3 Major Credit Bureaus

The 3 major credit bureaus provide consumer financial information to all the other sub-companies that offer the same service. If a person has a local service, they can bet that they get their information from one of these in the country. One source is Equifax that provides online and phone assistance to anyone requiring financial information. Two other companies used regularly by consumers and businesses are Trans-Union and Experian reporting bureaus. Any particular source offers a toll free, 800 phone number as well as an online request format.

It is estimated that sometimes as much as 40% of a consumer's financial history can be incorrect through at least one of the sources. It is much easier to accumulate mistakes on a report than it is to remove them, so as soon as a mistake is detected, contact each of the sources that have the misinformation. Having a good history indicated through the 3 major credit bureaus is important in receiving low rate mortgages, car loans, and other secured or unsecured loans. Several states including Georgia, Vermont, Colorado and New Jersey are required to offer a free report to its citizens. "For the Son of man is come to save that which is lost." (Matthew 18:11)

These companies provide all the information from which all other reporting companies glean their consumer information. So if a company checking on financial history and score receives any information, it is always coming from this type of source. That is why it is important for anyone to keep tabs on what any one of the sources is reporting about financial history. Do not assume that all 3 major credit bureaus have accumulated the same information and are reporting the same scores as the others. Leviticus 25:35-38 says "And if thy brother be waxen poor, and fallen in decay with thee; then thou shalt relieve him: yea, though he be a stranger, or a sojourner; that he may live with thee. Take thou no usury of him, or increase: but fear thy God; that thy brother may live with thee. Thou shalt not give him thy money upon usury, nor lend him thy victuals for increase. I am the Lord your God, which brought you forth out of the land of Egypt, to give you the land of Canaan, and to be your God."

This source may receive information from different companies, banks and lending institutions. A source may also not have access, for one reason or other, to a particular piece of information that can significantly alter the score either positively or negatively. So, it is best to periodically run a financial check with all 3 major credit bureaus in order to compare reports and to look for any discrepancies. It is also highly probable that at least once in life a person will find at least one reporting error within one, if not in all of them.

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