Three Credit Bureaus and Three Different Score, WHY?
There are three major credit bureaus, TransUnion, Equifax, and Experian. Each one of these bureaus has information on consumers and the scores that each bureau produces could be vastly different. How can that be? It is basically pretty simple.
Each bureau is reporting only the information that is being reported to them. Not every lender reports to all three bureaus and since not all of the information may be on each of your credit reports, your scores could vary.
For example, let's say you have a car loan and the bank that you have the loan through only reports to TransUnion. If you were to have 1 or 2 late payments and the bank reported that information to TransUnion, then your TransUnion score would go down. But since the bank is not reporting to Equifax and Experian, your scores would remain unchanged. Scores can vary from 100 to 200 points between the bureaus so you should be reviewing your reports on all three bureaus.
When you are obtaining a loan, you should also find out who what bureaus they report the information. Basically, most lenders today are reporting to all three bureaus but not all of them. This is also true of smaller lenders such as collection agencies, utilities and other smaller more localized businesses. They might only be using one credit bureau for decisions and so they only report to that one credit bureau.
It is important that all three of your credit reports get investigated and make sure that each of them is accurate. But you don't want to get negative information reported to the other bureaus if they are not reporting now. Any negative information being reported will lower your credit score.
If any of the information is inaccurate, then you should be disputing that information. It is very important that your credit report be accurate. 79% of everyone's credit report has mistakes and errors. Are you one of them?
Credit Repair companies can assist you in disputing and correcting information that is inaccurately reporting to the bureaus. Ovation Credit Repair can continue to follow up on your disputes and make sure that the bureaus are investigating completely.
Talk with a Case Advisor for free at Ovation Credit today!
Each bureau is reporting only the information that is being reported to them. Not every lender reports to all three bureaus and since not all of the information may be on each of your credit reports, your scores could vary.
For example, let's say you have a car loan and the bank that you have the loan through only reports to TransUnion. If you were to have 1 or 2 late payments and the bank reported that information to TransUnion, then your TransUnion score would go down. But since the bank is not reporting to Equifax and Experian, your scores would remain unchanged. Scores can vary from 100 to 200 points between the bureaus so you should be reviewing your reports on all three bureaus.
When you are obtaining a loan, you should also find out who what bureaus they report the information. Basically, most lenders today are reporting to all three bureaus but not all of them. This is also true of smaller lenders such as collection agencies, utilities and other smaller more localized businesses. They might only be using one credit bureau for decisions and so they only report to that one credit bureau.
It is important that all three of your credit reports get investigated and make sure that each of them is accurate. But you don't want to get negative information reported to the other bureaus if they are not reporting now. Any negative information being reported will lower your credit score.
If any of the information is inaccurate, then you should be disputing that information. It is very important that your credit report be accurate. 79% of everyone's credit report has mistakes and errors. Are you one of them?
Credit Repair companies can assist you in disputing and correcting information that is inaccurately reporting to the bureaus. Ovation Credit Repair can continue to follow up on your disputes and make sure that the bureaus are investigating completely.
Talk with a Case Advisor for free at Ovation Credit today!
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