What is the Difference Between My Equifax and Transunion Credit Reports?

What is the Difference Between My Equifax and Transunion Credit Reports?

By Tony Banks

There are three main credit bureaus, Equifax, Transunion and Experian. Each of these are 100% for profit companies that are in business to sell your credit reports to lenders. Lenders need a way to access your worthiness and they turn to these companies to do so. Equifax is the largest and probably oldest of the three organizations.

They have the largest market share so it's a safe bet that major lenders such as banks and mortgage lenders turn to them in one form or another when it comes to accessing your information.

Transunion and Experian conduct the same tasks but are simply not as big as Equifax. It is also important to understand that creditors will report your payment history to at least one of the three, and in some cases all three companies. This is why when improving your credit rating you want to focus on each of your reports, as there is no way to know which bureau a lender will pick to view your report.

It is also possible to have an account show up on your Equifax file and not your transunion. This simply means that the lender does not report information to the transunion company. For this reason also, when it comes time to purchase a home for a mortgage, lenders will look at each of your three files before making a decision.

They want to see the total picture for such a big loan while lenders such as car and personal loan are fine with looking at one of the three.

Visit do-it-yourself-credit repair or credit repair services to learn more on raising your credit score 200+ points to get approved for car, home and credit card loans. Article Source: http://EzineArticles.com/?expert=Tony_Banks What is the Difference Between My Equifax and Transunion Credit Reports?

Your Equifax, Transunion and Experian Credit Scores - Why You Need to Raise Them

Your Equifax, Transunion and Experian Credit Scores

Why You Need to Raise Them

By Tony Banks

Ever wondered why there's so much talk about score increase or repairing your file? Frankly, there are many who have such thoughts running through their heads but don't know where to begin. The first step is to make sure that you know the factors that are taken into consideration in order to get a good score.

Your scores ultimately determine exactly how much you'll get, and the terms of the loan such as how long you're expected to pay and the interest rate you'll pay over the life of the loan.

But it is not only banks or lenders that use your score for major decisions. Some employers have joined also. It is now common for some employers to buy their employee's report from the bureaus before they take a big step of promoting them. This is especially so if they're reshuffling workers and some are going to land in the financial department. It is also used when you're applying for a new job. Though they will not tell you this but a good number of employers do take a peek at your main reports.

Another use of your scores comes into play with car insurance. Insurance agencies are slowly but surely making it a practice to look at your scores before quoting a rate. Many don't agree with this practice but its becoming a standard.

There are two effective methods to neutralize the effects of a bad score and these are the "do-it-yourself" and "repair agency" methods. It costs less to repair a bad file than having to pay higher interests on loans or being denied outright.

Visit do-it-yourself-credit repair or credit repair services to learn more on raising your credit score 200+ points to get approved for car, home and credit card loans. Article Source: http://EzineArticles.com/?expert=Tony_Banks Your Equifax, Transunion and Experian Credit Scores Why You Need to Raise Them

Equifax, Transunion Or Experian - Which Credit Report Should I Fix First?

Equifax, Transunion Or Experian - Which Credit Report Should I Fix First?

By Tony Banks

This is a good question, and the short answer would be all of them! Let me explain... The first thing you have to understand is that a lender that is looking to extend you cash would always find a way to check out your creditworthiness and they do so by turning to one of the three main bureaus.

The problem is that you don't know which one of them they turn too! So if you spend time only fixing your Equifax credit report, (most popular agency) the lender might turn to transunion because they already have a business relationship with them.

In this case all the negatives accounts that you spent time cleaning from your Equifax report will be useless because the lender is looking and your Transunion report where each of the negatives still remain.

Your best bet would be to work on all three simultaneously. If you are fixing your reports for a mortgage loan, attacking all three is a must because the mortgage banks will request a copy of each of your files before making a decision on your home loan.

Annualcreditreport dot com is still the best place to obtain a copy of each of your three files. This is the website that was created thanks to congress where consumers can get a copy of their reports once a year without having to pay.

The process of improving your files begins with you disputing negative items on your report. This is also your right according to the Fair Credit Reporting Act and the respective bureaus need to respond to your dispute within thirty days.

Visit do-it-yourself-credit repair or credit repair services to learn more on raising your credit score 200+ points to get approved for car, home and credit card loans. Article Source: http://EzineArticles.com/?expert=Tony_Banks Equifax, Transunion Or Experian - Which Credit Report Should I Fix First?

Cleaning Up My Transunion Credit - How Long Does it Take?

Cleaning Up My Transunion Credit - How Long Does it Take?

By Tony Banks

Transunion is one of the three main credit reporting agencies. The other two are Experian and Equifax. Each of which sell their version of your files to lenders that you are looking to do business with. In this article I want to give you an idea of how long it takes to improve your Transunion rating and score.

The first thing you need to understand is the fact that there are two ways you can improve your Transunion rating. First to have old negatives deleted or corrected and the second way would be to begin rebuilding a payment history with a creditor on an account such as a credit card or even department store card or some other form of revolving credit.

You first want to take a look at your file and see what needs to be deleted. Which accounts are on your report have "expired" according to the Fair Credit Reporting Act. If such accounts exist on your file you want to contact Transunion by writing them to tell them to delete such accounts. This is your RIGHT according to the law!

The next part of your credit clean-up plan is a little more difficult. This is where you have to begin rebuilding a credit history, which is where a lot of people get hung up because they normally get denied when they apply for any type of credit.

You want to get past this hurdle by using a secure credit card which does not go by your current credit rating in order to approve you. Instead they ask for a deposit and advance you credit only in the amount of your deposit. This is how they approve your card without a good rating.

Another way is to have a family member that has the same last name and lives with you to add you to one of their revolving credit card accounts that has a good payment history.

The account and the good payment history will eventually show up on your Transunion, Equifax and Experian files which would help give your rating a lift! It could take anywhere from three weeks to three months to improve your Transunion rating depending on your current situation.

Visit do-it-yourself-credit repair or credit repair services to learn more on raising your credit score 200+ points to get approved for car, home and credit card loans. Article Source: http://EzineArticles.com/?expert=Tony_Banks Cleaning Up My Transunion Credit - How Long Does it Take?

How to Dispute Your TransUnion Credit Report

How to Dispute Your TransUnion Credit Report

By Ben S Douglas

TransUnion, one of the "big three" credit reporting companies, compiles all the information they receive from lenders into your credit report. As a credit bureau, TransUnion keeps credit history about you including your address, payment history, employment, and other personal information. Whenever you apply for any type of credit, a lender pays a bureau for access to your credit record to see your financial history.

This is why it is so important to make sure the data on your credit file is accurate and up to date. If TransUnion is indicating inaccurate information about your history, you need to file a dispute.

To dispute your TransUnion Credit File, follow these steps:
o STEP 1: Draft a credit bureau dispute letter
o STEP 2: Mail the letter via U.S. Registered Mail
o STEP 3: Wait for the results and a copy of your updated report

Review your credit report very carefully so that you can dispute multiple items at once. However, keep in mind disputing many items at once may result in serious delay. Credit bureaus have been rumored to "red flag" people who dispute more than a few items at a time. This is just one of the many obstacles of "do-it-yourself" credit disputes.

What Should I Dispute?

TransUnion receives all types of information about you which is subject to errors or inaccurate data. Sometimes a credit report may show derogatory payment history that does not tell the whole story. Lenders typically view your credit history in "black and white" to determine whether you are a good credit risk or not.

Here are some examples of items to dispute:
o credit cards - charge offs, 30,60,90 day late payments, or a small amount of available credit
o store credit - charge offs, late payments, small amount of available credit
o cell phone suppliers - collections, charge offs
o credit unions - mortgage delinquency, auto delinquency, or any late payments
o banks - any type of delinquency
o state and federal courts - judgment or public record from any type of debt
o bankruptcy courts - Chapter 7, 11, 13, are included in bankruptcy items
o mortgage companies - late payments or foreclosure

What Happens if my TransUnion Dispute Fails to Delete the Bad Credit?
It is important to know that sometimes getting a TransUnion report corrected can be very time consuming and cumbersome. The next step may be to work with the creditor on a resolution. Another alternative is a process called debt validation that is tactical, but highly effective as an escalated dispute process.

If you are unfamiliar with these processes, then you may consider enrolling the services of a credit repair law firm to ensure a quick and effective resolution. A legal professional seasoned in the credit disputing process can help you save time, money and frustration.

For a free letter to remove charge offs or to learn more about how to dispute credit errors, call (1-866-246-7311) or visit us today. Article Source: http://EzineArticles.com/?expert=Ben_S_Douglas How to Dispute Your TransUnion Credit Report