4 Facts You Never Knew About Three Main Credit Bureaus | three main credit bureaus

Credit reporting has been around for a long time, but only in recent years has the system really evolved. In the beginning, all of the major credit agencies were smaller and more localized. Yet over time the Big Three, which are the most common credit agencies in the United States, have acquired many of the smaller agencies and consolidated their information into larger, more international databases. This allows the agencies to serve the American public better than before.

The first step that anyone should take when they are reviewing their credit report is to look at what information the three major bureaus have reported about them. This is usually found on the credit report that is issued when a person opens an account with a lender. Lenders do not always report all of the appropriate information to the three main credit bureaus. If a lender fails to report all or some of the information, then it is not credit card reportable. However, if all of the information is reported, it can greatly improve one's score.

When people look at their reports from the three main credit bureaus, they will notice some differences. One thing that is noticeable is that the amount of accounts that the credit reporting agencies report changes from time to time. The amounts of open accounts, such as revolving lines of credit, may be low during certain months, but may be quite high during other months. As well, the number of times the loan has been reported may change, as well. All of this can be confusing to someone who does not keep up with the details on their credit report.

This is where consumers who have trouble getting loans qualify, because they are more likely than others to know about these types of things. Lenders who rely on consumer credit reports to determine eligibility for loans also depend on this information. In fact, the three main credit bureaus themselves allow consumers to order their reports from them online.

Consumers who order their reports from the three main credit bureaus will notice that they have a choice of the type of report that they want. There are some that offer both consumer credit scores and detailed reports on their financial lives. These are called “transactional” reports. While they will still contain basic information about an individual's credit history, they won't show everything that lenders look for. They will, however, allow the consumer to compare their scores with the national average, and to look for other negative factors.

The other type of report is the “professional” or “institutional” version. This version provides more detail about an individual's credit score and other important financial information. It is not a basic report that can be ordered by any supermarket or gas station. It must be requested from one of the three major bureaus. These companies are Experian, Equifax, and TransUnion.

Consumers who order these reports can find out what information they are looking for. They just need to know which credit bureaus must provide them. They may find out how to request one, and what documents they will need to gather. Then they can begin the process of improving their scores, getting better interest rates, and building a history for themselves on the credit report.

Ordering your credit reports does take only a few minutes, but it can help you get the information you need quickly and easily. Being late on payments, being involved in bankruptcy, or having judgments against you can negatively effect your credit report. This is why consumers need to know where to go to find out what the three credit reporting agencies have on them. You can quickly increase your score, save money, and rebuild your reputation. It really is as easy as getting started.

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