The 3 Credit Bureaus And Your Credit Report

Who are the  3 credit bureaus?

When a credit card company, bank, insurer, landlord or debt collection agency wants information on a consumer, they may request a copy of the consumer's credit report from one of the major 3 credit bureaus. A lender,  such as a credit card company or a bank, may require the consumer's credit report to evaluate the credit risk of loaning the consumer money. Debt collectors use credit reports for other reasons. Credit reports are great tools for debt collectors to gain up-to-date contact information. A debt collector may use the credit bureaus report to get in touch with a consumer about a debt they may owe. The major 3 credit bureaus are Equifax, TransUnion and Experian.

What kind of information can you find in a credit report from the major 3 credit bureaus?

The credit report is a detailed record of the consumer's ability to handle their finances. Credit reports contain information on everything from personal information, auto loans, home mortgage loans, issued credit cards, credit inquiries and public records and collection items. When a lender receives a copy of the consumer's credit report, they may use it to evaluate the consumer's financial stability. If a consumer is late making payments, has a bankruptcy or too many credit inquiries on their credit report, the lender may deny the consumer's application for credit. A lender will usually report consumers to one of the major 3 credit bureaus  if they are consistently late paying their bills. Too many delinquent payments can have a negative effect on the consumer's credit score. The credit score is another metric lenders use to judge the credit worthiness of a consumer.
 

How to obtain a credit report from one of the major 3 credit bureaus.

It is easy to obtain a copy of your credit report from one of the three major credit reporting bureaus. Many financial advisers tell consumers to request a copy of their credit report at least once a year to catch potential problems before  they get worse. Sometimes a credit report can contain inaccurate or incomplete information that can affect the consumer's ability to get a credit card, home loan, insurance or a job. If a consumer wants to dispute a debt, they can submit a written letter explaining the inaccuracy and provide documentation to support their claim. Each credit reporting bureau has 30 days to investigate and respond to a consumer's dispute. The major 3 credit bureaus must provide a free copy of a credit report to consumers  every 12 months. The consumer also can visit annualcreditreport.com to order a copy of their credit report.

If you have questions regarding the credit reporting process, contact one of the major 3 credit bureaus. For more information on debt related matters, contact an NCO Financial Systems, Inc. representative. Contact information for NCO Financial Systems, Inc. can be found on every page of our Consumer Help Unit website.

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