Why is my credit score different on different reports? Reviews
A question we are asked often. Remember the three major credit bureaus, TransUnion, Experian, and Equifax, are private companies that are listed on the New York Stock Exchange. The bureaus are not government reporting companies. The credit bureaus are in business to make money like all other businesses. What does that mean to you? Well, it means that the creditors or subscribers of the credit bureaus are given permission by you to access your credit file to apply for a loan. What you didn't know is that you are also given the creditor permission to report the loan, balance and payment history to your credit files and unfortunately it gives the creditor permission to report ANYTHING to your file even if it is wrong! So why is your credit score not the same at the car dealership and your mortgage brokers file or from your local bank? 1. Not all of the creditors subscribe or submit credit information to all three credit bureaus. 2. Updates on your accounts are sent to the credit bureaus periodically, but usually not at the same time. 3. Updates from your creditors to each credit bureau can show a different balance due on that account (depending on when the creditor reports). 4. Updates can show different credit limits and many times they are reported incorrectly. It is imperative to know your credit files, identify every item on all three of your files. Know what is negativly impacting your score. Knowledge is Power! Successful credit repair is all about the details. Let us help you gain the power and knowledge to clean up the negatives and gain positives for the best score possible.
[View Full Ezine]No Reviews for this ezine.