3 Major Credit Bureaus And Credit Reports

Who are the  3 Major Credit Bureaus?

When credit card companies, banks, insurers, landlords or debt collection agencies want to obtain information on consumers, they may request a credit report from one of the 3 major credit bureaus. A lender,  such as a bank or credit card company, may need a copy of the consumer's credit report so they can judge the risk of loaning money to the consumer. A debt collector uses a credit report for different reasons. A credit report is a great a tool for debt collectors to acquire contact information. Debt collectors use the credit bureaus report to contact consumers about a debt they may owe. The 3 major credit bureaus are Experian, TransUnion and Equifax.

What information is contained in a credit report from the major 3 major credit bureaus?

A credit report is a record of a consumer's ability to manage their finances. The report will contain information on home mortgage loans, auto loans, issued credit cards and personal information. When lenders request a consumer's credit report, it is in an effort to evaluate that particular consumer's ability to pay their bills. If the consumer is always late paying their monthly credit card payment, the lender may choose to turn the consumer's credit application down. Consumers who are consistently late paying their monthly credit card bills,  may be reported by the creditor to one of the 3 major credit bureaus. Delinquent payments can affect a consumer's credit score. A credit score is a metric lenders use to determine a consumer's credit worthiness.

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

Many financial advisors recommend consumers ask for a copy of their credit report at a minimum of once a year. When a consumer requests a copy of their credit report, they can be alerted to potential credit problems. There might be inaccurate information contained in the report that is prohibiting the consumer from obtaining the loan they need to buy house, car or boat. The credit bureaus, or the companies that report to the credit bureaus, sometimes make mistakes. There are procedures consumers can follow to report inaccurate information. The credit bureaus have 30 days to respond to the consumer's dispute.  Federal law requires each of the 3 major credit bureaus to offer a free credit report to consumers once a year. A consumer can visit www.annualcreditreport.com to order a copy of their credit report.

If you have questions regarding the credit reporting process, contact one of the 3 major 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 on every page of our consumer help unit website.

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