Credit Reporting Services

Find Out Why You Need To Know Which Credit Reporting Services Are Reporting You

What are the credit reporting services that exist?

The three major credit reporting services are Experian, Transunion, and Equifax. All three of them report your credit information. They all report the names of your creditors, their addresses, the balance you owe, the terms of your credit, and if you are current or not. They differ in the format by which they report them but the information is basically the same. Each one also can give a credit score based upon the information that they have on file for you.

Why do you need to know which credit reporting agencies are reporting you?

Simply put, you need to know because it is your personal information that is being reported. Also when you obtain your credit report from each agency along with a credit score it is more then likely that the scores will be different. How can the scores be different if the same information is being reported? This is the difference! All of your creditors don't report to the same credit reporting agency. Some may report to all three but others may only report to one of them. Experian may have information on their files that Equifax doesn't have. This information may also not be as accurate as it should be. This is one of the main reasons why you should know which agencies are reporting you and have reports on you. One agency's files may not look like another agency's file.

Companies may choose which agency to report to based upon the fee they are charged for reporting this information. One agency may charge a lot less then the others and may be the only agency that most of your creditors will report to. It is important to make sure that your credit information is kept up to date and reflects accurate information so that you can obtain the credit you deserve.