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About Your Permanent Record - Part IIIWhenever you provide information about yourself on an application with a creditor, that information usually will end up in a credit bureau's file. Credit data from millions of Americans is continually maintained and updated by credit bureaus. Most of the lenders and retailers that you do business with also report that information to the major credit bureaus. National lending institutions will file consumer credit information with all three reporting bureaus. Smaller lenders and local banks typically only report to one bureau. Although the bureaus share information with each other, you really need to know what is in all three reports to get up-to-date and accurate info. Every account that you have had or applied for recently is reflected in the reports. Since there are three main bureaus and a number of minor players still in the game, it's almost a certainty that the credit bureaus do not all contain the same information, nor is any one credit bureau likely to have the entire credit history of any one particular consumer. Credit bureaus also get their credit information by searching public records. They look for liens, judgments, bankruptcy actions, and wage attachments. Legal judgments that are entered and then paid still appear on your credit report for seven years. Credit bureaus share information with one another, so no matter what part of the country you move to, your credit report will soon follow. One common myth about credit reporting agencies is that they are government agencies or are empowered with governmental authority. This couldn't be further from the truth. Credit reporting agencies are independent for-profit companies. They sell products and services to turn a profit, and no special privileges exist. Like any other business, credit reporting agencies must adhere to the government authorities and laws overseeing their business in general and their specific industry. When it comes to your credit report, by law, a credit bureau must provide you with a visual inspection of your complete file. However, most people are interested only in the information that makes it onto the credit report. |
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