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.
