What Is The Purpose of A Credit Report?
It is important to understand there are three credit bureaus that make up your personal credit report. Credit Reports are used to determine the buyers ability to pay back what they borrow.
Who Are The Three Credit Bureaus?
The three credit bureaus are TransUnion, Equifax and Experian.
How Often Should I Pull My Credit Report?
It is very important to pull your credit report once a year to make sure you do not have any unknown items reporting to one or all of the three credit reports.
Why Are My Three Credit Scores Different?
Each of the three credit scores may vary between 25-40%. The reason for the difference in the credit scores, not all lenders report the same information to all 3 bureaus on a monthly basis.
Three Credit Bureaus Not Reporting The Same Information?
For example, your car payment may only report to one, two or all three credit bureaus. You may have a collection account that is reporting to one bureau, but is not listed on the other 2 credit bureaus. This is what causes the different credit scores to occur.
Keeping a Healthy Credit Report
In today’s banking market, it is best for credit repair clients in Houston to have a report that shows no late payments, no collections and certainly no public records.
What Are The Guidelines?
All creditors have different guidelines they must follow while determining your credit worthiness. When applying for credit, you want to pay as little interest as possible. A high credit score will always land you a lower rate.
Another Big Shocker Frequently Asked By Credit Repair Clients in Houston
Why are the credit scores different when pulled by mortgage personnel, online credit monitoring services and car dealerships?
The reason for this is credit reporting agencies use many different combinations of algorithms (mathematical formulas) to generate your credit report. This is normal, so don’t be shocked.