The Credit System (Part 2)
The Credit Bureau System
Note that the credit bureaus are private, not government credit reporting companies. All three companies are listed on the New York Stock Exchange. They are in business to make money just like any other business.
Their business is to store information reported by many creditors, and in turn, sell back credit bureau information to those same companies. The more credit data that the credit bureau can provide on any individual is to their advantage.
How Credit Bureaus Get Their Information
SUBSCRIBERS
Companies that subscribe to the credit bureaus' services send credit history to the credit bureau. Updates are sent by the creditor to the credit bureau periodically. It should be noted that since the creditors report at different times to each credit bureau, different amounts and dates can appear on each credit report. Many times this information is reported incorrectly and inaccurately.
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PUBLIC RECORDS
Credit bureaus also get their information from public records such as the local courthouse. This information may include judgments, bankruptcies, tax liens, wage attachments and notice of default on properties. It may be noted that the credit bureau may pick up from the public record a notice of default but later fail to record the correct information if the default was corrected.
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In reviewing your credit report you may notice that much information is missing or inaccurate. The reason for missing information is that not all creditors belong to the credit bureau. For example, if you are paying off a bill with a small store, and they are not a member of the credit bureau, your good payments will not be reported on your credit report. For a small fee, you are able to list this good credit on your credit report.
The Credit Bureaus
Across the Nation there are three major credit bureaus; TransUnion, Equifax, & Experian (TRW). There are, however over 2,000 smaller credit bureaus located in every medium size city in the United States. Because each of these smaller credit bureaus may or may not be affiliated with one of the "Big Three", they will have different information in the consumer's credit file. When you apply for credit, a creditor might check only one credit file. If they find anything derogatory on your credit report, they probably will not check with the other credit bureaus.
If you are denied credit, the creditor, by law, has to let you know which credit bureau has the negative information. However, the other credit bureaus may also have the incorrect information. Therefore, when checking your credit you need to look at all of the credit reports.
The three major credit bureaus are:
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TransUnion
P.O. Box 390
Springfield, PA 19064
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TRW/ Experian
P.O. Box 949
Allen, TX 75013-0949
(800) 392-1122
Equifax
P.O. Box 105873
Atlanta, GA 30348
(800) 685-1111
ACCEPTABLE RATINGS:
PAID IN FULL AS AGREED
CREDIT LINE CLOSED BY CUSTOMER
NOT RATED (TO NEW)
R1 RATING
DISPUTED (only if you feel that it is the best you can get)
DISPUTE AFTER RESOLUTION (same as above)
NOT ACCEPTABLE RATINGS:
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DISCHARGED BY BANKRUPTCY
CONSUMER COUNSELING
DISPUTE AFTER RESOLUTION
DISMISSED
UNPAID
MAKING PAYMENTS
SKIP
WAGE EARNER BANKRUPTCY
Your Credit Report And Rights As A Consumer
Under the Federal Fair Credit Reporting Act, you:
May obtain a credit report from the credit bureau for a reasonable fee ($8 to $15).
May obtain a credit report from the credit bureau at no charge within 30 days of being rejected for credit. You must send a copy of the rejection letter to the credit bureau.
May be represented by anyone of your choice at the credit bureau.
May dispute any information on the credit report that you feel is listed incorrectly. The credit bureau must re-investigate the information and within a reasonable time, verify the information. A reasonable time has been construed to be 20 working days by some credit bureaus.
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May place a 100-word consumer statement in your file to tell your side of any derogatory information.
May have the credit bureau notify those you name (at no cost to you) who have previously received incorrect or incomplete information on you and provide them with the corrected ......
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