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In my recent quest to clean up my credit files, which I have now completed successfully. Could... |
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Date:
April 12, 2007, 12:02 am |
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In my recent quest to clean up my credit files, which I have now completed successfully. Could you provide a reasoned explanation as why credit bureau\'s differ so greatly when reporting consumer credit information. The more pressing question is why do we have three in the first place, since \"they\" do such an atrocious job keeping track of personal and consumer information? |
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Answer:
When a creditor requests a credit report on a certain consumer, the credit-reporting agency collects information about him from different sources. Creditors pay credit bureaus for information about consumers, especially information about whether they have met past credit obligations. In America the credit-reporting business is dominated by 3 large companies. They work through more than 500 local offices and contracted affiliates. Through them the bureaus receive information from virtually every creditor. Hence, the flow of information is two-way. Credit bureaus always report the information faithfully. In rare cases, faithful reporting is wrong because creditors occasionally supply inaccurate information. The creditor may have failed to record or update actual payments or delinquencies by consumers. Errors may occur for many reasons: public records are faulty, consumers neglect to have their mail forwarded, consumers misplace bills, mail is improperly delivered and so on. Anyway, you can dispute the information in the reports. |
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