Why is the Information in all three Credit Bureaus not the same?
Part 6: As part of series of articles (blogs) regarding Credit and Credit Score, here we go:

There is no law that requires creditors to always report everything or report to all three major credit bureaus. Usually, a creditor (e.g., small company) does not subscribe to all three bureaus due to the cost.

In addition, credit bureaus use their own employees or third party organizations to verify and obtain more information from public courthouse records, such as: bankruptcy filings, dismissals and discharges, tax liens, wage garnishments, child support information, foreclosures, notices of defaults, law suits and verifying business information listed under consumer’s name.

 

Therefore, one bureau may report information that another credit bureau may not due to expenses such as information on public records, e.g., bankruptcy, judgment, tax liens, foreclosures, notice of defaults, etc.

 

With this explanation, a credit report from one credit bureau may not contain exactly the same information about a consumer’s credit history as a credit report from another credit bureau.

Therefore, you have a separate credit bureau report from each of the three national credit bureaus. Lenders could look at any or all of them, so when you're preparing to finance the purchase of a major item, like a home or auto, you need to see your credit information from all three Credit Bureaus.

        HOW to overcome the problems with your credit history and credit score?
Knowledge, education, awareness, practice and discipline are the essential keys to being successful on any subject. The book, "Credit Score Tips and Tricks", provides you information, tools, techniques to educate yourself and manage your credit report & credit score, and therefore manage your finances effectively at no additional cost.

I have decided to bring and share with you, chapters or sections of the book, Credit Score Tips and Tricks, as series of articles here. This is the number 6 of such a series.

I also created and manage a GROUP in ActiveRain, Credit Reports and Credit Scores, Please feel free to join and share your thoughts and experiences.

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