What Data Does The Credit Bureau Would Use To Check My Credit Report ?

There are three major credit bureaus in the U.S., Equifax, Experian and Trans Union. Each bureau collects your personal and financial information that are then sold to lenders such as banks, credit unions, credit card companies, mortgage and auto loan lenders. Your credit report is the product of this information collection. Loan and credit companies use your credit information for determining whether to approve or not and at what interest rate you will pay. Many people are recognizing the importance of checking your own credit report for accuracy and to make sure they know where they stand in the world of credit. To begin the process to obtain a copy of your credit report, some people do not realize that they actually have three credit reports instead of one. Frequently Wells Fargo Bank has said that publicly. The three major credit bureaus keep separate credit records from each other and produce their own reports credit.

Instead of the credit bureaus work together and share information among themselves, as some people may think, are actually competitors. That is why the information in a credit report will more than likely be different from the information in your credit report from another credit bureau. Therefore, we recommend reviewing your credit report from all three credit bureaus to see the whole picture. There are a couple of options for checking all three of your credit reports. You can contact each of the credit bureaus individually to request a copy. Or you can go through one of the many companies that provide a 3-in-1 credit report Obtaining a 3-in-1 credit report is usually more convenient and easy to use for the consumer in comparison to request individual copies. Verification of data on all three credit reports is the only way to know that the information that potential lenders and creditors are evaluating it is correct. Considering that for a loan, some lenders your credit report from only one or two credit bureaus while other lenders your credit report from all three.

It is always a good idea to check your credit reports before applying next big purchase. Cover your bases beforehand can often save you time and hassle during the application process.