The three large credit reporting bureaus ( Equifax, Experian, and TransUnion ) maintain records about payment practices and credit obligations on nearly every single person. The reports generated from the three credit agencies are used to evaluate a person’s financial history, ability, and make judgements about the future. It is common for employer’s to review an applicant’s integrity. Mortgage lenders use the credit scores from the credit reports to determine eligibility for a home mortgage. Credit card issuers almost exclusively make approval decisions from credit scores.
These are just some ways that credit reports and scores from ( Equifax, Experian, and TransUnion ) can impact our lives. So, when reports of errors on credit reports exceed 25% for American consumers, alarm bells should be going off. Imagine being turned down for a loan when you had no idea there was an error.
Take charge!!! Order your three credit bureau reports now ( Equifax, Experian, and TransUnion). Look for errors and contact the credit bureau to demand a correction. The FTC will help fight for you if the credit bureaus delay your request.