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One Credit Reporting Agency over another

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goodnatured



Joined: 03 Nov 2007
goodnatured's page
Posts: 3137



5334 Magic Points
Subject: One Credit Reporting Agency over another
 
 Posted on Fri Mar 14, 2008 10:27 am  
Does anyone know why we have three credit reporting agencies? Do lenders chose or use one more than the other two?

When a credit reporting agency will not correct your report, who do you turn to? Is there a higher authority in the credit reporting world, these people are sometimes hard to work with and will take the creditors word over yours. I don't think the consumer is sometimes given a fair shake here. What are your thoughts?
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Goodnatured,

Trying to become and stay debt free, thank you for all your help and support!
 
sdchargers_63

sdchargers_63

Joined: 13 Aug 2007
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Posts: 891



2654 Magic Points
Subject: cb
 
 Posted on Fri Mar 14, 2008 1:30 pm  
'Goodnatured'.........good point!! You DON'T usually know, when you apply for credit, WHICH CB will come up. As you clearly said, ..I, TOO, wonder if one CRA has 'more pull' over the others. What if you have a pretty good score on ONE of the CRA, than the other two?..etc. I DON'T think this is fair to us, either.
 
Morningstar

Morningstar

Joined: 17 Apr 2007
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Posts: 609



40 Magic Points
 
 Posted on Fri Mar 14, 2008 4:34 pm  
Quote:
Does anyone know why we have three credit reporting agencies?

Capitalism and competition.

Quote:
Do lenders chose or use one more than the other two?


I believe that more lenders prefer to use TU, but I am not certain of this.

Quote:
Is there a higher authority in the credit reporting world, these people are sometimes hard to work with and will take the creditors word over yours.


The higher authorities are the FCRA and FACTA.

Quote:
When a credit reporting agency will not correct your report, who do you turn to?


An attorney and/or the FTC.

Quote:
What are your thoughts?


I think that few things in this world are perfect.

Quote:
You DON'T usually know, when you apply for credit, WHICH CB will come up.


If it's a big ticket item, you can try asking the finance representative which CRA is utilized.

Quote:
What if you have a pretty good score on ONE of the CRA, than the other two?


You fix errors on your reports, or you deal with it, because you don't have another option.
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I don't dream since I quit sleeping
 
fireyone



Joined: 26 Feb 2008
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Posts: 2871



2195 Magic Points
 
 Posted on Fri Mar 14, 2008 11:45 pm  
Well Morningstar pretty much cleared up those questions for you goodnatured. I believe most of our loans they used experian. I really want to check all my credit reports since I have only checked one but I don't want to use up all my free passes.
 
fireyone



Joined: 26 Feb 2008
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Posts: 2871



2195 Magic Points
 
 Posted on Sat Mar 15, 2008 12:07 am  
looked up my past couple bank loans from before...all are experian...hope this helps.
 
goodnatured



Joined: 03 Nov 2007
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Posts: 3137



5334 Magic Points
 
 Posted on Sat Mar 15, 2008 11:55 am  
I just wanted to know so I would know which one to keep a closer eye on. I hate that there is three, I guess it just so much harder to watch three reports and you know what they say about having too many cooks in the kitchen!!!!!!!!!!!!!!!
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Goodnatured,

Trying to become and stay debt free, thank you for all your help and support!
 
fireyone



Joined: 26 Feb 2008
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Posts: 2871



2195 Magic Points
 
 Posted on Sun Mar 16, 2008 1:54 pm  
I would still check all three. You know how it goes..by thr time you would need it they would check the one your not keeping a good eye on.
 
Morningstar

Morningstar

Joined: 17 Apr 2007
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Posts: 609



40 Magic Points
 
 Posted on Sun Mar 16, 2008 3:49 pm  
Quote:
You know how it goes..by thr time you would need it they would check the one your not keeping a good eye on.


Ahhh, the 50/50/90 rule (in this case 33/33/33/90)...
Anytime you have a 50/50 chance of getting something right, there is a 90 percent probability that you will get it wrong Razz
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I don't dream since I quit sleeping
 
Fasfeed



Joined: 06 Feb 2008
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Posts: 87



3212 Magic Points
 
 Posted on Mon Mar 17, 2008 12:40 am  
Why stop here for the credit agencies. Is there a chance in the future we will be pulling from five or even six differnt bureaus. It seems to be big business. Wasnt there at one time only one bureau. Equifax seems to be the easiest to deal with to me.What is stopping them from adding more.
 
jmacus



Joined: 17 Mar 2008
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Posts: 5
Location: UK


179 Magic Points
 
 Posted on Mon Mar 17, 2008 1:13 am  
you could try to sue them but that's a lengthy process. the hope is that next time you apply for a loan or credit card, the creditor will get reports from all three agencies.
 
carol

carol

Joined: 27 Jun 2006
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10293 Magic Points
 
 Posted on Mon Mar 17, 2008 11:19 am  
The creditor gets a consolidated report I think. Any idea on this? How do they judge otherwise? They know about varying scores from the three different bureaus.
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Keep in touch
Carol
 
Fasfeed



Joined: 06 Feb 2008
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Posts: 87



3212 Magic Points
 
 Posted on Mon Mar 17, 2008 12:12 pm  
By consolidated report ,do you mean like a tri-merge. The only companies I have had dealings with that pull these was the morgage companies .Where they then use your middle score. I think most creditors only pull from one desired bureau, as to which some may only report to one bureau.
 
charles.armbruster

charles.armbruster

Joined: 14 Mar 2008
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Posts: 27
Location: Mesa, AZ


1355 Magic Points
 
 Posted on Mon Mar 17, 2008 6:17 pm  
It costs money to report your debt arrangement to the bureaus. Normally, a creditor will report you to eahc of the three majors.
Sometimes, a tradeline will not appear on all three bureaus -- however, all national credit cards and all mortgage banks and all car manufacturers will report your debt.

Private mortgages and rental paymentys do not appear -- it costs money to file, and these payments are considered private. Often private used car financing will not appear on the report. None of your utility bills or cable bills or phone bills appear, unless they've been turned over to a collection ageny.

A residential tri-merged credit report is pulled in order to provide an 'average' score (not really an average, but they pick the middle score) when a mortgage loan underwriter is qualifying you for an approval. Most other creditors, like your car dealer, will pull a single report to search for any public filings and radical credit problems.
 
fireyone



Joined: 26 Feb 2008
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Posts: 2871



2195 Magic Points
 
 Posted on Tue Mar 18, 2008 12:09 am  
I never knew they had to pay to list your credit on your report. I wondered how this all worked and this clears it up.
 
anthony

anthony

Joined: 31 Jul 2006
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Posts: 493



12319 Magic Points
 
 Posted on Tue Mar 18, 2008 11:56 am  
Who pays for that. Not us definitely. The companies have to pay in order to report. Am I right?
_________________
Anthony Marx

A positive attitude is not achieved by turning a blind eye to the negative, but rather by responding to every situation in the most positive way possible.
You can also visit my blog
http://financewatchonline.blogspot.com
 
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