risk.

The ProCredit.com Advantage

Your membership includes MyRewards

3 major credit bureaus

Up to 67% OFF Roadside Assistance

Not just for breakdowns! We provide fuel delivery if you run out of gas, jump starts and tire changes for flats. Motorcycles are covered too.

3 major credit bureaus

Up to 76% OFF at Pharmacies

Save up to 76% OFF your prescriptions at your local Walmart, Costco, Target, Walgreens, CVS, Kroger, Albersons, Kmart, and more.

3 major credit bureaus

$100’s OFF on your Groceries

Weekly pre-clipped coupons delivered to your door – good at every major grocery chain. 1,000’s of products to choose from every week!

Important Information: The credit score you receive from us may not be the same scores used by lenders or other commercial users for credit decisions. There are various types of credit scores, and lenders may use a different type of credit score to make lending decisions than the ones being offered.

Under federal law you have the right to receive a Credit Report from each of the three nationwide consumer reporting agencies once every 12 months. A Credit Score is not included.

After verification of your identity, your scores are available for immediate online delivery securely. Please note that the score you receive may not be the one your lender uses. Scores shown are for illustrative purposes only.

ProCredit provides you with the tools you need to access and monitor your financial profile through the program’s credit reporting and monthly monitoring benefits. ProCredit Credit Monitoring and its benefit providers are not credit repair service providers and do not receive fees for such services, nor are they credit clinics, credit repair or credit services organizations or businesses. Credit information is provided either by TransunionВ® and TransUnion Interactive, Inc. or Experian and CSIdentity Corporation..





Who Are the Three Major Credit Bureaus, credit reporting bureaus.#Credit #reporting #bureaus

Who Are the Three Major Credit Bureaus?

Credit reporting bureaus

Credit bureaus, also called credit reporting agencies, are companies that collect and maintain consumer credit information then resell it to other businesses in the form of a credit report.

There are many credit bureaus in the United States, but most people are familiar with the big three: Equifax, Experian, and TransUnion. These bureaus are all publicly-traded, for-profit companies who are not owned by the government.

The government does, however, have legislation, the Fair Credit Reporting Act, regarding how these and other credit bureaus should operate.

Credit bureaus have business relationships with many banks, credit card issuers, and other businesses that you may have an account with. Because of this connection, your account history will appear on one or all three of your credit reports with these bureaus.

You have a right to view your credit report and you can order a free credit report from each of the three major credit bureaus each year through AnnualCreditReport.com. You can also purchase a credit report directly from any of the credit bureaus at any time. Two of the credit bureaus, Equifax and Experian, offer 3-bureau credit reports which include all three major credit reports in a single document.

You may also need to contact a credit bureau directly to dispute inaccurate information in your credit report, purchase a credit score, or to place a fraud alert or security freeze on your credit report.

Otherwise, you generally wouldn t interact with a credit bureau, even though they play a major role in your financial life.

Contact Information For the Three Credit Bureaus

Atlanta, GA 30374-0241

Allen, TX 75013-0949

Chester, PA 19022

What the Three Bureaus Do and Don t Do

The major credit bureaus receive credit-related information from companies that you do business with. They may also pull relevant public records, like tax lien or bankruptcy, and include that information in your credit report.

The major credit bureaus sell your credit information to businesses who have a legally valid need for viewing your credit information. Your information is also sold to companies who may prescreen you for their products and services. For example, a company who you ve applied for credit with would have a valid need for looking at your credit report.

The major credit bureaus only provide the information or other analytical tools to help businesses make decisions about which customers to accept and the price they should charge. The bureaus themselves do not make the decision.

Credit Bureau Differences

These three credit bureaus, like all other credit bureaus, are separate entities and operate independently of each other. They generally do not share your account information with each other.

Your creditors may report to all three of the major credit bureaus or just one of them.

Because of that, the information in your credit file may be different between the three credit bureaus.

When potential creditors and lenders check your credit, they may only pull one bureau s credit report, rather than viewing all three. (It s often less expensive for businesses to check just one credit report.)

Because your credit reports may be different from each other, it s important that you review your reports from all three bureaus.

FICO Is Not a Credit Bureau

FICO is another major company in the credit industry. FICO developed and maintains the FICO credit score, but it is not a credit bureau. While they compile your credit score based on data from the major credit bureaus, they do not collect credit report data on their own.

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Credit Bureau Reporting information at, credit reporting bureaus.#Credit #reporting #bureaus

Credit Bureaus

Credit Bureau Expertise

In today’s highly competitive markets, lenders need to ensure that they are making the right credit decisions.

Why Choose Experian?

Mike Herman, Ford Credit Europe: ‘Their innovative products and services enable us to access the data and interpret it quickly and consistently.’

Experian’s Bureau Formula

Our approach to the development of a credit bureau is to harness the power of the data that is available in each market.

The Experian Bureau Solution

A credit bureau system needs to be tailored to the market and legal requirements relevant to the country where the solution is to be deployed.

Value Added Products

Value added products are available to exploit the potential of the bureau data.

Experian’s Credit Bureau Expertise

In today’s highly competitive markets, lenders need to ensure that they are making the right credit decisions. To achieve this, decisions need to be based on the most accurate and up-to-date information available.

The Most Accurate Information

Credit grantors around the world are benefiting from the information services provided by Experian’s international bureaus. These services range from a simple credit report to sophisticated risk and customer management tools, as well as fraud prevention solutions.

Experian has a proven track of successful implementation and operation of consumer and commercial credit bureau solutions. Credit bureau systems operated by Experian are market leaders in the US, the UK, Brazil, South Africa, and within a number of European countries. Experian has also been proactively working within Africa, the Middle East and Asia-Pacific regions for several years, contributing to the delivery of bureau solutions in:

Size Matters

The scale of Experian’s business, significantly bigger than that of its competitors, supports the ability to invest consistently in the development of new, ground-breaking solutions. These ideas are then tailored and customized to the needs of the different markets, thanks to the presence of Experian offices in more than 40 countries worldwide, with over 15,000 employees supporting clients in approx. 65 countries.

Experian’s credit bureau solutions can provide a complete service, helping credit grantors to make the right decisions, at the right time, throughout the customer life cycle.

How to Succeed

The success of a credit bureau solution depends on several factors:

  • the willingness and ability of the financial institutions to share data (with particular regard to positive credit accounts)
  • supportive and helpful data protection legislation, which may include a specific code of conduct for the Credit Bureau
  • data quality (and quantity)
  • robust, yet flexible, well designed infrastructure to offer capable data processing and delivery mechanisms
  • value added products and solutions to actively support the development of the credit market
  • close relationship with regulators, international organizations (e.g. World Bank), subscriber organizations and consumer associations

The Bureau Operator needs to be provided with the right tools, knowledge and support to operate the bureau solution within a potentially complex scenario.

Meeting the Unique Requirements of Each Market

Experian works closely with credit grantors, legislators and relevant government authorities to provide a solution that meets the unique requirements of each individual market.

For more information on our current operations in international markets, please see the enclosed fact sheet on Experian’s international bureau.

I Want to Learn More

Please complete the form below and we will contact you as soon as possible.





Who Are the Three Major Credit Bureaus, 3 credit bureaus.#3 #credit #bureaus

Who Are the Three Major Credit Bureaus?

3 credit bureaus

Credit bureaus, also called credit reporting agencies, are companies that collect and maintain consumer credit information then resell it to other businesses in the form of a credit report.

There are many credit bureaus in the United States, but most people are familiar with the big three: Equifax, Experian, and TransUnion. These bureaus are all publicly-traded, for-profit companies who are not owned by the government.

The government does, however, have legislation, the Fair Credit Reporting Act, regarding how these and other credit bureaus should operate.

Credit bureaus have business relationships with many banks, credit card issuers, and other businesses that you may have an account with. Because of this connection, your account history will appear on one or all three of your credit reports with these bureaus.

You have a right to view your credit report and you can order a free credit report from each of the three major credit bureaus each year through AnnualCreditReport.com. You can also purchase a credit report directly from any of the credit bureaus at any time. Two of the credit bureaus, Equifax and Experian, offer 3-bureau credit reports which include all three major credit reports in a single document.

You may also need to contact a credit bureau directly to dispute inaccurate information in your credit report, purchase a credit score, or to place a fraud alert or security freeze on your credit report.

Otherwise, you generally wouldn t interact with a credit bureau, even though they play a major role in your financial life.

Contact Information For the Three Credit Bureaus

Atlanta, GA 30374-0241

Allen, TX 75013-0949

Chester, PA 19022

What the Three Bureaus Do and Don t Do

The major credit bureaus receive credit-related information from companies that you do business with. They may also pull relevant public records, like tax lien or bankruptcy, and include that information in your credit report.

The major credit bureaus sell your credit information to businesses who have a legally valid need for viewing your credit information. Your information is also sold to companies who may prescreen you for their products and services. For example, a company who you ve applied for credit with would have a valid need for looking at your credit report.

The major credit bureaus only provide the information or other analytical tools to help businesses make decisions about which customers to accept and the price they should charge. The bureaus themselves do not make the decision.

Credit Bureau Differences

These three credit bureaus, like all other credit bureaus, are separate entities and operate independently of each other. They generally do not share your account information with each other.

Your creditors may report to all three of the major credit bureaus or just one of them.

Because of that, the information in your credit file may be different between the three credit bureaus.

When potential creditors and lenders check your credit, they may only pull one bureau s credit report, rather than viewing all three. (It s often less expensive for businesses to check just one credit report.)

Because your credit reports may be different from each other, it s important that you review your reports from all three bureaus.

FICO Is Not a Credit Bureau

FICO is another major company in the credit industry. FICO developed and maintains the FICO credit score, but it is not a credit bureau. While they compile your credit score based on data from the major credit bureaus, they do not collect credit report data on their own.





Things You Should Know About Credit Bureaus, credit bureaus contact information.#Credit #bureaus #contact #information

Things You Should Know About Credit Bureaus

Credit bureaus contact information

A credit bureau is an company that collects and maintains individual credit information and sells it to lenders, creditors, and consumers in the form of a credit report. While there are dozens of credit bureaus across the U.S., most consumers are familiar with the big three: Equifax, Experian, and TransUnion. The biggest credit bureaus do more than just compile and report consumer credit information.

They also provide dozens of solutions that help businesses more better decisions.

Types of Information the Credit Bureaus Collect

The credit bureaus maintain a number of details related to you and credit history, starting from the time you open your first credit account. For instance, the credit bureau collects Information about credit accounts: your repayment history, the amount of credit you have available, the amount of credit you re using, outstanding debt collections, details on public records like bankruptcy, tax liens, foreclosure, and repossession.

Credit bureaus also maintain non-credit information about you including your address, current and previous employers, and salary information. While this information isn t used to calculate your credit score, businesses may consider it when they re evaluating whether to do business with you.

Where Do Credit Bureaus Get Information?

Credit bureaus depend on banks and other businesses to provide them with consumer information.

Many of the companies you do business with send regular updates on your open accounts. Credit bureaus also get information about you from public court records.

Credit bureaus use different sources for obtaining information so your credit report may vary slightly from bureau to bureau. Entire accounts may be missing from your credit report.

Who Uses Credit Bureau Data?

Banks and credit card issuers are the most obvious users of the information provided by credit bureaus. A host of other companies turn to credit bureaus to make decisions about you. Employers, insurance companies, landlords, and debt collectors all request information from the credit bureaus.

Credit bureaus provide prescreening lists to banks and insurance companies to help these companies decide which consumers may take advantage of their products. Credit card issuers, for example, may request a list of consumers with high credit card balances to send these consumers offers for balance transfer credit cards. If you ve ever wondered how pre-approved credit card offers wind up in your bank account or how banks know to offer an unsolicited refinance on your mortgage, this is how. (By the way, you can opt-out of prescreening by going to OptOutPrescreen.com.)

Law Regarding Credit Bureaus

The Fair Credit Reporting Act (FCRA) is a federal law that defines how credit bureaus are supposed to operate. The FCRA gives consumers the right to an accurate credit report. If you find errors in your credit report, you re allowed to dispute these errors with the credit bureaus.

The credit bureau is then required to do an investigation and correct the errors when necessary.

Credit Bureaus Providing Free Credit Reports

You also have the right to order your credit report from the three credit bureaus. The Fair and Accurate Credit Transactions Act gives you the right to one free credit report each year from each of the three major credit bureaus. You can order this annual credit report through AnnualCreditReport.com.

The credit bureaus are also required to give you a free credit report if:

  • you had an application denied because of information on your credit report
  • you re unemployed and are planning to start a job search within 60 days
  • you re on welfare
  • you re a victim of identity theft.

Your Credit Information Could Have Errors

One in 20 consumers has a credit report error that will lower their credit score to the point that it makes getting credit more expensive, according to a 2013 study by the Federal Trade Commission.





3 Bureau Credit Reports and Scores from Experian, 3 major credit bureaus.#3 #major #credit #bureaus

3-Bureau Credit Report and FICO Scores 1

One-time cost of $39.95

1 Credit score calculated based on FICO Score 8 model. Your lender or insurer may use a different FICO Score than FICO Score 8, or another type of credit score altogether. Learn More.

Product features:

3-bureau Credit Report

See how you compare across all 3-bureau Credit Reports with views into your personal information, the accounts reported to each bureau, overall credit usage and debt summary, what hard inquiries there are, and if there are any collections or public records reported.

3-bureau FICO Scores

See what factors are impacting each of your 3-bureau FICO Scores, including payment history, recent credit card usage, your length of credit history, any derogatory items, and credit account types such as installment loans.

Live customer support

Get insight into the factors that may be impacting your credit risk level, and learn the details about the items that appear in your Experian Credit Report. Support is available toll-free 7 days a week.

3-bureau credit resources

How to Resolve Disputes with Credit Bureaus

When you dispute information on your Credit Report, Experian contacts the company that reported the information and notifies them of your dispute.

Debt Bureau Reports Not Part of Experian Credit Report

Debit bureaus specialize in collecting information on accounts held at banking institutions, such as checking and savings accounts, and the information collected by debit bureaus do not appear in an Experian Credit Report.

Do you have to place a fraud alert with each credit reporting company?

When you request a fraud alert or security alert be added with any of the three major credit reporting companies, the company you contacted will notify the other two and alerts will be added with those agencies as well.

Credit basics

Why can Credit Scores be different for each of the 3 bureaus?

If the scores vary based on the same scoring model, then Credit Report information could be different at each of the 3 bureaus. For example, one bureau may have 6 hard inquiries on its credit report, another may have 2, and the last bureau may have 4. Since the number of hard inquiries is a factor in calculating your Credit Score, this could produce different score numbers, even though it is based on the same scoring model.

Why should I check all 3 bureau Credit Reports and Credit Scores?

Information reported to each of the 3 bureaus can be different and the individual creditors furnishing data may also be different, meaning one creditor may only report to one or only two of the three bureaus. Lenders, such as mortgage companies are not required by law to report account information to each of the 3 bureaus. Checking each of your 3 Credit Reports gives you a comprehensive view so that you can easily identify differences that could impact your credit standing.

Get your 3-bureau Credit Report and FICO Scores

One time cost of $39.95

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FICO Scores are developed by Fair Isaac Corporation. The FICO Score provided by ConsumerInfo.com, Inc., also referred to as Experian Consumer Services (“ECS”), in Experian CreditWorks SM , Credit Tracker SM and/or your free Experian membership (as applicable) is based on FICO Score 8, unless otherwise noted. Many but not all lenders use FICO Score 8.

In addition to the FICO Score 8, ECS may offer and provide other base or industry-specific FICO Scores (such as FICO Auto Scores and FICO Bankcard Scores). The other FICO Scores made available are calculated from versions of the base and industry-specific FICO Score models. There are many different credit scoring models that can give a different assessment of your credit rating and relative risk (risk of default) for the same credit report. Your lender or insurer may use a different FICO Score than FICO Score 8 or such other base or industry-specific FICO Score, or another type of credit score altogether. Just remember that your credit rating is often the same even if the number is not.

For some consumers, however, the credit rating of FICO Score 8 (or other FICO Score) could vary from the score used by your lender. The statements that “90% of top lenders use FICO Scores” and “FICO Scores are used in 90% of credit decisions” are based on a third-party study of all versions of FICO Scores sold to lenders, including but not limited to scores based on FICO Score 8. Base FICO Scores (including the FICO Score 8) range from 300 to 850. Industry-specific FICO Scores range from 250-900. Higher scores represent a greater likelihood that you’ll pay back your debts so you are viewed as being a lower credit risk to lenders. A lower FICO Score indicates to lenders that you may be a higher credit risk.

There are three different major credit reporting agencies — the Experian credit bureau, TransUnion ® and Equifax ® — that maintain a record of your credit history known as your credit report. Your FICO Score is based on the information in your credit report at the time it is requested. Your credit report information can vary from agency to agency because some lenders report your credit history to only one or two of the agencies. So your FICO Score can vary if the information they have on file for you is different. Since the information in your report can change over time, your FICO Score may also change.





Credit Bureau Reporting information at, credit reporting bureaus.#Credit #reporting #bureaus

Credit Bureaus

Credit Bureau Expertise

In today’s highly competitive markets, lenders need to ensure that they are making the right credit decisions.

Why Choose Experian?

Mike Herman, Ford Credit Europe: ‘Their innovative products and services enable us to access the data and interpret it quickly and consistently.’

Experian’s Bureau Formula

Our approach to the development of a credit bureau is to harness the power of the data that is available in each market.

The Experian Bureau Solution

A credit bureau system needs to be tailored to the market and legal requirements relevant to the country where the solution is to be deployed.

Value Added Products

Value added products are available to exploit the potential of the bureau data.

Experian’s Credit Bureau Expertise

In today’s highly competitive markets, lenders need to ensure that they are making the right credit decisions. To achieve this, decisions need to be based on the most accurate and up-to-date information available.

The Most Accurate Information

Credit grantors around the world are benefiting from the information services provided by Experian’s international bureaus. These services range from a simple credit report to sophisticated risk and customer management tools, as well as fraud prevention solutions.

Experian has a proven track of successful implementation and operation of consumer and commercial credit bureau solutions. Credit bureau systems operated by Experian are market leaders in the US, the UK, Brazil, South Africa, and within a number of European countries. Experian has also been proactively working within Africa, the Middle East and Asia-Pacific regions for several years, contributing to the delivery of bureau solutions in:

Size Matters

The scale of Experian’s business, significantly bigger than that of its competitors, supports the ability to invest consistently in the development of new, ground-breaking solutions. These ideas are then tailored and customized to the needs of the different markets, thanks to the presence of Experian offices in more than 40 countries worldwide, with over 15,000 employees supporting clients in approx. 65 countries.

Experian’s credit bureau solutions can provide a complete service, helping credit grantors to make the right decisions, at the right time, throughout the customer life cycle.

How to Succeed

The success of a credit bureau solution depends on several factors:

  • the willingness and ability of the financial institutions to share data (with particular regard to positive credit accounts)
  • supportive and helpful data protection legislation, which may include a specific code of conduct for the Credit Bureau
  • data quality (and quantity)
  • robust, yet flexible, well designed infrastructure to offer capable data processing and delivery mechanisms
  • value added products and solutions to actively support the development of the credit market
  • close relationship with regulators, international organizations (e.g. World Bank), subscriber organizations and consumer associations

The Bureau Operator needs to be provided with the right tools, knowledge and support to operate the bureau solution within a potentially complex scenario.

Meeting the Unique Requirements of Each Market

Experian works closely with credit grantors, legislators and relevant government authorities to provide a solution that meets the unique requirements of each individual market.

For more information on our current operations in international markets, please see the enclosed fact sheet on Experian’s international bureau.

I Want to Learn More

Please complete the form below and we will contact you as soon as possible.





Things You Should Know About Credit Bureaus, credit bureaus.#Credit #bureaus

Things You Should Know About Credit Bureaus

Credit bureaus

Credit bureaus

A credit bureau is an company that collects and maintains individual credit information and sells it to lenders, creditors, and consumers in the form of a credit report. While there are dozens of credit bureaus across the U.S., most consumers are familiar with the big three: Equifax, Experian, and TransUnion. The biggest credit bureaus do more than just compile and report consumer credit information.

They also provide dozens of solutions that help businesses more better decisions.

Types of Information the Credit Bureaus Collect

The credit bureaus maintain a number of details related to you and credit history, starting from the time you open your first credit account. For instance, the credit bureau collects Information about credit accounts: your repayment history, the amount of credit you have available, the amount of credit you re using, outstanding debt collections, details on public records like bankruptcy, tax liens, foreclosure, and repossession.

Credit bureaus also maintain non-credit information about you including your address, current and previous employers, and salary information. While this information isn t used to calculate your credit score, businesses may consider it when they re evaluating whether to do business with you.

Where Do Credit Bureaus Get Information?

Credit bureaus depend on banks and other businesses to provide them with consumer information.

Many of the companies you do business with send regular updates on your open accounts. Credit bureaus also get information about you from public court records.

Credit bureaus use different sources for obtaining information so your credit report may vary slightly from bureau to bureau. Entire accounts may be missing from your credit report.

Who Uses Credit Bureau Data?

Banks and credit card issuers are the most obvious users of the information provided by credit bureaus. A host of other companies turn to credit bureaus to make decisions about you. Employers, insurance companies, landlords, and debt collectors all request information from the credit bureaus.

Credit bureaus provide prescreening lists to banks and insurance companies to help these companies decide which consumers may take advantage of their products. Credit card issuers, for example, may request a list of consumers with high credit card balances to send these consumers offers for balance transfer credit cards. If you ve ever wondered how pre-approved credit card offers wind up in your bank account or how banks know to offer an unsolicited refinance on your mortgage, this is how. (By the way, you can opt-out of prescreening by going to OptOutPrescreen.com.)

Law Regarding Credit Bureaus

The Fair Credit Reporting Act (FCRA) is a federal law that defines how credit bureaus are supposed to operate. The FCRA gives consumers the right to an accurate credit report. If you find errors in your credit report, you re allowed to dispute these errors with the credit bureaus.

The credit bureau is then required to do an investigation and correct the errors when necessary.

Credit Bureaus Providing Free Credit Reports

You also have the right to order your credit report from the three credit bureaus. The Fair and Accurate Credit Transactions Act gives you the right to one free credit report each year from each of the three major credit bureaus. You can order this annual credit report through AnnualCreditReport.com.

The credit bureaus are also required to give you a free credit report if:

  • you had an application denied because of information on your credit report
  • you re unemployed and are planning to start a job search within 60 days
  • you re on welfare
  • you re a victim of identity theft.

Your Credit Information Could Have Errors

One in 20 consumers has a credit report error that will lower their credit score to the point that it makes getting credit more expensive, according to a 2013 study by the Federal Trade Commission.

Another person s information can erroneously wind up on your credit report, especially if their name or other personal information is similar to yours. Federal law gives you the right to dispute errors on your credit report, but the process doesn t always work as easily as it should. In 2013, an Oregon woman won an $18 million lawsuit against Equifax, one of the big three credit bureaus, after it failed to correct a credit report error that she s disputed 13 times over the course of two years.

These errors are sometimes supplied and confirmed by creditors and lenders who rely on the (sometimes erroneous) information in their computer systems rather than documentation provided by consumers.

Credit Bureaus Only Provide Information

While credit bureaus provide some or all the credit information that creditors and lenders use to deny or approve your applications, the bureau itself does not make a credit decision.





Credit Bureaus Fraud Alerts are not as effective as a Security Credit Freeze, credit bureaus.#Credit #bureaus

credit bureaus

Placing a Fraud Alert on your credit file is an important step if:

a) You know you are currently a victim of identity theft, or

b) You suspect you are or may soon be a victim of identity theft, or

c) You are serving on active military duty.

The purpose of placing a Fraud Alert on your credit file is to warn new and existing creditors that you are, or suspect you will soon be, a victim of identity theft. By warning existing and potential creditors, you reduce the risk of an identity thief opening new lines of credit or modifying existing lines of credit. Additionally, a Fraud Alert may be used by anyone serving on active military duty to proactively protect them from identity thieves while they are serving on active duty.

There are three types of Fraud Alerts: 90-day Fraud Alerts; Extended Fraud Alerts; and, Active Military Duty Fraud Alerts. Each of the three types of alerts are designed for different purposes and place different requirements upon creditors already doing business with you or who seek to do business with you.

The following information will assist you in determining which alert is appropriate for your specific circumstance.

90 Day Fraud Alert 90 Day Fraud Alerts are also called Initial Fraud Alerts. They are designed to alert existing and potential creditors who access your credit file that you have a good faith suspicion you are currently a victim of identity theft or that you may become an identity theft victim soon. This type of alert is appropriate if an event has recently happened that either increases your chances of becoming a victim of identity theft or causes you to suspect you are in fact a victim of identity theft. As the name suggests, this type of alert will only remain on your file for a period of 90 days.

Once the 90 Day Fraud Alert is placed on your credit file, creditors accessing your credit report are required to take additional steps to authenticate any requests to open or modify a credit line. Additionally, by placing the alert you will be entitled to a free credit report from the credit reporting agency.

Anyone can place a 90 Day Fraud Alert on their credit file for free. And, if you place a 90 Day Fraud Alert on your credit file at any one of the three nationwide credit reporting agencies, Equifax, Experian and TransUnion, that agency will notify the remaining two agencies to also place a 90 Day Fraud Alert on your credit file as well. Equifax has the most user-friendly online procedure for placing a 90 Day Fraud Alert on your credit file.

Extended Fraud Alert Extended Fraud Alerts are also called 7 Year Alerts. Extended Fraud Alerts are designed to alert existing and potential creditors who access your credit file that you are in fact a victim of identity theft. This type of alert is appropriate if you know for certain that your identity has been stolen. You will have to provide a local, state or federal law enforcement report documenting that you are a victim of identity theft or mail theft. Also, you will need to supply several types of documentation to identify yourself when you request the Extended Fraud Alert. An Extended Fraud Alert will remain on your file for a period of 7 years.

Once the Extended Fraud Alert is placed on your credit file, creditors accessing your credit report are required to personally contact you before authorizing any requests to open or modify a credit line. Additionally, by placing the alert you will be entitled to two free credit reports from the each of the three major credit reporting agencies and your name will be deleted from prescreened credit and insurance offers for 5 years.

Anyone can place an Extended Fraud Alert on their credit file for free. However, unlike 90 Day Fraud Alerts, Extended Fraud Alerts must be requested by mail or fax. If you place an Extended Fraud Alert on your credit file with any one of the three nationwide credit reporting agencies, Equifax, Experian and TransUnion, that agency will notify the remaining two agencies to also place an Extended Fraud Alert on your credit file as well.

Active Military Duty Alert – Active Military Duty Alerts are designed to alert existing and potential creditors who access your credit file that you are currently on active military duty. This type of alert is appropriate if you are about to begin active military duty and would like to add an extra layer of protection to your credit file. An Active Military Duty Alert will remain on your file for a period of one year.

Once the Active Military Duty Fraud Alert is placed on your credit file, creditors accessing your credit report are required to take additional steps to authenticate any requests to open or modify a credit line. Additionally, by placing the alert you will be entitled to a free credit report from each of the three major credit reporting agencies and your name will be deleted from prescreened credit and insurance offers for 2 years.

Military personnel can place an Active Military Duty Alert on their credit file for free. If you place an Active Military Duty Alert on your credit file with any one of the three nationwide credit reporting agencies, Equifax, Experian and TransUnion, that agency will notify the remaining two agencies to also place an Active Military Duty Alert on your credit file as well. Equifax has the most user-friendly online procedure for placing an Active Military Duty Alert on your credit file.

For further information about Fraud Alerts you can contact the three nationwide credit reporting agencies:





Who Are the Three Major Credit Bureaus, three credit bureaus.#Three #credit #bureaus

Who Are the Three Major Credit Bureaus?

Three credit bureaus

Credit bureaus, also called credit reporting agencies, are companies that collect and maintain consumer credit information then resell it to other businesses in the form of a credit report.

There are many credit bureaus in the United States, but most people are familiar with the big three: Equifax, Experian, and TransUnion. These bureaus are all publicly-traded, for-profit companies who are not owned by the government.

The government does, however, have legislation, the Fair Credit Reporting Act, regarding how these and other credit bureaus should operate.

Credit bureaus have business relationships with many banks, credit card issuers, and other businesses that you may have an account with. Because of this connection, your account history will appear on one or all three of your credit reports with these bureaus.

You have a right to view your credit report and you can order a free credit report from each of the three major credit bureaus each year through AnnualCreditReport.com. You can also purchase a credit report directly from any of the credit bureaus at any time. Two of the credit bureaus, Equifax and Experian, offer 3-bureau credit reports which include all three major credit reports in a single document.

You may also need to contact a credit bureau directly to dispute inaccurate information in your credit report, purchase a credit score, or to place a fraud alert or security freeze on your credit report.

Otherwise, you generally wouldn t interact with a credit bureau, even though they play a major role in your financial life.

Contact Information For the Three Credit Bureaus

Atlanta, GA 30374-0241

Allen, TX 75013-0949

Chester, PA 19022

What the Three Bureaus Do and Don t Do

The major credit bureaus receive credit-related information from companies that you do business with. They may also pull relevant public records, like tax lien or bankruptcy, and include that information in your credit report.

The major credit bureaus sell your credit information to businesses who have a legally valid need for viewing your credit information. Your information is also sold to companies who may prescreen you for their products and services. For example, a company who you ve applied for credit with would have a valid need for looking at your credit report.

The major credit bureaus only provide the information or other analytical tools to help businesses make decisions about which customers to accept and the price they should charge. The bureaus themselves do not make the decision.

Credit Bureau Differences

These three credit bureaus, like all other credit bureaus, are separate entities and operate independently of each other. They generally do not share your account information with each other.

Your creditors may report to all three of the major credit bureaus or just one of them.

Because of that, the information in your credit file may be different between the three credit bureaus.

When potential creditors and lenders check your credit, they may only pull one bureau s credit report, rather than viewing all three. (It s often less expensive for businesses to check just one credit report.)

Because your credit reports may be different from each other, it s important that you review your reports from all three bureaus.

FICO Is Not a Credit Bureau

FICO is another major company in the credit industry. FICO developed and maintains the FICO credit score, but it is not a credit bureau. While they compile your credit score based on data from the major credit bureaus, they do not collect credit report data on their own.

Ready to start building wealth? Sign up today to learn how to save for an early retirement, tackle your debt, and grow your net worth.





Who Are the Three Major Credit Bureaus, 3 credit bureaus.#3 #credit #bureaus

Who Are the Three Major Credit Bureaus?

3 credit bureaus

Credit bureaus, also called credit reporting agencies, are companies that collect and maintain consumer credit information then resell it to other businesses in the form of a credit report.

There are many credit bureaus in the United States, but most people are familiar with the big three: Equifax, Experian, and TransUnion. These bureaus are all publicly-traded, for-profit companies who are not owned by the government.

The government does, however, have legislation, the Fair Credit Reporting Act, regarding how these and other credit bureaus should operate.

Credit bureaus have business relationships with many banks, credit card issuers, and other businesses that you may have an account with. Because of this connection, your account history will appear on one or all three of your credit reports with these bureaus.

You have a right to view your credit report and you can order a free credit report from each of the three major credit bureaus each year through AnnualCreditReport.com. You can also purchase a credit report directly from any of the credit bureaus at any time. Two of the credit bureaus, Equifax and Experian, offer 3-bureau credit reports which include all three major credit reports in a single document.

You may also need to contact a credit bureau directly to dispute inaccurate information in your credit report, purchase a credit score, or to place a fraud alert or security freeze on your credit report.

Otherwise, you generally wouldn t interact with a credit bureau, even though they play a major role in your financial life.

Contact Information For the Three Credit Bureaus

Atlanta, GA 30374-0241

Allen, TX 75013-0949

Chester, PA 19022

What the Three Bureaus Do and Don t Do

The major credit bureaus receive credit-related information from companies that you do business with. They may also pull relevant public records, like tax lien or bankruptcy, and include that information in your credit report.

The major credit bureaus sell your credit information to businesses who have a legally valid need for viewing your credit information. Your information is also sold to companies who may prescreen you for their products and services. For example, a company who you ve applied for credit with would have a valid need for looking at your credit report.

The major credit bureaus only provide the information or other analytical tools to help businesses make decisions about which customers to accept and the price they should charge. The bureaus themselves do not make the decision.

Credit Bureau Differences

These three credit bureaus, like all other credit bureaus, are separate entities and operate independently of each other. They generally do not share your account information with each other.

Your creditors may report to all three of the major credit bureaus or just one of them.

Because of that, the information in your credit file may be different between the three credit bureaus.

When potential creditors and lenders check your credit, they may only pull one bureau s credit report, rather than viewing all three. (It s often less expensive for businesses to check just one credit report.)

Because your credit reports may be different from each other, it s important that you review your reports from all three bureaus.

FICO Is Not a Credit Bureau

FICO is another major company in the credit industry. FICO developed and maintains the FICO credit score, but it is not a credit bureau. While they compile your credit score based on data from the major credit bureaus, they do not collect credit report data on their own.





3 Ways to Report to Credit Bureaus, 3 credit bureaus.#3 #credit #bureaus

How to Report to Credit Bureaus

Credit bureaus are agencies that keep credit reports on file for every consumer with a federally-issued social security number (SSN). A credit report file contains information about an individual’s financial debt, including account numbers for current and past debts, loan types and terms and payment history. If an individual defaults on loan payments, the creditor may opt to send a report of the late payment(s) to the credit bureaus so that it will be reflected in the consumer’s credit file. If you are a small business with few debtors, you will have to use a middleman and pay a fee to report to the credit bureaus. Otherwise, you may join the credit reporting bureaus and report directly to them.

Steps Edit

Method One of Three:

Learning About Credit Bureaus Edit

3 credit bureaus

3 credit bureaus

3 credit bureaus

Method Two of Three:

Hiring a Collection Agency or Credit Reporting Service Edit

3 credit bureaus

3 credit bureaus

3 credit bureaus





Three Credit Bureaus Agencies, credit bureaus contact information.#Credit #bureaus #contact #information

Information on the 3 National Credit Reporting Agencies or Credit Bureaus

The 3 national credit reporting agencies in the United States are Equifax, Experian, and Trans Union. Experian was formerly known as TRW. A fourth national credit reporting agency named Innovis exists, but does not currently seem to factor into decisions for denials of credit, insurance or employment. It is more in a development stage.

To contact the 3 national credit reporting agencies:

The three national credit agencies may be contacted directly at:

Equifax

TransUnion

Experian

Atlanta, GA 30374

Chester, PA 19022

These national credit agencies are for-profit companies owned by their shareholders. They are not government entities or funded by the government. There are also independent, non-national, local credit bureaus throughout the country that are generally affiliated with one of the 3 national credit reporting agencies. Local bureaus are sometimes for-profit companies and sometimes non-profit associations of lender/members in a particular geographical area.

The 3 national credit reporting agencies are competitors of each other, and they do not normally share their credit information except in special cases. That is why it is important to order a credit report from all three.

Credit agencies or bureaus gather their consumer credit information by soliciting creditors such as credit card companies, banks, and lenders to join their systems and contribute their credit experience on consumers to the systems. In return for submitting information to the systems, creditor members may use the system to obtain credit information on consumers to approve credit decisions or review existing consumer accounts.

Credit agencies are generally regulated by the Fair Credit Reporting Act (FCRA), which is the Federal law generally covering consumer reporting agencies including credit reporting in this country. Individual states may also have their own versions of the law.

Under Federal law credit reporting companies known as CRAs (consumer reporting agencies) have numerous responsibilities to protect consumers and their credit information. A Summary of the FCRA is at http://www.creditreporting.com/fair-credit-reporting-act/index.html .

Opt Out Number For List Sales by the National Credit Reporting Agencies

IN COMPLIANCE WITH THE FAIR CREDIT REPORTING ACT OF 1996.

The credit reporting industry has designated a single toll free number that will allow consumers to opt out of promotional mailing lists sold by credit reporting agencies. The system is an interactive voice mail that requests information necessary to opt out of such lists.

Consumers should call (888) 5 OPT OUT and follow the voice prompt. Once the information is recorded, an e-mail is sent to the three bureaus daily and posted to consumer files. The number is available 24 hours a day.





Who Are the Three Major Credit Bureaus, credit bureaus contact information.#Credit #bureaus #contact #information

Who Are the Three Major Credit Bureaus?

Credit bureaus contact information

Credit bureaus, also called credit reporting agencies, are companies that collect and maintain consumer credit information then resell it to other businesses in the form of a credit report.

There are many credit bureaus in the United States, but most people are familiar with the big three: Equifax, Experian, and TransUnion. These bureaus are all publicly-traded, for-profit companies who are not owned by the government.

The government does, however, have legislation, the Fair Credit Reporting Act, regarding how these and other credit bureaus should operate.

Credit bureaus have business relationships with many banks, credit card issuers, and other businesses that you may have an account with. Because of this connection, your account history will appear on one or all three of your credit reports with these bureaus.

You have a right to view your credit report and you can order a free credit report from each of the three major credit bureaus each year through AnnualCreditReport.com. You can also purchase a credit report directly from any of the credit bureaus at any time. Two of the credit bureaus, Equifax and Experian, offer 3-bureau credit reports which include all three major credit reports in a single document.

You may also need to contact a credit bureau directly to dispute inaccurate information in your credit report, purchase a credit score, or to place a fraud alert or security freeze on your credit report.

Otherwise, you generally wouldn t interact with a credit bureau, even though they play a major role in your financial life.

Contact Information For the Three Credit Bureaus

Atlanta, GA 30374-0241

Allen, TX 75013-0949

Chester, PA 19022

What the Three Bureaus Do and Don t Do

The major credit bureaus receive credit-related information from companies that you do business with. They may also pull relevant public records, like tax lien or bankruptcy, and include that information in your credit report.

The major credit bureaus sell your credit information to businesses who have a legally valid need for viewing your credit information. Your information is also sold to companies who may prescreen you for their products and services. For example, a company who you ve applied for credit with would have a valid need for looking at your credit report.

The major credit bureaus only provide the information or other analytical tools to help businesses make decisions about which customers to accept and the price they should charge. The bureaus themselves do not make the decision.

Credit Bureau Differences

These three credit bureaus, like all other credit bureaus, are separate entities and operate independently of each other. They generally do not share your account information with each other.

Your creditors may report to all three of the major credit bureaus or just one of them.

Because of that, the information in your credit file may be different between the three credit bureaus.

When potential creditors and lenders check your credit, they may only pull one bureau s credit report, rather than viewing all three. (It s often less expensive for businesses to check just one credit report.)

Because your credit reports may be different from each other, it s important that you review your reports from all three bureaus.

FICO Is Not a Credit Bureau

FICO is another major company in the credit industry. FICO developed and maintains the FICO credit score, but it is not a credit bureau. While they compile your credit score based on data from the major credit bureaus, they do not collect credit report data on their own.

Ready to start building wealth? Sign up today to learn how to save for an early retirement, tackle your debt, and grow your net worth.





Equifax And Other Credit Bureaus Avoid Oversight In Washington, D, credit reporting bureaus.#Credit #reporting #bureaus

Equifax Breach Puts Credit Bureaus’ Oversight In Question

Credit reporting bureaus

Credit reporting bureaus

Equifax spent over $1 million last year on lobbying efforts, according to data compiled by the Center for Responsive Politics. Mike Stewart/AP hide caption

Equifax spent over $1 million last year on lobbying efforts, according to data compiled by the Center for Responsive Politics.

The Equifax data breach exposed the personal information of an estimated 143 million Americans. It has led to a lawsuit against the company by the state of Massachusetts, an investigation by the Federal Trade Commission and the promise of congressional hearings. The episode, though, has revealed that up until now, the big three credit reporting companies have had a lot of clout in Washington, D.C., analysts say.

The credit reporting companies have to comply with rules set by the Federal Trade Commission and the Consumer Financial Protection Bureau, which regulate how the companies can sell your financial data to other companies.

Credit reporting bureaus

Business

After Equifax Hack, Consumers Are On Their Own. Here Are 6 Tips To Protect Your Data

But protecting that data is a kind of regulatory black hole. There is very little oversight — compared to banks, for example, says Rohit Chopra, a former assistant director of the CFPB. “To maintain a national bank license, banks have to prove that their standards are up to snuff,” he says, “but credit reporting agencies don’t face that same level of oversight, even though they hold data on the majority of American adults.”

Chopra says what he calls the “meltdown at Equifax should be a wake-up call” to consumers about the outsized role credit reporting companies play “without our consent.”

Chopra is now a senior fellow at the Consumer Federation of America, where he wrote up advice for those affected by the breach. Chopra says there are few rules protecting consumers’ data or that require credit bureaus to immediately notify consumers in the event of a breach. It took Equifax some six weeks to reveal the hack, and the company left it up to consumers to try to find out if their data had been stolen.

Credit reporting bureaus

The Two-Way

Equifax Confirms Another ‘Security Incident’

Chopra says people have little control over their information, and that with credit bureaus, “in some ways you’re not the customer, you’re the product.”

And Ed Mierzwinski of U.S. PIRG (Public Interest Research Group) says when it comes to choosing a credit bureau, consumers have no choice. “If you don’t like AT ?>

Credit Bureaus Fraud Alerts are not as effective as a Security Credit Freeze, credit bureaus.#Credit #bureaus

credit bureaus

Placing a Fraud Alert on your credit file is an important step if:

a) You know you are currently a victim of identity theft, or

b) You suspect you are or may soon be a victim of identity theft, or

c) You are serving on active military duty.

The purpose of placing a Fraud Alert on your credit file is to warn new and existing creditors that you are, or suspect you will soon be, a victim of identity theft. By warning existing and potential creditors, you reduce the risk of an identity thief opening new lines of credit or modifying existing lines of credit. Additionally, a Fraud Alert may be used by anyone serving on active military duty to proactively protect them from identity thieves while they are serving on active duty.

There are three types of Fraud Alerts: 90-day Fraud Alerts; Extended Fraud Alerts; and, Active Military Duty Fraud Alerts. Each of the three types of alerts are designed for different purposes and place different requirements upon creditors already doing business with you or who seek to do business with you.

The following information will assist you in determining which alert is appropriate for your specific circumstance.

90 Day Fraud Alert 90 Day Fraud Alerts are also called Initial Fraud Alerts. They are designed to alert existing and potential creditors who access your credit file that you have a good faith suspicion you are currently a victim of identity theft or that you may become an identity theft victim soon. This type of alert is appropriate if an event has recently happened that either increases your chances of becoming a victim of identity theft or causes you to suspect you are in fact a victim of identity theft. As the name suggests, this type of alert will only remain on your file for a period of 90 days.

Once the 90 Day Fraud Alert is placed on your credit file, creditors accessing your credit report are required to take additional steps to authenticate any requests to open or modify a credit line. Additionally, by placing the alert you will be entitled to a free credit report from the credit reporting agency.

Anyone can place a 90 Day Fraud Alert on their credit file for free. And, if you place a 90 Day Fraud Alert on your credit file at any one of the three nationwide credit reporting agencies, Equifax, Experian and TransUnion, that agency will notify the remaining two agencies to also place a 90 Day Fraud Alert on your credit file as well. Equifax has the most user-friendly online procedure for placing a 90 Day Fraud Alert on your credit file.

Extended Fraud Alert Extended Fraud Alerts are also called 7 Year Alerts. Extended Fraud Alerts are designed to alert existing and potential creditors who access your credit file that you are in fact a victim of identity theft. This type of alert is appropriate if you know for certain that your identity has been stolen. You will have to provide a local, state or federal law enforcement report documenting that you are a victim of identity theft or mail theft. Also, you will need to supply several types of documentation to identify yourself when you request the Extended Fraud Alert. An Extended Fraud Alert will remain on your file for a period of 7 years.

Once the Extended Fraud Alert is placed on your credit file, creditors accessing your credit report are required to personally contact you before authorizing any requests to open or modify a credit line. Additionally, by placing the alert you will be entitled to two free credit reports from the each of the three major credit reporting agencies and your name will be deleted from prescreened credit and insurance offers for 5 years.

Anyone can place an Extended Fraud Alert on their credit file for free. However, unlike 90 Day Fraud Alerts, Extended Fraud Alerts must be requested by mail or fax. If you place an Extended Fraud Alert on your credit file with any one of the three nationwide credit reporting agencies, Equifax, Experian and TransUnion, that agency will notify the remaining two agencies to also place an Extended Fraud Alert on your credit file as well.

Active Military Duty Alert – Active Military Duty Alerts are designed to alert existing and potential creditors who access your credit file that you are currently on active military duty. This type of alert is appropriate if you are about to begin active military duty and would like to add an extra layer of protection to your credit file. An Active Military Duty Alert will remain on your file for a period of one year.

Once the Active Military Duty Fraud Alert is placed on your credit file, creditors accessing your credit report are required to take additional steps to authenticate any requests to open or modify a credit line. Additionally, by placing the alert you will be entitled to a free credit report from each of the three major credit reporting agencies and your name will be deleted from prescreened credit and insurance offers for 2 years.

Military personnel can place an Active Military Duty Alert on their credit file for free. If you place an Active Military Duty Alert on your credit file with any one of the three nationwide credit reporting agencies, Equifax, Experian and TransUnion, that agency will notify the remaining two agencies to also place an Active Military Duty Alert on your credit file as well. Equifax has the most user-friendly online procedure for placing an Active Military Duty Alert on your credit file.

For further information about Fraud Alerts you can contact the three nationwide credit reporting agencies:





How To Check My Credit Rating: Credit Reports Online From All 3 Bureaus #free #credit #check #without #credit #card

#how do i check my credit rating
#

how to check my credit rating

How to check my credit rating After the new provisions in the debt program by the federal government, a person can get many benefits. how to check my credit rating The very first step to increasing your credit score is to know precisely what is owed and to whom.

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How to check my credit rating You can find information about the analysis, processing services and solutions to decision making. how to check my credit rating By hiring the services of credit counselors most professionals, you do your chances of breaking the vicious circle of debt more vivid.





How to Put The Credit Bureaus on Fraud Alert #how #to #get #a #credit #card

#three credit bureaus
#

How to Put The Credit Bureaus on Fraud Alert

Fraud Alerts were initially established as a way for victims to flag their credit, and prevent more accounts being opened in a victim’s name. When a fraud alert is in place, a creditor establishing a new account has to confirm that the application is legitimate, usually by calling a telephone number that has been provided in the alert. The intention is to prevent “instant credit” from being provided without your approval. An initial fraud alert is temporary – 90 days – and is intended to give you a window of opportunity with which to check your credit report for signs of tampering and either confirm or rule out an identity theft incident. If you discover you are indeed a victim, the fraud alert can be extended up to seven years by making a written request and providing proof of the identity theft – such as your police report.

Get started Start Your ID Theft Affidavit Answer a few questions. We’ll take care of the rest.

To establish a fraud alert, you can call the toll-free number of one of the three credit bureaus and report that you suspect or know you have been a victim of ID theft. If you contact one bureau, they are obligated to notify the other two. However, it’s not a bad idea to contact all three, if only for your own peace of mind.

Trans Union. 1-800-680-7289; www.transunion.com ; Fraud Victim Assistance Division, P.O. Box 6790, Fullerton, CA 92834-6790

Equifax. 1-800-525-6285; www.equifax.com ; P.O. Box 740241, Atlanta, GA 30374-0241

Experian. 1-888-EXPERIAN (397-3742); www.experian.com ; P.O. Box 9532, Allen, TX 75013

You are entitled to a free copy of your credit report from each reporting bureau as soon as you have placed your fraud alert on file. You may also request to only have the last four digits of your social security number appear on your credit reports if you ask. Make sure that all the information listed on your credit reports is correct, and to follow up with companies of unexplained accounts, or accounts that have been tampered with to remove those inconsistencies. You may get faster results if you send your police Identity Theft Report with a cover letter when following up with your creditors.

Get started Start Your ID Theft Affidavit Answer a few questions. We’ll take care of the rest.

This article contains general legal information and does not contain legal advice. Rocket Lawyer is not a law firm or a substitute for an attorney or law firm. The law is complex and changes often. For legal advice, please ask a lawyer .





Credit Cards that do not Report Credit Limits to the Credit Bureaus #farm #credit

#all credit report
#

Beware: Some Credit Cards Don t Report Credit Limits

Some credit cards do not report credit limits to credit bureaus, which can have a negative impact on your credit score; here s why and what to do about it.

Most credit cards report three pieces of information to the three credit bureaus:

  • Your payment history
  • Last month s balance
  • Your credit limit

Your payment history shows that you pay on time or not!

Last month s credit card balance shows how much you owe on that card.

Your credit limit shows how much you could borrow on the card.

Between last month s balance and your credit limits, you can see how much of your available credit you ve used. That s important because a big part of your credit score is based upon how much of your total available credit you use. If you divide the total balance on all of your credit cards by the total credit limit on all of your credit cards, you get what s called your debt utilization ratio.

The lower your debt utilization ratio, the better it is for your credit score. Less than 50 percent is good and less than 30 percent is ideal.

Unfortunately, some credit cards do not report your credit limit to the credit bureaus. Carrying a balance on these cards could lower your credit score.

What credit card companies do instead

When a credit card company does not report your credit limit, they may instead report your high balance. That is the highest balance you have had on that card in a certain time period. That high balance becomes your credit limit for the purposes of credit scoring.

So if you made a big purchase on your credit card (say $2,000) one month, paid it off, and then regularly only charge a few hundred dollars to that credit card, your utilization ratio will be okay. But if you routinely make a few hundred dollars in monthly purchases and never exceed that amount that credit card account could appear maxed out on your credit report (even if you pay it in full each month!) That’s not good.

Why credit cards that don t report limits can be bad

When your credit card company reports a high balance rather than your credit limit, even a small balance on that card can raise your utilization ratio and lower your credit score.

Which credit cards do not report credit limits?

I can’t provide a comprehensive list of all credit cards that don’t report your credit limits, but I do know of a few.

Charge cards, such as the green, gold and platinum cards from American Express, don’t have credit limits. They report your high balance instead. This also holds true for many “no pre-set spending limit” credit cards. I have heard that certain Visa Signature cards may not report balances, but I can t confirm this.

Do you know of other credit cards that do not report your credit limit to the credit bureaus? Let us know what they are!

Want to ditch a credit card that s doing this to you and find a new one?

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Different Credit Bureaus Have Different Credit Scores #credit #cars

#all three credit scores
#

Why Do Different Credit Bureaus Have Different Credit Scores?

A s if understanding the complex scoring model that generates our credit scores isn’t difficult enough, we then have to understand why, depending on the credit reporting agency, our credit score is different.

As we discussed in a previous article. the three major credit reporting agencies, Equifax, Experian and TransUnion have different names for their credit scores, which may even be calculated based on different credit scoring models, like the FICO model. Certain factors go into each and every credit score. regardless of how the score is calculated by the agency.

  • 35% of the score is usually related to the payment history of the consumer. This aspect accounts for the largest portion of a consumer’s credit score, so it is important to make all payments on time all the time.  One late payment can ding your credit score .
  • 30% relates to credit utilization which is the amount of credit used versus the amount of credit available to the consumer. This number is fluid depending on what your outstanding credit balance is when you run your score and when you pay your outstanding balance.
  • 15% of the overall score is related to the length of your overall credit history, so over time this can vary.
  • 10% is based on type of credit used such as a mortgage vs. unsecured credit card debt.
  • And the last 10% of your score depends on just how many (and what kind of) new credit account yous have.

Despite the fact that the scoring methodology and factors used to develop the credit score are similar across credit reporting agencies, a consumer’s credit score can differ depending on the credit agency.  Credit bureaus collect data independently of each other and typically, they don t share the data among each other.

Additionally, creditors and lenders may report data only to one or two of the credit bureaus. As a result, the reports generated by Equifax, Experian, and TransUnion may all look different from one another and accordingly, produce different scores.

Each credit bureau uses the information that it has in your file on your credit history to calculate their proprietary credit score. For example, TransUnion calculates your credit score with the data in your TransUnion credit report; therefore, if you have a collection account that appears on your TransUnion credit report, but not on your Experian credit report, your TransUnion credit score may be lower.

Additionally, an account could be reported by a lender/creditor to all three credit reporting agencies, yet the consumer may dispute the negative account and have it dismissed on one or two reports only. It is at the discretion of the credit reporting agency and their dispute department as to whether they believe you have provided enough evidence or information to have the account removed.

As a result, Experian may remove a negative account because they feel the consumer has provided enough information to successfully dispute it, while Equifax may not feel the account warrants removal from the consumer’s report. This is another instance that could cause the scores produced by the agencies to be different.

Finally, it s important to note that the actual credit score range at the different credit agencies varies. For instance, the credit score range a consumer receives from Experian known as the Experian/Fair Isaac Risk Model or PLUS, ranges from 330-830; the TransUnion score, also known as EMPIRICA, ranges from 300-850 and the score Equifax uses, Beacon, ranges from 350-850. Because the scoring range is different, it is likely that even if the report contains the same information on a consumer, the score will differ slightly due to the relative weight assigned to each factor and the scoring range.

Hopefully we ve done well in teaching you a little something about credit scores. They are admittedly confusing and most likely will vary based on the credit agency.  If you would like to check your credit score for free and see how it stacks up, visit our free credit score comparison page.

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Can a collection agency report your debt to the credit bureaus without contacting you first? #free #online #credit #reports

#credit agency
#

CreditLearningCenter.com says:

Dear Helena,

Thank you for you inquiry. The activities of collection agencies are regulated under the Fair Debt Collection Practices Act: http://www.ftc.gov/os/statutes/fdcpa/fdcpact.htm. The full text of this act can be found by going to the link provided above.

Basically, it is important to make a clear distinction between how an “original creditor” may act and how a “collection agency” may proceed regarding validating a debt, pursuing a debt, and reporting a debt to the credit bureaus. Remember, the above law does not govern the activities or original creditors, such as credit card companies, only third parties, or collection agencies. Even lawyers, hired by third party collection agencies, must adhere to the provisions of the FDPCA.

Under the FDCPA, you are allowed to validate this debt, and the creditor (in this case, the collection agency) must show you proof that the debt is valid and that you owe the debt to the collection agency (not to the original creditor.)

Here is the actual section of the FDPA which deals with the question you have asked:

FDCPA Section 809. Validation of debts [15 USC 1692g]

(b) If the consumer notifies the debt collector in writing within the thirty-day period described in subsection

(a) that the debt, or any portion thereof, is disputed, or that the consumer requests the name and address of the original creditor, the debt collector shall cease collection of the debt, or any disputed portion thereof, until the debt collector obtains verification of the debt or any copy of a judgment, or the name and address of the original creditor, and a copy of such verification or judgment, or name and address of the original creditor, is mailed to the consumer by the debt collector.

So, if a creditor can’t validate or verify a debt: They are not allowed to collect it; They are not allowed to contact you about it. and They are also not allowed to report it to the credit bureaus under the Fair Credit Reporting Act (FCRA). If they do this, they are in violation of the FCRA, and the FCRA states that you can sue for $1,000 in damages for any violation of the Act.

Here is an opinion letter from the FTC which communicates that a collection agency may not report a debt to the credit bureaus which has not been validated:

It is important to point out that the same FTC document above indicates that a collection agency may continue to report to the credit bureau during the 30 day validation period. (see I.)

I. “Is it permissible under the FDCPA for a debt collector to report charged-off debts to a consumer reporting agency during the term of the 30-day validation period detailed in Section 1692g?” Yes. As stated in the Commission’s Staff Commentary on the FDCPA (copy enclosed), a debt collector may accurately report a debt to a consumer reporting agency within the thirty day validation period (p. 50103). We do not regard the action of reporting a debt to a consumer reporting agency as inconsistent with the consumer’s dispute or verification rights under § 1692g.

Helena, we hope this information has been helpful to you. This is not legal advice but information that we hope will be helpful to you. The bottom line the FDCPA provides consumers with certain protections against collection agencies. How those laws are interpreted, applied, and amended from time to time may change, so it is also recommended that you get legal advice that will help you correctly apply the provisions of FDCPA to your particular situation.

We wish you the best,

CLC Help Center

Thu Dec 21, 2006 04:16:47 PM





My Credit Health: Get Your Free Credit Scores From All 3 Bureaus #free #credit #report #card

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My credit health This document, particularly from lenders and creditors to help reduce credit risk, can help you save money and has the potential to cope unnecessary financial hardship. my credit health It will be very helpful if you would be able to repay the loan when the amount payable is determined.

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My credit health Many people do not realize that credit counseling is more than having the restructured debt. my credit health Fortunately there are organizations out there to help us do this and keep our credit on track where it should be.





Business Credit Reporting Agency: How to Register with the Top 3 Business Credit Bureaus #creditreports.com

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Business Credit Reporting Agency

Is your company listed with the major business credit bureaus?

Do you know that there are over 30 business credit reporting agencies in America?

With so many companies in the business of collecting commercial information it can be quite a challenge deciding which ones are most important for your company to get listed with.

For starters you should focus on getting listed with the top three business credit reporting agencies which are Dun and Bradstreet. Corporate Experian. and Small Business Equifax .

It’s important to realize that hundreds of thousands of companies, lenders, suppliers, and creditors rely on these particular agencies to provide them with reports which they use to assess the credit worthiness of a company.

If you apply for credit with a lender or supplier and your company is not listed then you’ll most likely be denied credit or be required to furnish a personal credit check and personal guarantee.

So how do you get listed?

Business Credit Bureaus

Dun and Bradstreet

First, let’s cover the leader in the industry which is Dun and Bradstreet. With over 130 million companies listed and over 1.5 million updates per day this is one bureau you should aim to establish a solid profile with.

To get listed go to the Dun and Bradstreet Credibility Corp code lookup website and first check to see if your company is already listed. If it is then you will need to register with iupdate to review your file and make any necessary changes.

If your company is not listed you have two options.

Keep in mind that having a DUNS number is just the beginning. You will need to start building your company’s credit file by doing business with creditors and/or suppliers that report to DNB.

You can also add positive trade references to your file by purchasing one of Dun and Bradstreet Credibility Corps CreditBuilder programs.

Corporate Experian

Corporate Experian (Business Experian ) is another dominant player in the industry with over 22 million companies listed. One major difference is it does not allow you to self-report trade references like DNB. The only way to get listed is by doing business with a creditor or supplier that furnishes to this specific bureau.

Small Business Equifax

Small Business Equifax is another bureau that plays a significant role in the industry with over 25 million companies listed in its database. This bureau is said to be one of the most difficult to get listed with and the majority of its furnishers are banks and leasing companies. Similar to Experian the only way to get listed is through a lender or company that supplies its payment data to Equifax.

Even though there are many other agencies that collect commercial data it would prove to be a smart decision to establish a credit profile with each of these bureaus. This would allow the majority of lenders, creditors, banks, leasing companies, and suppliers to properly assess the creditworthiness of your business instead of having to rely on you and your personal credit.

What other business credit bureaus are you listed with?

Need to get listed with all three major business credit bureaus? Become a member of my Business Credit Insiders Circle and get listed using our step-by-step business credit building system. A system that provides you access to vendor lines of credit, fleet cards, business credit cards with and without a PG, funding sources and lenders that report to all the major business credit bureaus. Submit your name and email below for details and receive a free audio seminar ($597 value) =

To Your Success In Business and in Life!

Did This Blog Help You? If so, I would greatly appreciate if you like and shared this on Facebook and Twitter.

About the author

Marco Carbajo is a business credit expert. author, speaker, and founder of the Business Credit Insiders Circle. He is a business credit blogger for Dun and Bradstreet Credibility Corp, the SBA.gov Community, About.com and All Business.com. His articles and blog; Business Credit Blogger.com,  have been featured in Fox Small Business ,’American Express Small Business , Business Week , The Washington Post , The New York Times , The San Francisco Tribune ,‘Alltop’, and ‘Entrepreneur Connect’.





Credit bureaus contact information #free #credit #cards

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For fast and efficient access to your personal credit report, go to Personal Services and select any of our options for ordering your personal credit report. You can order your Experian credit report and score, for only $14.95, or sign up for a trial membership to Triple Advantage for $1.

You also may call 1 866 200 6020 to request a copy of your personal credit report to be delivered by U.S. mail.

All consumers are also eligible to obtain one statutory free annual credit file disclosure from each of the national credit reporting companies every twelve months. You may request your disclosures at www.AnnualCreditReport.com or by calling 877 FACTACT. If you prefer to write, a request form is available at www.annualcreditreport.com.

How can I dispute information on my report that is inaccurate? If you already have an Experian credit report you can dispute online for fast resolution. Or, contact us at the phone number on your report. We cannot accept disputes via email.

Back to top I may be a victim of fraud can Experian help? For fast assistance with step-by-step instructions you can go to our online Fraud Center. We’ll show you how to add a fraud security alert message to your credit file, and explain important steps to take. Or, contact us at 1 888 EXPERIAN (1 888 397 3742) and select the option for fraud assistance. Our automated phone system will provide the same service as our online Fraud Center.

Back to top I hear I can get a free copy of my credit report if I’ve been turned down for a loan. How does that work? Under the Fair Credit Reporting Act (FCRA). you may be entitled to receive a free copy of your personal credit report if you have received notice within the past 60 days that you have been declined credit, employment or housing, or if adverse action has been taken against you based on information from Experian. You can order your free report online at www.experian.com/reportaccess. or by calling 1 866 200 6020. If not eligible, some state laws require a free credit report or a lesser fee for consumers in their states.

*Our online credit report is a premium service requiring a fee of $9.50. If you are entitled to a free report under the FCRA and contact us at the above number, we will gladly mail your report to you as soon as possible.

I have a few questions about my credit. Can I speak with someone? Experian believes we can best assist consumers who have received a copy of their personal credit report. Once you receive your report, contact us at the number displayed on your report for assistance. Or, for questions about credit in general, check out the Credit education section of our Web site.

Back to top How do I remove my name from telemarketing mailing lists? You can choose not to receive most targeted advertising by opting out. However, you should weigh your decision carefully. While opting out will not eliminate all targeted advertising, it will eliminate most catalogs, preapproved bank and retail credit offers, and other invitation-only offers you may enjoy receiving. For more information on opting out of specific types of targeted advertising, please visit the Opt out section for specific instructions on how to remove your name from direct mail, telemarketing, email and preapproved offers.





Credit Report Credit Score: Free Credit Score And Credit Report From 3 Bureaus #free #credit #score #annual

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Credit report credit score Most lenders are not able to extend credit when there is an exceptional collection. credit report credit score Bad credit can be a serious obstacle when trying to finance a home or car.





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3 CREDIT BUREAUS – Reports – Scores By Equifax, Experian – TransUnion #belks #credit #card

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3 Credit Bureaus

Compare The Big 3 Credit Bureaus: TransUnion, EquiFax, and Experian

You might be surprised that a few decades ago there were over 1,100 different small credit bureaus in the US. While some of these were national, most served regions and local areas. Over the years, all of these thousands of credit bureaus got absorbed in the three major ones that we have today. These are TransUnion, EquiFax, and Experian .

Are These Big Three Bureaus Alike?

The big three bureaus are similar, but they are not exactly alike. They do collect much the same information from a variety of different lenders like mortgage companies, auto lenders, and credit card companies. They also report on this same data, and it consists of records about loans, payments, and defaults.

However, the bureaus are not all exactly alike. TransUnion, EquiFax, and Experian all have different algorithms that they use to calculate credit scores. They do use the same credit score ranges, but it is very likely that your number will be different if you check each bureau. The difference should not be more than several points, but it might be as much as 20 in some cases. In fact, a few people even find that there score might differ as much as 40 points from one bureau to another.

TransUnion vs. EquiFax vs Experian

It might be helpful to understand the basic differences between the way that these three bureaus produce a score:

TransUnion. This score can range from 300 to 850. They call it the TransRisk, and it is most similar to a FICO score that is commonly used in real estate.

Experian: This bureau calls there own score a Plus score. They try to include information in their reports that help consumers understand there own scores and how they can improve them.

EquiFax: This company simply calls their score a credit score, and that is what most people call the score from any of the bureaus. It can range from 280 to 850. As with all of the major bureaus, the higher the score, the better the risk.

Even though scores can range from under 400 to over 850, these extremes are incredibly rare. Typical consumers have credit score 600 to 700. These scores may make up the range of fair to good credit. Scores below that might be considered bad. Scores above that are considered very good or even great.

While a score of about 700 might have been considered very good a few years ago, many lenders have tightened up their lending rules lately. This means that people might need to achieve a score over 750 to really qualify for the best loans and credit cards. Less than half a percent of US consumers ever get a credit score that approaches 86, but over 10 percent of consumers have a score over 800.

Should You Try To Get Perfect Credit At All 3 Credit Bureaus?

There are a lot of good reasons to try to maintain good credit scores. These high scores, from over 700 to over 800, can open the doors to a lot of opportunities. People with good scores with the three big bureaus should have no problem qualifying for all types of loans at the best possible interest rates. When you have good credit, things actually get cheaper.

Should You Worry If Your Three Scores From Bureaus Are Very Different?

It is normal for the three scores to be somewhat difference. However, a difference of 20 to 40 points is somewhat large. Any difference larger than that is very unusual. In some cases, it might indicate that you have an error or one or more of your reports.

As a consumer, you are entitled to order a free credit report each year. You should take advantage of this offer to obtain your reports. You can use them to help you understand your current score, figure out how to improve, and find out if any errors or duplicates are actually reducing your score.

The rules are actually on the consumer s side when it comes time to dispute records on credit reports. That means you have the power to dispute invalid entries, and the credit bureau must abide by your dispute if they cannot prove that their entry is correct.

They might contact the creditor for that proof, but creditors seldom take the time to respond. This means that you are very likely to win a dispute, so it is worth your time to check your report. Errors happen more often than you might think. The longer your credit history is, the more likely you are to have an error too.

Who Can Help You Improve Your Three Credit Bureau Scores?

These scores are very important. Low scores can keep you from getting credit when you need to buy a car or a house. Average scores may mean that you can get credit, but you will probably have to pay more for that credit.

Very high scores will give you the most choices, and you can bet that you will pay the least. These differences can add up to thousands of dollars over the life of your loan. Being able to save more money also means you will have more money to help you manage your money better.

Take Advantage Of Free Credit Reports From TransUnion, EquiFax. and Experian

These are the big three when it comes to US credit bureaus, and you can bet that your lenders will check your scores before they offer you a loan or credit. Even auto insurance companies check scores these days. People with the lowest scores will never enjoy the cheapest auto insurance premiums.

In any case, your first step towards managing your credit is to learn more about it. That means you should order your free credit reports each year to check them for errors and track your progress. You can see all of your debts, how much money you owe, and your recent payment history. Now that you have this knowledge, you are prepared to become a good credit manager.









Credit Bureaus – Encyclopedia – Business Terms #bad #credit #credit #card

#3 credit bureaus
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CONSUMER CREDIT BUREAUS TODAY

The three major consumer credit bureaus in the U.S. are affiliated with the Associated Credit Bureaus, Inc. This international trade association, founded in 1906, provides its members with fraud prevention and risk management products, credit and mortgage reports, tenant and employment screening services, check fraud and verification services, and collection services. The Associated Credit Bureaus, Inc. represents the consumer credit reporting information industry before state and federal legislators. It also represents the industry before the media in consumer credit reporting matters. Over 500 American credit reporting agencies, mortgage reporting companies, collection services, and tenant screening and employment reporting companies are members.

Consumer credit bureaus are important and growing because some one billion credit cards are in use in the United States today. A similar number of consumer credit reports are issued annually in the United States. Two billion pieces of data are entered monthly into credit records. Each of the three major consumer credit reporting systems Equifax, Experian, and Trans Union maintains 190 million credit files, which are used by independent credit reporting agencies across the United States.

The power of credit bureaus grew as they became the primary source through which a consumer’s creditworthiness was judged. If an individual’s credit information with a bureau was incorrect, she was at risk of being denied credit, insurance, or even employment based on the erroneous information. Worse yet, the individual may not have known why she was denied. The credit scoring systems used by credit bureaus was a closely held secret.

In the 1990s and early 2000s the country saw a rise in consumer fraud and in particular, identity theft. The victims of identity theft often find themselves struggling with credit bureaus to repair their credit scores in the wake of the crime. This effort is made more difficult by the secrecy of the credit scoring process. A flurry of state and federal legislation has been passed, aimed at protecting the privacy of personal data while also granting consumers access to their own credit information. In late 2003 the Fair and Accurate Credit Transactions Act was passed. This law is designed to improve the quality of credit information and protect consumers from identity theft schemes. Some of the provisions of the law include:

  • Giving Americans the right to their credit report free of charge every year. Consumers will be able to review a free report every year for unauthorized activity, including activity that might be the result of identity theft.
  • Helping prevent identity theft by requiring merchants to leave all but the last five digits of a credit card number off store receipts.
  • Creating a national system of fraud detection to make identity thieves more likely to be caught. Previously, victims would have to make phone calls to all of their credit card companies and three major credit rating agencies to alert them to the crime. Now consumers will only need to make one call to receive advice, set off a nationwide fraud alert, and protect their credit standing.
  • Establishing a nationwide system of fraud alerts for consumers to place on their credit files. Credit reporting agencies that receive such alerts from customers will now be obliged to follow procedures to ensure that any future requests are by the true consumer, not an identity thief posing as the consumer.
  • Requiring regulators to devise a list of red flag indicators of identity theft, drawn from the patterns and practices of identity thieves.
  • Requiring lenders and credit agencies to take action before a victim even knows a crime has occurred. With oversight by bank regulators, the credit agencies will draw up a set of guidelines to identify patterns common to identity theft, and develop methods to stop it.

THE THREE MAJOR CONSUMER CREDIT BUREAUS

Equifax

Equifax serves the financial services, retail, credit card, telecommunications/utilities, transportation, information technology, and health care industries, as well as government. Global operations include consumer and commercial credit information services, payment services, software, modeling, analytics, consulting and direct-to-consumer services. Equifax provides services and systems that help grant credit, authorize and process credit card and check transactions, manage receivables, authenticate, identify and manage digital certificates, predict consumer behavior, market products, and manage risk. Equifax serves the U.S. Chile, Argentina, U.K. Spain, Portugal, Canada, Peru, El Salvador, and Brazil.

Experian

According to its mission statement, Experian uses the power of information to help its clients target prospective customers, manage existing customer relationships, and identify opportunities for profitable growth. Through its Web-based products and services, Experian enables clients to conduct secure and profitable e-commerce. Experian is a subsidiary of The Great Universal Stores PLC and has headquarters in Nottingham, U.K. and Orange, California. Its 12,000 employees support clients in over 50 countries and annual company sales are $1.5 billion.

Trans Union

Trans Union is the third primary source of consumer credit information and also offers risk and portfolio management services. They serve a broad range of industries that routinely evaluate credit risk or verify information about their customers, which includes financial and banking services, insurance agencies, retailers, collection agencies, communication and energy companies, and hospitals. Trans Union operates nationwide through a network of offices and independent credit bureaus. They have many subsidiaries and divisions in the U.S. and abroad.

COMMERCIAL CREDIT BUREAUS

The Internet has created a number of changes in the commercial credit reporting business. Electronic commerce and online business-to-business (B2B) transactions have expanded the need for commercial credit checks to include small businesses and foreign firms. In the meantime, the instantaneous transfer of information over the Internet has caused client companies to expand their expectations about the manner in which they receive credit reports. “With more companies doing business with smaller firms and companies overseas, obtaining credit information on those businesses is more important today than ever,” Demby noted. “Customers are demanding more information faster, and in a format that allows them to make rapid-fire decisions about whether or not to grant credit.”

The changing demands of client companies has increased competition among commercial credit bureaus. Many new players have sprung up online, where they are collecting newly available data and distributing it at a lower cost than traditional reporting firms. For example, CreditRiskMonitor.com, established in 1997, is an Internet-based credit reporting agency that provides up-to-the-minute data and credit analysis on 35,000 public U.S. companies worldwide.

In addition to increased competition from Internet-based reporting agencies, commercial credit bureaus face several new business trends in the twenty-first century. For example, more commercial credit reporting agencies are beginning to offer information on small businesses, which represent an increasing share of the overall market. Consumer credit expert Experian has begun offering a commercial credit service that combines a small business’s financial information with personal information about the small business owner to create a risk score. Another emerging trend involves providing credit information in real time in order to assist clients in making quick decisions about whether or not to extend credit. Instead of providing a mass of financial information, many commercial credit bureaus are moving toward evaluating the information in advance and providing clients with credit scores.

BIBLIOGRAPHY

Bennett, Andrea. “Credit Scores Are Due to Go Public.” Money. 1 August 2000.

“Check Your Credit.” Phoenix Business Journal. 22 September 2000.

Demby, Elayne Robertson. “Getting a Line on Lending.” Collections and Credit Risk. January 2001.

Goodman, Jordan Elliot. Everyone’s Money Book on Credit. Dearborn Trade Publishing, 2002.

Hill, Sidney, Jr. “Hungry for Credit Data?” Collections and Credit Risk. 31 August 2000.

The White House Fact Sheet: President Bush Signs the Fair and Accurate Credit Transactions Act of 2003. Available from http://www.whitehouse.gov/news/releases/2003/12/20031204-3.html. Retrieved on 4 January 2006.









Equifax, Other Credit Bureaus Acknowledge Data Breach #car #loan #for #bad #credit

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Equifax, Other Credit Bureaus Acknowledge Data Breach

by Robert Westervelt on March 13, 2013, 12:23 pm EDT

The three biggest credit reporting agencies in the U.S. each have reportedly acknowledged intrusions into their systems following the revelation of personal data, including financial information, of celebrities and prominent figures on a website this week.

Executives at Equifax, Trans Union and Experian acknowledged the breach to Bloomberg in a report published Tuesday. Tim Klein, a spokesman for Equifax, told the news agency that a hacker gained “fraudulent and unauthorized access” to at least four consumer credit reports at the credit reporting agency. Credit reports and sensitive data on Paris Hilton, First Lady Michelle Obama, former Secretary of State Hillary Clinton and FBI director Robert Mueller appeared this week on a website called Exposed.

The hacker is maintaining the site using performance and security firm CloudFlare. The San Francisco-based company, which launched in 2010, is known for its decision to defend the website of LulzSec, the group linked to Anonymous. LulzSec used CloudFlare’s denial-of-service mitigation capabilities in 2011 when it published information it had allegedly stolen from Sony.

In 2012, malware and other attacks on financial services firms increased precipitously, said Don Gray, chief security strategist at managed security services provider Solutionary, which manages more than 2,000 organizations, connecting many of them with its ActiveGuard log and event management platform. Attacks on financial institutions more than doubled in the second half of 2012, Gray said, adding threats in 2011 had been relatively flat.

“We’ve seen a shift in the focus of the attacks,” Gray said. “It’s not so much focused on the consumer or endpoint side, but more toward the applications for the financial institutions. We’re seeing attackers with an increased business-level knowledge about how the applications work and how they function in the real world.”

The finance vertical experienced the second-highest attack percentage from non-U.S. source addresses, according to an analysis of the threat landscape issued by Solutionary this week. More than 90 percent of all attacks from China were directed at the business services, technology and finance verticals, the report found. While the vast majority of attacks in the wild are widespread, about 8 percent are targeted attacks and used to infect businesses and financial institution users with the intent to steal money, or data, or just to gain internal access for further exploits, the report found.

The data leak this week is being called a juvenile prank and not necessarily the work of any sophisticated hacker. The credit agencies are not dealing with malware, security experts say, but with the serious problem of properly authenticating users attempting to view their credit report. People post information often used for authentication questions in a variety of places. The information is usually public, posted to blogs, forums and social networks.

Experian told Bloomberg hackers accessed people’s personal information using outside information, and Trans Union said “considerable amounts” of information about victims had been used to access the accounts. All three agencies had acknowledged security incidents in the past, mainly driven by weaknesses with access to individual accounts by third-party firms.

“There is enough information out there on the Internet or through other sources that the attackers can find enough information to be able to answer all the standard questions and get properly validated to view a report,” said Gunter Ollmann, CTO of security services firm IOActive. “The questions being asked are either too easy to guess or much of the information is in the public realm.”

PUBLISHED MARCH 13, 2013





Credit Reporting Bureaus, Agencies and Related Companies #free #credit #checks

#credit reporting bureaus
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Credit Bureaus – Also Known As Consumer Reporting Agencies — CRA’s

A credit report is a summary of your credit history as reported by the three national credit reporting agencies – Experian, Equifax and TransUnion. It lists your credit obligations, as well as your payment history that the three national credit bureaus (the 3 repositories) show for you, including your credit cards, auto loans, and mortgages. It can also include court records, current and past addresses, other names you go by, and a list of recent inquiries into your credit report.

Here are some links related to credit report and credit reporting topics, including how to obtain your free annual credit report:

  • Who are 3 Credit Bureaus – contact information for the 3 credit agencies Experian, Equifax and TransUnion — handy information just in case you need to dispute inaccurate information in your credit history.
    • Experian – Experian was once known in this country as TRW Credit Reporting or just TRW. but it has since moved its company headquarters to Great Britain and become known as Experian PLC.
    • Equifax – Equifax is headquarted in Atlanta, Georgia.
    • TransUnion – TransUnion is based out of Chicago, Illinois.
    • Innovis – the 4th Credit Bureau? – Innovis is sometimes called the 4th national credit bureau.
    • Corelogic Credco – Corelogic CREDCO incorporates their proprietary database information with the information from the three national credit bureaus for the CoreScore Credit Report for lenders. Consumers can get a copy of their own report.
    • ChexSystems – When you overdraw your bank account, it is likely that behavior is being tracked by a company like ChexSystems.

Opt Out and Do Not Call from Direct Marketing and Credit Bureaus

Learn how to keep your private information from getting into the hands of telemarketers, direct marketers and credit companies.

  • Opt Out Information – To reduce the amount of direct mail solicitations, you can opt out of credit bureau prescreen list sales by calling the number contained in this article.
  • Opt-Out Prescreen Online – Consumers can now also notify the 3 national credit reporting agencies online to remove their names from lists that the 3 national credit reporting agencies sell to companies that mail you pre-approved offers of credit and insurance
  • Do Not Call information – Here is a link to the site that removes your phone number from telemarketing lists.link to site that removes your phone number from telemarketing lists




Three In One Credit: Free Credit Score And Credit Report From 3 Bureaus #free #credit #check #uk

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three in one credit

Three in one credit During the process of debt settlement, it is necessary to negotiate with lenders and that often means going through a period of non-payment to get their attention. three in one credit A dormant account and has a empty person as a credit risk to creditors who would not hesitate to turn you down.

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Business Credit Bureaus #credits

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The top three credit bureaus used in business credit are Dun Bradstreet. Business Experian. and Business Equifax. Ninety-nine percent of creditors will report to one of these three credit bureaus. The top credit bureau is Dun Bradstreet, so we will discuss it first.

Dun Bradstreet is the largest business credit bureau in America. This also means they hold the most clout with the creditors. Dun Bradstreet (also called DNB, DUNS) set the standard for business credit scoring. It is the one credit profile you, as a business owner, must protect. Lesser reporting agencies often obtain their information from Dun Bradstreet. Having a solid DUNS profile is critical to the success of your business.

The next largest credit bureau is Business Experian. Experian has both a personal credit division and a business credit division. Many banks use Business Experian, in addition to checking your Dun Bradstreet credit profile. Essentially, the same scoring system is used by both.

To round out the top three, there is Business Equifax. Like Experian, Equifax has both a personal and business credit division. Since they are run independently from each other, you do not have to worry about your personal credit profile being cross-referenced with your business credit profile. The same holds true with Experian.

These three credit bureaus provide the benchmark of credit reporting to the creditors. Since the lesser reporting agencies often buy their information from them, concern yourself with these top three. In your corner, they can be a tremendous asset to your company. When contacting them, always try to remain business friendly, even if a mistake has been made on your credit profile. Screaming into the phone is more likely to get your account flagged than resolve your problem. Remember, they want accurate reporting as much as you do. It is the only way they can maintain their standing in the eyes of the creditors.

PAYDEX vs. FICO Scoring

You are probably familiar with the FICO scoring system used in personal credit. Your FICO (Fair Isaacs) score ranges from 450 850. In business credit, a different scoring system is used called your PAYDEX score. Your PAYDEX score ranges from 0 100.

An 80 PAYDEX score is equivalent to a 750 FICO score used in personal credit. As you are probably aware, a 750 850 FICO score is considered an A credit rating for an individual. Likewise, an 80 100 PAYDEX score is an A credit rating for a business or corporation. Most creditors use a minimum PAYDEX score of 75 to extend a line of credit to your company. Most banks prefer to see a PAYDEX score of 80 or higher to extend a business loan or business line of credit to your company.

Business vs. Personal Credit

There are two major differences between business and personal credit. With personal credit, if you make mistakes, you can still repair your credit. Even if you do nothing, negative comments will fall off your credit report in 7-10 years. Business credit does not work in the same way. There is no such thing as business credit repair. It only takes 1-2 negative entries into your business credit report to ruin your business credit forever under that company name. Business credit is actually easier to obtain than personal credit, but it is much less forgiving if you make mistakes.

The other major difference between business and personal credit is the amount of credit you can utilize from each creditor. For example, let’s say you have a personal MasterCard with a $5000 credit limit. You take your credit card to the mall and charge $2500 on your card, using 50% of the available credit. By doing so, you have dropped your FICO score by an average of 40 points, because you exceeded 35% of the issued amount of credit on that credit card. Again, business credit does not work in that manner. It is understood in business credit, that the business owner is going to fully use each line of credit obtained. Thus, if you have a business MasterCard with a $5000 credit limit, and you charge $4000 to your credit card using 80% of the available credit, you did not drop your PAYDEX score even one point. The ONLY thing that raises or lowers your PAYDEX score is your PAYMENT HISTORY! You simply can not make late payments when it comes to business credit, and maintain your business credit score. Complete our 12 month full-service credit building program, and we can guarantee your company will have a minimum PAYDEX score of 80 or higher!

Go Platinum! Platinum Corporate Credit, Inc.

(713) 370-1640 Mon-Fri 9a-5p CST





Credit Bureaus – Who really owns your personal information? #credit #cards #compare

#three credit bureaus
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Credit Bureaus

You’re probably already familiar with the Big 3 credit bureaus or national credit reporting agencies, as they are sometimes called: Equifax, Transunion, and Experian (formerly TRW). I’ve heard many of my credit improvement clients say they feel intimidated by the credit bureaus because they thought they were part of the government.

$ 4 Billion Earned

Whether you know it or not, they are not government entities but private businesses earning more than $4 Billion per yer by gathering and selling your credit information. This is important to know because it sets the stage for you to gain confidence when dealing with the credit bureaus.

Think about it, if the credit reporting agencies are making billions of dollars selling your personal information, and credit is increasingly being used for important decisions affecting your life, shouldn’t you have rights regarding how they use your personal information?

Not to bore you, but when the Fair Credit Reporting Act was introduced to the Senate in 1969, Senator William Proximire stated”. considering the growing importance of credit in our economy, the right to fair credit reporting is becoming more and more essential”.

So it’s very important to understand that the credit laws were enacted to protect you from how these private businesses use your personal information. Don’t let them intimidate you. Get credit information and know your rights .

Lets talk some more about how the big 3 credit reporting agencies make money. Once you see behind the scenes, you’ll understand the conflicts of interest between the players in the credit industry.

Basically, each player’s interest is motivated by how they make money in the credit system. Sometimes these interests clash. But in every case you can be sure that your interest is not their concern. So you have to get credit information and decide for yourself who to trust to help legally improve your credit.

The big 3 credit reporting agencies sell two types of data: Consumer Credit Report Data and Direct Marketing Data.

Consumer Credit Report Data

When you apply for credit, insurance. or even employment ; credit card companies. insurance companies, employers or landlords will purchase a consumer credit report from the credit bureaus to assess your creditworthiness.

They want to see how you pay your bills and decide whether they feel you will pay them timely or not. And in the case of employers, they use it to decide whether to hire you or if you’ll get the promotion.

The point is the credit bureaus make a lot of money by selling the consuer credit reports to businesses that want to review your data to make credit decisions affecting you. Considering how many times you have authorized your credit to be pulled, you can see the credit bureaus are making a lot of money selling consumer credit report data.

Direct Marketing Data

The credit reporting agencies make money by selling your information to marketing companies that want to get data targeting certain prospects to offer their products or services.

For example, during a recent congressional hearing, Transunion reported that they earned over $6 million per year from MBNA (a major credit card company) by selling them certain credit information they used to target customers to make credit card offers.

They could have requested a listing of consumers with no late payments and credit card balances above $10,000. They could be interested in sending these consumers offers to transfer their balances to a zero interest credit card.

Alternatively, another credit card company may order a listing of targeted consumers with credit scores of less than 550. They may be interested in sending credit card offers to consumers in need of re-building their credit. So they may offer higher interest rates and annual fees for a credit card with a very low credit limit.

Given these two examples, you can see that not all data has the same value to the marketers. Some may be willing to pay more for their data because they can make more money with it than others. The fact is the credit bureaus make more money by selling negative credit information than accurate credit information.

So they really don’t have an incentive to correct your credit information. Yet it’s interesting to me when I see TV ads from credit bureaus offering to repair your credit reports. It’s like the fox watching the hen house! Do you see the conflicts of interest here?

Dispute Process Income

I recently read segments of a congressional hearing transcript and excerpts of several law suit depositions of credit agency employees and a report published by the National Consumer Law Center regarding the credit reporting system. This public information disclosed remarkable insider information regarding the credit bureaus and how they actually make money by processing automated credit disputes.

Here’s how. Remember, the Fair Credit Reporting Act gives you the right to dispute inaccurate, incomplete or unverifiable information included in your credit reports. It outlines the dispute process the credit agencies are legally obligated to comply with. Unless your dispute is considered frivolous, they must investigate all inaccurate information. Any inaccurate, incomplete or unverifiable information must be deleted within 30 days of the dispute.

The key is to understand that the credit agencies don’t make their money from you the consumer. They actually make most of their money from their real paying customers, the creditors who furnish the information. In this case, they charge the furnishers of data a fee of $.25 per dispute when the creditors provide information that turns out to be inaccurate.

The average dispute letter contains 5 disputes. That’s $1.25 per dispute letter. Yet because the credit bureaus outsource their automated dispute process to overseas companies that cost them as little as $.49 per dispute letter they make a profit of $.76 per dispute letter processed.

I know the math is a brain teaser but the point is there is an inherent conflict of interest here. The agencies have no incentive to correct the inaccurate credit information in their database. Once again, inaccurate information is of more value to them than accurate credit information. So get credit information and decide for yourself who to trust to help legally improve your credit.

Return Home from Credit Bureaus





Credit Bureaus and Credit Reports-where to report identity fraud #free #credit #reporting #agencies

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Credit Bureaus and Credit Reports

Credit Bureaus and Credit Reports:

Your credit payment history is recorded in a file known as a credit report or credit profile. These credit reports are maintained and sold by credit reporting agencies (CRAs), commonly known as credit bureaus, such as Equifax. TransUnion and Experian (formerly TRW). If you have ever applied for a credit or charge account, a personal loan, insurance, or a job, you would have a credit record on file. Your credit record may contain information about your debts and credit payment history. It also may indicate whether judgments have been entered against you, or whether you have filed for bankruptcy. Only credit grantors make credit decisions, not credit reporting agencies.

Your Credit History and Ratings:

A good credit rating is very important. Businesses and financial institutions inspect your credit history when they evaluate your applications for credit, insurance, employment, and even leases. Based on your credit payment history, companies can choose to grant or deny you credit provided you receive fair and equal treatment. Sometimes, things happen that can cause credit problems: a temporary loss of income, an illness, even a computer error. Solving credit problems may take time and patience. but it doesn’t have to be an ordeal.

The Fair Credit Reporting Act:

The Fair Credit Reporting Act (FCRA) requires CRAs to furnish correct and complete information for businesses to use when evaluating your application.

Your rights under the FCRA include the following:

  • You have the right to know all the information in your credit report, including the source of the information in most cases,

  • You have the right to know the name of anyone who received your credit report in the last 12 months,
  • You have the right to a free copy of your credit report when your application is denied because of information supplied by the CRA. Your request must be made within 30 days of receiving your denial notice,
  • You have a right to add a 100-word summary explanation to your credit report if the problem is not resolved to your satisfaction.
  • Credit Bureaus:

    • Report fraud:





    Do Credit Unions Share Information With Credit Bureaus? #free #credit #score #annual

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    Other People Are Reading

    Credit Unions

    Credit unions are financial institutions just like the big banks, but they are owned and managed differently than a corporate financial institution. Unlike corporations that are for profit and responsible to the shareholders of the corporation, a credit union is a not-for-profit cooperative owned by credit union members. Even though the structure is different from a corporation, most credit unions have the same financial products as the large financial institutions. Credit unions will protect their members by performing due diligence on any lending, which is why they usually report any debt payment history to the credit bureaus.

    Credit Bureaus

    Creditors are under no obligation to report to a credit bureau, but most credit unions report to at least one of the three major credit bureaus when a customer has borrowed funds. One way a customer can determine if a credit union is reporting to a credit bureau is to order his credit file from each of the major credit bureaus which are TransUnion, Equifax and Experian. A person can also order a free credit report from each of the three credit bureaus from Annual Credit Report.

    Why Not Report

    Credit unions are not-for-profit, so many of them will not report to all three credit bureaus since it is an expensive undertaking. The Fair and Accurate Credit Transactions Act of 2003 made it possible for a person to get a least one credit report a year and the credit bureaus simply passed the additional cost incurred under the Act to lenders. Credit bureau data is costly to a lender, which is why many customers see a charge for credit reports on loan or mortgage closing statements.

    Ask the Credit Union

    If a customer wants to know what credit bureau a credit union reports to, all he needs to do is ask the credit union. The credit union will not withhold this information and many credit unions have pre-printed literature in branch lobbies that have detailed information on how the credit union operates with the credit bureaus.





    Experian, Equifax, TransUnion: History of the Credit Bureaus #poor #credit #car #finance

    #three credit bureaus
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    How Credit Bureaus Experian, Equifax and TransUnion Rose to Power as the Big Three

    Most of us at one time or another have had to take out a loan to buy a new car or a home. During the process, the lender will pull your credit report  and score to find out if you re worthy of receiving a line of credit. They want to know whether you can repay the money that you ve borrowed on time, or have a history of being late with your payments. The rates or fees you have to pay on your loan may be based on how well you ve handled credit over the years.

    We ve all come to accept the fact that we ll have our credit  checked these days when trying to get a loan, but where did the process originate and when did the the three major credit bureaus rise to power?

    History of the Credit Bureau

    So when did the idea of the credit bureau get it s start? As far as back as the 1860s  we can find traces of the ideas behind credit bureaus. Local merchants would share and maintain lists of individuals who were high credit risks. That allowed them to offer more credit to people who weren t on the lists, whereas previously, most merchants only extended credit to people they knew personally.

    Later on as populations became more mobile and a wider group of merchants across the country needed information to help determine the creditworthiness of individuals, credit bureaus as we know them today began cropping up.

    What Are the Three Credit Bureaus?

    Over the years, as the number of people seeking credit grew, the ability to find consolidated credit reporting information took on added importance. Today, some 2 billion data points are entered every month into credit records in the U.S, and approximately 1 billion credit cards are actively being used in the U.S. That s a lot of data to process!

    A variety of big and small credit bureaus have been on the scene to help track credit, but a majority of lenders and financial institutions now use one of the Big Three  credit bureaus  in order to assess whether someone is worthy of receiving a loan. The 3 agencies include Equifax, TransUnion and Experian. Let s take a brief look at their history.

    History of Equifax

    Equifax was founded way back in 1899 as the Retail Credit Company. They grew at a furious pace and had offices throughout North America by the 1920s. By the time the 1960s rolled around, they had credit information for millions of Americans on file, and weren t afraid to share it with just about anyone.

    The passage of the Fair Credit Reporting Act  of 1970 placed some limits on what information could be shared with who, as well as put laws in place to govern the credit industry and protect consumers. Retail Credit Company suffered a bit of an image problem, but by 1975 they had successfully re-branded as Equifax.

    TransUnion History

    TransUnion was the second of the Big Three to come along. Founded in 1968 as the holding company of Union Tank Car, a rail transportation equipment company, TransUnion jumped into the credit sphere in 1969 when they began acquiring regional and major city credit bureaus. They ve grown over the years to the point where they now have over 250 offices across the U.S. as well as in 24 other countries.

    History of Experian

    Experian is the latecomer to the Big Three. They were founded in 1980 in England as CCN Systems. They expanded to the United States in 1996 by acquiring a company called TRW Information Services. They ve continued to grow their operations to the point where they now have a presence in 36 countries.

    Credit in the Internet Age

    With the dawn of the internet age, credit bureaus now offer the ability for consumers to view their credit reports online, as well as give them access to dispute incorrect items that may have shown up on their credit. In the past, this process would have to be done by mail.

    Consumers can also now get a free annual credit report from each of the big three agencies through the government s website at AnnualCreditReport.com. There are also ways to get a look at your credit score  from one of the three agencies via other free or paid services more than once a year, so it s easier than ever to for you to determine how good, or bad. your credit situation is.

    This article is part of the Go Banking Rates Financial Literacy Movement, helping Americans get smarter and grow richer. Take our Perfect Credit Score Quiz to test how knowledgeable you are!





    How to Report Bad Tenants to Credit Bureaus #one #free #credit #report

    #tenant credit report
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    How to Report Bad Tenants to Credit Bureaus

    by Grace Keh

    The risk of renting to tenants is meeting a bad tenant.

    Document any and all missed payments or money owed. If the money owed is due to damage to the rented unit, take and keep photographs. If you have the damage fixed, keep all the receipts to show how much damage was incurred. Have proof that the tenant was notified that if the debt remains unpaid, he will be reported to the credit bureau.

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  • Best Credit monitoring service? Credit Bureaus #how #to #get #free #annual #credit #report

    #best credit monitoring service
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    Credit InfoCenter Forums

    Best Credit monitoring service?

      Like This Unlike

    which is the best one? I have only heard of 2 so far. Worthknowing and privacy guard. I sent Dv letter and today sent out letters to credit bureaus. Should just get credit report from Credit Bureaus directly and do credit monitoring with some other company? I am dying to find out if all of the letters I have been sneding are making an impact! Thanks!

      Like This Unlike

    I would definately get a copy from each of the 3 cra s. That is what DH & I did initially. Then we signed up for EQ & EXP 30 day trial perior to monitor. We have since signed up for PG to monitor. PG can be a little confusing at first but you get used to it. With PG we can monitor changes and if necessary purchase a new report when we see major changes through PG.

    With EQ trial service you can only pull 4 reports with fico but EXP you can get a daily view and their internal score.

    Good luck!

    paw67

      Like This Unlike

    Swede 03 Jun 2003

    blockquote Originally posted by kenorma

      Like This Unlike

      Like This Unlike

    how do I find out what my Fico is do I take all 3 scores and average? Thanks!

      Like This Unlike

    Swede 03 Jun 2003

    blockquote Originally posted by kenorma

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    Swede 03 Jun 2003