Many people who dont know anything about credit have the feeling that the credit bureau is a government agency that works for Uncle Sam to ruin our lives but the real truth is that government agencies are just private companies that that have monopolized the credit industry.
The industry is therefore run by three firms: Transunion, Esperian and Equifax. These three giants run the industry but there are more than 2000 smaller
credit bureaus.
Truth is that these companies are all private companies and are in the business of making money. Hell they are even listed in the New York Stock Exchange and for the price of a share you can own the company and make some of that money.
Nice thought considering these companies literally own most of the individuals in the U.S who happen to have bad credit.
How do credit bureaus get their information? Various companies subscribe to the credit bureaus services and therefore send credit history of individuals to the credit bureau. Updates are also sent to the credit bureau by the creditor periodically.
Creditors usually report at different times to different credit bureaus so therefore none matching dates and amounts can be shown on each credit report. There are so many instances were these reports are terribly incorrect. The companies the send reports to credit bureaus are namely banks, department stores, mortgage companies, credit card companies etc.
Credit bureaus also get their information from public record from courthouses including bankruptcies, default payments, tax liens etc. Many times the credit bureau adds these records to its files but fail to correct the information if the courthouse updates or clears the records. Here are the 3 major credit bureaus and how to contact them.
If you get error in your credit repair report you can use credit repair kit or do it yourself credit repair kit to remove errors in your report. Credit repair process is time consuming process but you can do it yourself using free do it yourself credit repair kit easily. Free do it yourself credit repair kit follows step-by-step instructions for credit repair.
Each of these credit companies acts as a police for creditors and tend to judge consumers of past habits. They all function in the same way and majority of creditors are biased toward certain bureaus.You can call any of these companies and inquire about how to get a free credit report at anytime.
TransUnion
P.O. Box 390
Springfield, PA 19064
(800) 851-2674
TRW/ Esperian
P.O. Box 949
Allen, TX 75013-0949
(800) 392-1122
Equifax
P.O. Box 105873
Atlanta, GA 30348
(800) 685-1111
