Tuesday, January 02, 2007

Who Is The Credit Bureau

By Ije Valent

Many people who don’t know anything about credit have the feeling that the credit bureau is a government agency that works for Uncle Sam to ruin our lives but the real truth is that government agencies are just private companies that that have monopolized the credit industry. The industry is therefore run by three firms: Transunion, Esperian and Equifax. These three giants run the industry but there are more than 2000 smaller credit bureaus. Truth is that these companies are all private companies and are in the business of making money. Hell they are even listed in the New York Stock Exchange and for the price of a share you can own the company. Nice thought considering these companies literally own most of the individuals in the U.S who happen to have bad credit.

How do credit bureaus get their information? Various companies subscribe to the credit bureaus services and therefore send credit history of individuals to the credit bureau. Updates are also sent to the credit bureau by the creditor periodically. Creditors usually report at different times to different credit bureaus so therefore none matching dates and amounts can be shown on each credit report. There are so many instances were these reports are terribly incorrect. The companies the send reports to credit bureaus are namely banks, department stores, mortgage companies, credit card companies etc.

Credit bureaus also get their information from public record from courthouses including bankruptcies, default payments, tax liens etc. Many times the credit bureau adds these records to its files but fail to correct the information if the courthouse updates or clears the records. Here are the 3 major credit bureaus and how to contact them. Visit http://www.1800aaacredit.com for more information.

TransUnion P.O. Box 390 Springfield, PA 19064 (800) 851-2674

TRW/ Esperian P.O. Box 949 Allen, TX 75013-0949 (800) 392-1122

Equifax P.O. Box 105873 Atlanta, GA 30348 (800) 685-1111

The ASANIWELLS FINANCIAL GROUP is dedicated to helping ordinary people change their lives for better and erasing the stigma of having a bad credit score.The Asani Wells financial group consists of ex-Bureau employees and agency solicitors who have combined years of knowledge of the credit score system into this easy to read downloadable EBOOK. Please visit http://www.1800aaacredit.com for more details.

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