Discover The Facts About Your Credit Bureau Report

Everyone should get a copy of their credit report at least once a year. If you have had problems with your credit such as identity theft, you may want to get a copy of your credit bureau report even more often. When you order your credit bureau report, make sure that you get a separate copy of it from each of the three major credit bureaus, which are Equifax, TransUnion, and Experian.

You may be asking why you should get a copy of your credit bureau report from each of these agencies separately, and the answer is because they are all different. Some of your creditors report to only one of them, some report to two of them, and for your higher type of loans such as a mortgage, they report your credit history to all three of them. But since not all of your creditors report to all three of them, your credit bureau report is going to be different with each of them.

Now consider the huge task that these agencies have to accumulate all of your credit data from each and every loan and account you currently have, as well as every account you have had over the past 5 to 10 years, even if it has been paid off, and keep track of all that data in order to produce their specific credit bureau report. We are talking about billions of data records here, since this process is done for each individual consumer as well as each business in the entire US.

The reason for explaining all of this is to help you understand that your credit bureau report almost certainly contains errors. Yes, it contains erroneous information about you and your credit history, and if that is negative information (as it typically is), the end result is that your credit score (also known as a FICO score) is calculated to be lower, perhaps MUCH lower than it really should be.

Now comes the cascading effect. As a result of your credit score being reported as lower than it should be, this is costing you money. Based on that low credit score, perhaps your mortgage company is charging you 7% instead of the 6% they would have charged if they knew your credit score was actually higher. On that car loan, maybe you are paying 8% instead of the dealer's special 2.9% that is offered to "qualified buyers", and due to the low credit score reflected on your credit bureau report, you are not classified as a "qualified buyer". In other words, the credit bureau errors are costing you money!

The credit bureaus have no mechanism in place to automatically fix these errors and will keep reporting them incorrectly forever. They also take no responsibility for the accuracy of the data, since in their view, they do not make the news, they only report it.

It is up to you, the consumer and the business owner, to get a regular copy of your credit bureau report and go over it with a fine tooth comb. When you find errors, it is your job to report the errors to the credit bureau that is reporting something incorrectly. Until you do that, the errors will continue to be reported incorrectly.

Take the time to get copies of your credit bureau reports today and make it a regular event to go over them carefully to identify any errors. In the long run, your credit score will be reflected accurately, and probably higher than it was with the errors!

To get more information and to find out what steps you need to take to get the errors fixed on your Credit Bureau Report please visit our web site at http://www.credit-help-center.com

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