Credit Bureaus - There are three main credit bureaus that your creditors provide information to on a monthly basis. Your score is based on a complex formula each bureau uses to determine your financial risk.Sometimes credit bureaus can report inaccurate information about you. It is important to resolve these issues since they may hurt you in the loan process. You should talk with your broker about any inaccurate information or contact the three major credit bureaus.
Equi. Credit Bureau
P.O. Box 740241
Atlanta GA 30374-0241
(800) 685-1111
http://www.equi..com
Experian (Formerly TRW Credit Bureau)
P.O. Box 949
Allen TX 75013-0949
(888) 397-3742
http://www.experian.com
Trans Union Corporation (Credit Bureau)
Consumer Disclosure Center
P.O. Box 390
Springfield PA 19064-0390
(800) 916-8800
(800) 682-7654
(714) 680-7292
http://www.tuc.com
Everyone should periodically review what's on their credit reports. It's a good way to monitor if they contain any errors and more importantly, to guard against identity theft.
Credit bureaus are generally regulated by the Fair Credit Reporting Act (FCRA), which is the Federal law generally covering credit bureaus and credit reporting in this country. Individual states may also have their own versions of the law.
The Credit Bureaus make more money off of you with bad credit than good credit and they get fined every day by the FTC for their illegal tactics. Don't let them push you around! "VERIFIED" does not always mean "VERIFIED"
The 3 main credit bureaus are:
Experian
Trans Union
Equi.
They come up with a numerical score typically in a range of 350-850, the higher the score the better "qualified" you are to handle credit and the likelihood of getting a loan with decent rates.
