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Credit Bureaus

Updated on October 19, 2014

In the U.S., there are three national credit bureaus. Equifax is the oldest, Experian is the youngest, and TransUnion is the smallest. These three credit bureaus do almost exactly the same thing, in exactly the same way. They compete to capture, update, and store credit histories on most U.S. consumers. All the information collected is compiled into a credit report. These reports are used by lenders to determine loan eligibility, by employers to debate hiring, and by landlords to decide whether you will be a good tenant. Obviously these big three credit bureaus have tremendous impact on the lives of nearly every American, but what exactly do these overseers of lending track?

Credit reports track your payment history for many types of bills, including credit cards, car loans, mortgages, and student loans. They also track credit inquiries, whether made by you or made by a lender looking for information on you. They keep a record of every credit account you have, big and small, and also store information from the public record such as bankruptcies, foreclosures, law suits, wage attachments or garnishment, liens, and legal judgments against you. On top of all this, they also track addresses, date of birth, social security number, and employment histories for "identification purposes."

It is important to note that a credit report is not the same as a credit score. A credit score is generated by credit bureaus by plugging the information from your credit report into their proprietary formula to generate a number, known as a FICO score. Your credit score is evaluated largely on two factors: 1) how often you pay your bills on time and 2) how long you've been using credit.

This credit score is used to provide a general picture of your lending worthiness and it is generally the same across bureaus. However, while most of the information collected on consumers by the three credit bureaus is similar, there can be discrepancies. For example, one credit bureau may have unique information captured on a consumer that is not being captured by the other two, or the same information may be stored or displayed differently by the credit bureaus in their reports.

When the scores are significantly different across bureaus, it is likely the underlying data in the credit report is different and thus driving that observed score difference. Quite often the difference can originate from invalid or inaccurate data on your report. This is where services that identify and eliminate inaccurate information can be used to raise an individual's FICO score.

CreditRepairSystems.net is such a company, with a proven track record of identifying and eliminating false information on your credit reports. You are legally able to dispute any inaccuracies on your credit reports, and you should absolutely do so. At Credit Repair Systems, professionals can do this for you, using years of experience to accomplish what you may not be able to do on your own. Have you ever settled a credit card debt with a collection agency, only to be called by a different collector attempting to wring the same debt out of you? Credit Repair Systems can clean that from your report.

Don't let an unjust credit report keep you from securing a loan for a car, a mortgage for a house, or your dream job. Clean up your report and raise your score today: contact Credit Repair Systems.net and get the credit you deserve.

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