Credit Repair: Different Reports From Different Companies

With many companies to choose from it is confusing, you need a little information to naviagte your way to better credit.

So you do not have perfect credit. Do not feel like you are the only one. Many people have had or still have poor credit. Often times we do not realize this until we want to buy a vehicle, house or have a background check for a job. However you found out is not as important and the fact that you now know. This will allow you to take steps to repair your credit.

Credit repair can be confusing because there are three main credit reporting agencies that have different report. Which one should you get can cause some people some anxiety. Don't feel over whelmed, with a little information you can be on your way to better credit.

The three main credit reporting companies are: Equifax; Transunion and Experian. Before we discuss the differences it may be important to know what they all have in common. Their reports do not vary from the type of information included on the report.



There are four main types of information on a credit report. The first is Identifying information. This information just states who you are, and may include your current and past addresses, aliases, social security number, current and past employers, and sometimes your birth date.

The next information included is credit information. This is information regarding and credit accounts you have outstanding or in the past. This included credit cards, mortgages, loans, etc. Even if the account is closed this information can still be reports for a certain amount of time. Sometimes this section is divided into negative items and non-negative items. For instance, it reports if you paid a credit card late, or if you have an account in collection. It also reports the loan type; revolving; installment; mortgage; or student. It states when it was opened, the current balance, the credit limit, and past payments.

Then the report has what it calls public records. These are any judgments that were issued in a court, tax liens, etc. Often times these accounts may be from personal property taxes; federal or state taxes.

The last section is a section about recent inquires into your credit. This will tell you who has pulled your credit report and when. This can be of use because every time your report is pulled your score can go down.

Each one of these companies will report this information on your credit report. The layout of the report maybe a little different with each company, thus you may find that you prefer one company's lay out to another.

Another difference is that you may have a credit item reported on an Equifax report, but that information may not be report on Transunion. These individual companies gather information separately, and what is on one may not be on another. That is why it is beneficial to receive what they call a 3 in 1 report. This report, which can be received from any of the above companies, will give you the credit information on file from all three companies. This can be the most helpful because you will see the complete picture.

The final note is that we all have a credit score. The average credit score in the United States is around 675. This is a score that tells the likelihood that a person will default on a loan. Each company gives you a score. However, the scores may vary depending on what information the company has on file for you. You can also, when ordering your three in one report, get a credit score as well.

The three reports you can get from each company do not vary too much in what type of information is included, but they may vary in the particular information they have on file. So if you are trying to repair your credit it is extremely helpful to get a report from all three companies.

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