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Maddy
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Subject: Mad with the credit system!
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Mon Sep 21, 2009 5:18 am
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I do not understand the need of 3 credit bureaus! This is just insane. None of them have the same information and it is a pain in the butt when you notice mistakes in your credit report because some of them will validate the information and the others will not....and you just have to go through so many things to get it right.... and all this X 3... for each one! It's just crazy!
Why not have only ONE!!? |
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sunnyca
Joined: 10 Sep 2009
sunnyca's page
Posts: 150
952 Magic Points
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Mon Sep 21, 2009 5:23 am
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| Well no one lieks monoploy |
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carol
Joined: 27 Jun 2006
carol's page
Posts: 1362
Location: Los Angeles, California
29592 Magic Points
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Mon Sep 21, 2009 5:45 am
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Hi Maddy
Equifax, Transunion and Experian have formed a trade organization named Consumer Data Industry Association (CDIA) in an attempt to establish reporting standards in Washington. These are the 3 standard bureaus that everyone chooses to refer to. There are, however, other bureaus too that you may check if you want to, but usually people want to refer to these three for authenticity and also for a comparison. If it was only one CB you were checking, then maybe you wouldn't know if the report was accurate or not. Since you check 3 or may be more, you can get an idea of whether the CBs are reporting right or not.
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Keep in touch
Carol |
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Justin
Joined: 17 Jul 2006
Justin's page
Posts: 1298
28935 Magic Points
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Mon Sep 21, 2009 8:29 am
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Hi Maddy,
You seem to be enraged with the credit system. But there is an obvious advantage to having three credit reporting agencies preparing your credit report. The advantage is that, you can check and cross check whether the information provided in your credit report is correct. Had it been only one credit reporting agency, you will not have the option to cross check. Here at least you can expect one of them to come up with the perfect report.
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All the Best 
Justin |
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