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Never Underestimate The Influence Of All Three Credit Bureaus | all three credit bureaus

It is important to know all three credit bureaus when you are looking for a home loan. Most lenders only review one report from a particular credit bureau to ascertain an applicant s credibility. The exception is usually a mortgage company reviewing reports from all three credit bureaus since such large sums of money involve. It is usually the case that if a person has been turned down by one credit bureau they will also be rejected by all three.

Lenders are required by law to collect and provide certain financial information to the credit bureaus. The purpose of this information is for the companies to properly assess an application. All of the information that is required is supposed to be accurate. It is however, possible for errors to occur. This is why the Fair Credit Reporting Act makes it possible for a person to request copies of their credit report from each of the credit bureaus once a year.

Once a dispute arises, there are requirements that must be met in order to raise a dispute to a level that will warrant a reply from the credit reporting agencies. Most consumers have a general idea of how they feel about the company they have been dealing with. If they do not feel they are receiving the same level of service as they would from a different company then they should raise the issue with their own bank or the company they are using to obtain their loan. Each lender has a different procedure for handling a dispute so it is important to know exactly what needs to be done in order to raise the matter to the appropriate level.

Some people mistakenly believe that they need to send their dispute directly to one particular credit bureau and hope that this will make a difference. While it may be easy for consumers to overlook the smaller ones because they seem more likely to ignore larger banks or lending institutions, these agencies are still legally obligated to provide accurate information about their reports. The credit bureaus are required to inform consumers who do not receive a copy of their report that they can contact them directly. They are also obligated to investigate the claims that consumers make sure that they are valid. In some cases if the credit bureaus are unable to verify the validity of a consumer's complaint they are obligated to remove the disputed item from your report.

Some consumers feel that if they dispute at all the negative items on their report then it will not matter because the items will eventually be removed anyway. This can never be true because the items reported are always recorded on your financial history regardless of whether or not they are valid disputes. The fact is that creditors use all three of the major credit bureaus and they make their decisions based on what they find on your free credit report and other factors. The best way to avoid this problem is to ensure you get all three reports each year in order to ensure all of the pertinent information has been recorded accurately.

Another option that consumers have when they are trying to raise dispute issues with the credit card companies is to request the credit card company to send them all three credit bureaus. If the company is unwilling to do this, the only other option available to the consumer is to raise a dispute with the individual credit card company individually. However, many times the individual credit card company will choose to simply ignore the consumer instead of address their concerns properly. However, sometimes the company may be willing to change their mind if the consumer makes an attempt to explain their concerns to them. Of course, in the vast majority of cases consumers will not make any progress with resolving their credit card disputes without the assistance of the three credit bureaus.

One of the most important things that you need to do as a consumer is to always be sure you are keeping track of your credit reports at all times. Even if the company says from all three credit bureaus about a negative account on your report, you should still track down all of the supporting documentation. Even if the company says that the negative item is from one credit bureau and not from the others, you still should be able to find all of the supporting documentation for that particular negative account. Credit repair companies are not required to prove their legitimacy, but they are obligated under law to provide you with copies of all three credit reports. By law they are also obligated to respond to any complaint that you may have and to take remedial action to correct the problems that you have uncovered.It is in your best interest to monitor all of the credit reports that are being provided to the company by the credit bureau agencies. You will want to pay close attention to anything that is not accurate, especially negative information. You can dispute items on your credit report that you find to be inaccurate, misleading or unverifiable. A good credit repair company can help you with this if that is what you choose to do. A legitimate credit bureau is not out to obtain personal information on you; they are in the business of helping you improve your credit standing so that when you do apply for a loan or other form of credit, you will be approved without any problems.

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