The Bureaus
The Bureaus You might hear a lot about The Bureaus since you got your first credit card. But what are they? What do they do? And do they affect your credit score?
What Are The Bureaus?
Credit bureaus, or simply the bureaus, are responsible for collecting and maintaining individual credit information. They may also sell this information to consumers, creditors, and lenders in the form of credit reports.
There are dozens of credit bureaus in the U.S. but the biggest are these three: Experian, Equifax and TransUnion. These three have different reporting methods thus the credit scores they will provide are all different from each other.
According to experts, it’s best to bring all your credit scores from these three for a higher chance to get the best loan terms.
To avoid confusion, you need to know that credit bureaus are different from credit rating agencies. Credit bureaus are responsible for reporting credit scores while credit rating agencies are the ones who assess if a company can repay a loan.
Also, the bureaus are reflected on your credit report as “collections” accounts. This will only happen if you forget to pay your bill. A collection on your credit report can damage your credit score unless you take the necessary actions to remove it.
Things You Need To Know About The Bureaus
Types of information they collect
Credit bureaus store and maintain a lot of information concerning your credit history. Starting from the time you opened up your very first credit account to all other details like your payment history, the available amount of credit, amount of credit you are using, outstanding debt collections, and public record details like bankruptcy, foreclosure, repossession, and tax liens.
Aside from these, they also have non-credit information such as your previous and current addresses, previous and current employers, and the date of your birth.
Sources of information
With all the type of information they acquire from each individual, you might wonder where they get all this from. The answer is from banks and other businesses. These institutions provide credit bureaus consumer information. Most of the companies you have business with send updates on your open accounts to credit bureaus. The bureaus also receive information from public court records.
All the major credit bureaus acquire information from different sources but they don’t share this with one another. This is the reason why you will have differences in your credit report from each of the bureaus.
How Collection Accounts Affect Credit Report
How Much Does Credit Repair Cost
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