Check Out 3 Agencies For Credit Repair

March 1, 2009 by  
Filed under Credit Repair

Boost Your Credit Score in Just 37 Days!

If you are interested in credit repair, or just looking to maintain good credit, it is important that you take a look at all three of the main credit reporting bureaus. These are TransUnion, Experian and Equifax. If you take a look at the credit score from each of these credit bureaus, you will notice that they all report a different score.

You are entitled to receive one free credit report from each of the three reporting agencies each year. The three reporting agencies make up a FICO scoring model, which is your credit score. This is the number the creditors will use to determine if you are a good risk when it comes to offering a loan. A good credit score is over 700. If you have a low credit score, you should take a look at the different reporting agencies and see if there are discrepancies. Chances are that there are.

When you get your credit score from each of the three reporting agencies, you will note that some have higher scores. This is because they use a different method of scoring than each other. Equifax is one company that uses the traditional method of scoring for the FICO, but TransUnion and Experian use their own. It is important that you get reports from all three agencies so you can take a look at them.

Another reason for the discrepancy may be that one of the credit reporting agencies is reporting something on your credit report that is in error. This is why it is so important to get all three reports from the agencies so that you can see if one of them has a mistake. You should dispute any errors with the company right away. Write to them and tell them that you dispute a finding and ask them to remove it. They will have to provide you proof that this is legitimate or remove the item. This is how you can complete your own credit repair.

Some credit card companies only report to one agency. This can be another reason for a discrepancy in the three major credit bureaus. Most lenders, however, will take a look at all three reports before they give you a loan, especially when it comes to a home loan.

In some cases, the discrepancy is due to information being processed quicker at one agency over another.

When you are attempting credit repair, you will want to deal with all three credit reporting agencies. If you use a credit repair service, you will want to make sure that they, too, deal with all three reporting agencies. If you want to repair credit score, you also want to be sure that the agencies are reporting accurate information. If you find that there are small discrepancies of your credit scores with the three agencies, this is mostly due to how they figure the scores. If the scores are large, however, some credit repair may be in order. If you use a credit repair service, be sure they work with all three agencies.