Free Credit Bureau Report

Ije Valent asked:


Many people who dont know anything about credit have the feeling that the credit bureau is a government agency that works for Uncle Sam to ruin our lives but the real truth is that government agencies are just private companies that that have monopolized the credit industry.

The industry is therefore run by three firms: Transunion, Esperian and Equifax. These three giants run the industry but there are more than 2000 smaller

credit bureaus.

Truth is that these companies are all private companies and are in the business of making money. Hell they are even listed in the New York Stock Exchange and for the price of a share you can own the company and make some of that money.

Nice thought considering these companies literally own most of the individuals in the U.S who happen to have bad credit.

How do credit bureaus get their information? Various companies subscribe to the credit bureaus services and therefore send credit history of individuals to the credit bureau. Updates are also sent to the credit bureau by the creditor periodically.

Creditors usually report at different times to different credit bureaus so therefore none matching dates and amounts can be shown on each credit report. There are so many instances were these reports are terribly incorrect. The companies the send reports to credit bureaus are namely banks, department stores, mortgage companies, credit card companies etc.

Credit bureaus also get their information from public record from courthouses including bankruptcies, default payments, tax liens etc. Many times the credit bureau adds these records to its files but fail to correct the information if the courthouse updates or clears the records. Here are the 3 major credit bureaus and how to contact them.

If you get error in your credit repair report you can use credit repair kit or do it yourself credit repair kit to remove errors in your report. Credit repair process is time consuming process but you can do it yourself using free do it yourself credit repair kit easily. Free do it yourself credit repair kit follows step-by-step instructions for credit repair.

Each of these credit companies acts as a police for creditors and tend to judge consumers of past habits. They all function in the same way and majority of creditors are biased toward certain bureaus.You can call any of these companies and inquire about how to get a free credit report at anytime.

TransUnion

P.O. Box 390

Springfield, PA 19064

(800) 851-2674

TRW/ Esperian

P.O. Box 949

Allen, TX 75013-0949

(800) 392-1122

Equifax

P.O. Box 105873

Atlanta, GA 30348

(800) 685-1111



Troy

John Mcfadden asked:


You want a free credit report but have heard of people being caught out will Scammers and want to find out the best on the eye out to avoid these pitfall. Or you may be interested in what other information is important to know when accessioning your free credit report.

Credit reports are essential now days, they not only help you get valuable information on your financial history but they also enable you to check status of these records and correct nay incorrect information.

You also need to know what is the best way to access your report, you may be asking if you only need to get one or is it best to get a credit report form all three of the main American Credit report bureaus? As you can see there is a few things you need to consider.

From 2003 it was written into law that all Americans can access a copy of their credit report for free but only once every twelve months. You need to take advantage of this and make sure you get a copy via the internet, mail or call up and order one. It has been recommended by many recommended consumer sites that you should get a copy of your report more often then just once a year. The main reason for this is that when you take out a loan or get a credit card the lender needs to report this information to one of the 3 main credit bureaus – TransUnion, Equifax, and Experian – but they only have to report it to one so what if you choose a copy of your credit report from one of the other credit bureaus? well you won’t get the correct information.

Why it’s necessary to get a credit report form all three credit report bureaus multiple times a year?

Not only will you have access to all your credit report information from the 3 bureaus and can cross reference between all three of them you also have the chance to correct any incorrect information, this is more common then you think and will stay on your recored form life, to give yourself the best possibility of getting a loan and on a good interest rate you need to ensure this info is correct.

Because information reported on your report comes in a different times to the different bureaus it is highly recommended that you first get the 3 copy of your report at the same time then get an individual copy form each of the bureaus every four months, this way you can be assured you have all the information you need on your credit report – but you need to keep doing this each year.



Derek