What Are The Three Main Credit Bureaus – Inaccuracies in credit reports affect millions of Americans each year. In 2013, the Federal Trade Commission released a study finding that 20% of consumers have errors on their credit reports. The impact of these errors on consumers caused many to pay higher interest rates for things like car loans or insurance.

So how many people could this be affecting? There are three major credit bureaus – TransUnion, Experian and Equifax. Between the big three, they are said to have files on more than 200 million people in the United States. Based on the FTC report, there could be as many as 10 million people affected by credit report errors causing citizens to pay higher interest than they should.

What Are The Three Main Credit Bureaus

A paid or standing account should report a zero balance. (Documentation: Settlement letter, payment confirmation, bank statements showing payments, etc.)

Do Now 12/8/16 1. List The 3 Major Credit Bureaus

When a creditor issues a 1099-C they have discharged a debt you owe them and should report on your credit report as a zero balance. (Documentation: 1099-C)

The debt buyer can start reporting a balance, but the original creditor must stop. Both cannot report the debt at the same time.

If you have an account on your credit report that you don’t recognize, it could be identity theft or someone else’s account. (Documentation: For ID Theft – FTC Identity Theft Affidavit, Police report, etc.)

The credit bureaus collect financial information about you from lenders, businesses that have extended credit to you, such as banks, credit card companies or mortgage providers. In many cases, debt collection companies report these inaccuracies. In fact recent findings from the CFPB show that nearly 40 percent of disputes filed against the major credit reporting agencies involve debt collectors. All this information is regularly updated to the credit reporting agencies on the status of your accounts, and whether the debts are kept current and in good standing.

What Are Credit Reporting Agencies?

You see it everywhere today. An aggressive industry of fee-based companies stating that they can help you rectify problems with your credit report. At McCarthy Law, we do not provide credit repair services and we do not charge you fees to fight FCRA or Fair Credit Reporting Act errors. One of the debt services we offer nationally to consumers is being able to take control of their credit by correcting credit report mistakes and errors and then aggressively enforcing their rights when errors are found to have been made. Learn more by contacting us, to see how we can help you resolve your credit report errors quickly with a no-fee consultation.

We get paid by the credit bureaus if they fail to correct your report, and we pay you a portion of the settlement. If you are more than one of the 40 million consumers who have an error in one of your credit reports, you already know how difficult it is to correct these errors because the credit reporting agencies assign limited resources to tackle errors and the investigations they carry out are often inadequate. Worse yet, these uncorrected errors often cause you to pay a higher interest rate on loans, pay higher insurance costs, and have difficulty securing employment.

As of today, no one needs to suffer the terrible consequences of a credit reporting error ever again. Starting today, McCarthy Law will fix credit reporting errors essentially for free with a No Fee Guarantee. The process is simple: all the company needs is your credit report and an understanding of the error. If you’re not sure if your credit report is error-free, the company can help you get a free copy and then take it from there.

The process is simple: all we need is your credit report. Once we review your report and see what needs to be fixed, we will send you a dispute letter which you can post to the Credit Reporting Agency reporting the error. If they fix the problem, your credit report will reflect that in 45 days. If they don’t fix the error, we’ll file a lawsuit and pay you a portion of the settlement. Either way, it’s free for you.

How To Find Errors On Your Credit Report

We will send you a dispute letter which you can send to the Credit Reporting Agency who reported the error.

If the agency does not fix the error, we will file a lawsuit and give you a portion of the settlement!

Call us for a FREE consultation today and find out how we can make a difference for you! Credit rating is important – and not just when it comes to loans. You may already know that a good credit score can help you get a lower interest rate (the amount lenders charge borrowers) as well as dramatically reduce your costs. But your credit history can also affect your insurance rates, your ability to rent an apartment and even your chances of getting a job. Paying attention to your credit history pays dividends.

This module takes approximately 45-60 minutes to complete. By the end of this module, you will be able to…

How Does Credit Score Work And What Does The Law Say About It?

, checking your own credit report or score does not affect your credit score. Your credit score will only be affected if you have called “hard enquiries”, for example, when you apply for new credit. Most banks and credit unions offer a free service to check your credit score. It is a good idea to check your credit score from time to time to know how your credit score is moving up or down.

You could save $1,000-$3,000 on a 5-year car loan of $15,000 if you have a great credit score versus a bad one.

Wrong, you could save $3,000-$5,000 or more on a five-year car loan of $15,000 if you have a great credit score versus a bad one. Good credit makes a big difference!

, your income, age, or marital status does not affect your credit score. However, borrowing more than you can manage with your income affects your credit score.

Which Credit Score And Report Is Most Accurate?

Sometimes it seems that everyone can see your report. Isn’t it time you checked it out too? To order your report, just visit the official free website at: www.annualcreditreport.com. This is best done from a home computer and not on a public wireless network. If you are not comfortable ordering your report online, please scroll down for other options. For tips on how, when, and where to order your free credit report, watch this Money Mindful PC Moment.

Credit Report/Credit Score Quiz Take this 10 question quiz to review the basics and test your knowledge. You can take this quiz as many times as you like.

If you would like to certify that you have completed this module, be sure to contact the UW Extension Financial Educator for program requirements.

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Why Do You Have Three Different Credit Scores?

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An EEO/AA employer, the University of Wisconsin-Madison Extension Department provides equal opportunity in employment and programming, including Title VI, Title IX, Americans with Disabilities Act (ADA) and Section 504 requirements of the Rehabilitation Act. You may have heard of the credit bureaus—or even heard their names—but most people don’t know much about these companies or what they do. These bureaus, also known as credit reporting agencies, are responsible for keeping track of how people use credit. In other words, they keep track of the accounts, balances and payment history of anyone who uses credit cards and loans.

The three major credit bureaus in the United States are TransUnion, Equifax and Experian, although there are also several other smaller reporting agencies that are sometimes collectively known as “the fourth credit bureau.” For consumers, however, it is most important to be familiar with the three credit bureaus: what do they do? How do they get their information? What services do they offer? What can you do if these companies report incorrect information about you?

We will answer each of these questions, so read on to learn what the three credit bureaus are and why they are important to you.

Understanding Credit Scores And Reports

The three major credit bureaus—TransUnion, Equifax and Experian—were created to answer a simple question: how can borrowers know who is likely to pay back their debts? To answer this question, the credit bureaus collect information about everyone’s credit use and allow lenders to access this information when making decisions about who to offer credit cards and loans.

All the information that the credit bureaus know about you is collected in a credit report. Although people often talk about a single credit report, the truth is that you have three credit reports—one from each of the three major credit bureaus.

These reports contain vital data for lenders, but they are also valuable to you. Although lenders use this data to evaluate risk when deciding who to offer credit to, you can use the same information to support your application for new credit. If there were no credit reports, you wouldn’t be able to point to your incredible credit history and say, “Look how responsible I’ve been

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