KNOWLEDGE IS POWER
- There are 3 National Credit bureau's
- They do not share information. Credit bureaus are businesses. It is not in their best interest to share information with competitors (other bureaus). This is one big advantage to you.
- Credit bureau's all compile their own score for you. This is commonly called your FICO score.
- FICO stands for Fair Isacc Company. This company developed the software that the 3 main bureau's use to calculate your credit score.
- When you purchase a big item such as a car or house the financial institute will pull your credit from all 3 bureau's and take your middle score as your FICO score.
- Most banks and large financial institutes report late payments etc with all 3 bureaus. Smaller companies only report to one. This is due to cost restrictions. Smaller companies are under a contract with a particular bureau. For example if you don't pay a phone bill it will most likely only show up on one bureau's report.
THE LAWS GOVERNING CREDIT BUREAUS
The Fair Credit Reporting Act (FCRA) guarantees your rights regarding your credit file. If you are turned down for credit due to a credit report, you can learn the information in it from the credit bureau at no cost. Otherwise, disclosure of the information in your file by a credit bureau involves a fee. While correct information cannot be changed, you have the right to dispute incorrect information in a credit report.
The Equal Credit Opportunity Act requires that credit grantors extend credit fairly and without considering race, color, religion, national origin, sex, marital status, or age (with certain exceptions). If you are turned down for credit you are entitled to the specific reasons for the creditor's action.
The Fair Credit Billing Act says that if you receive a billing that you feel is incorrect and you notify the creditor within 60 days, the creditor must either correct the bill or send you an explanation within 90 days.
The Truth in Lending Act requires credit grantors to tell you what using credit really costs (like interest rates, minimum monthly payment, etc.).
The Fair Debt Collection Practices Act prohibits harassment by debt collectors and requires that they verify for you the amount owed. Your Liability for Fraudulent Credit Card/Debit Card/Cash Machine Card Charges Is limited under certain circumstances, but continues until you notify the card issuer of your cards' loss/theft
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