Get Loans Loan Programs
Dealing With The Credit Bureaus
It is essential to understand that Credit Bureaus are nothing more than record keepers. Simply put, they keep a record of who has given you credit, when they gave you credit, how much credit you are given and whether or not you paid it back on time. When you want to obtain credit cards, loans, financing for a car or home, leases, apartments and sometimes even employment, the lender or bank will check your credit to see your financial history.
Credit Bureaus are paid by the people who request your credit file.
Credit Bureaus are not run by banks, police or government, and they have no legal power over you. So don’t be intimidated by them. They are the Credit Bureaus because they own large computer systems capable of storing credit information on everyone in the United States. However, because of the tremendous amounts of information on their computers, their method of storing information is very basic and ridden with many errors. Since the bureaus have made so many errors in the past, all Federal Laws regarding credit information are very much in your favor.
The Major Credit Bureaus
EXPERIAN
P.O. Box 2002
Allen, TX 75013
(888) 397-3742
experian.com
Trans Union Corporation
P.O. Box 1000
Chester, PA 19022
(800) 888-4213
transunion.com
Equifax, Inc.
P.O. Box 740241
Atlanta, GA 30374
(800) 685-1111
equifax.com
Crucial Strategies
The only thing you legally need to supply the credit bureaus for a copy of your report is your name, your social security number and a legal mailing address (P.O. Box is a legal address). If you don’t want to chance harassment by creditors at this time, it may benefit you to acquire a P.O. Box. Did you know that many of the collection agencies are owned by the credit bureaus?
NEVER give them more information than they need!
The bureaus also have a right to request a copy of your social security card, but only give a copy of the front. They also may request a copy of something showing your address if it is different than what is showing on the report. Send them a billing statement that has your address. Do not send them a copy of your drivers license as they request. Remember these bureaus are information gathering companies who sell your information, not only for credit, but for promotional reasons.
Before going any further, you should have copies of your current credit reports from the above major credit bureaus.
The Credit Bureaus must send you copies of your credit file, free of charge if you were recently denied credit. They will also provide you with one free copy each year.
If you are in a hurry and cannot wait 5 to 10 days to receive your credit report, simply look in your local Yellow Pages under Credit Bureaus.
When you get the reports, there will be an information page telling you how to read your report. And all three agencies use different formats. The first step is to find all the derogatory items.
If you don’t recognize the account as being one of yours, please don’t assume that it is!