What Kind of Information Do Credit Bureaus Collect?
Eyes, fingerprints and DNA are unique to every person and can be used for identification. Credit Bureau reports could be compared to your DNA-but instead of giving you a physical identity, it gives you a financial identity. Every report is unique to each person, the trick comes in understanding what kind of information Credit Reporting Agencies (CRA’s) buy and sell about you. Credit Bureau reports contain information about where you live, what you do for a living, where you have applied for credit and how you pay your mortgage, rent, car payment and other credit granted in your name. The three main CRA’s in the United States are Equifax, Experian (formerly TRW) and Trans Union. Individuals and companies that have interest in how promptly you pay your bills become members to CRA’s. They can be members of one or all of the CRA’s. This means that if you have ever applied for credit, you probably have a history with all of them. Landlords, banks, mortgage companies, finance companies, insu
Credit Bureau reports contain information about where you live, what you do for a living, where you have applied for credit and how you pay your mortgage, rent, car payment and other credit granted in your name. The three main CRA’s in the United States are Equifax, Experian (formerly TRW) and Trans Union. Individuals and companies that have interest in how promptly you pay your bills become members to CRA’s. They can be members of one or all of the CRA’s. This means that if you have ever applied for credit, you probably have a history with all of them. Landlords, banks, mortgage companies, finance companies, insurance companies, bankcard lenders, retail department stores and even employers are typical members of credit bureaus. Members of CRA’s buy the information about you that is contained in your credit bureau report. Once companies or individuals become members, the first thing that they must do is gain written consent from you to buy information from your credit file. No matter i
