Where did u get that information...I can pull a tri-merge and it is the same if you are buying a car or getting a mortgage. I don't recommend pulling just one bureau (ie. Trans-union, Experian or Equifax) as some bureaus can vary by 100 points or more...that's why u need all three.

 

You can have your personal credit report FREE ( once a year )! Call them and get it.

 

You want to check your credit or credit score? I use equifax score updater, which is about $80/year, however it always informs you when you have a change in score, plus they have a 3 and 1 package which gives you your complete credit history, something calld score power, which is a credit score simulator, and something else I can't remember right now. The credit agencies also allow you one free credit report a year. Becareful, many of the sites claiming to give you a free score are really pay sites.

Sam

 

Credit scores for auto loan are different than credit scores they use for home loans. An auto broker told me they use the auto-experian score. I can't wait till they all get on the same boat. Seems when I close an acoount sometimes it only gets erased from two of the three, then I've seen the one that closed account as open, will then share that info with the other two and they will put it as active again. It really is a mess.

Sam

 

Actually it depends on the lending institution...some use a single bureau...some average more than one or all three (regardless of what you're purchasing), but you're right, it is a big mess. They are in the process of going from the 3 score system to a single score which will eliminate alot of these headaches but it will take a while to transition.

 

equifax! 813

 

 

I agree with you on the single pulls. Typically one report is way out of line of the other 2. Unfortunately you never know which bureau will the low baller. Right now I am seeing more of Trans Union being low, but that could change next week and it is really more of a factor of your personal mix of creditors.

As to where I got the information, I see many, many credit reports daily as I own a mortgage company.

Over time I had seen 1000's of reports people had pulled themselves or gotten when they bought a car or furniture that had significant differences in scores between those and the ones I would pull so I finally asked Experian and Trans Union (they were at a national mortgage conference I was attending).

I was told there were multiple different scores. That is why they ask the usage of the report when a creditor signs up with the bureau or make a pull. They have to pull the right type of report and the right type of scoring.

Keep in mind that creditors are not required to report to any credit bureau much less all 3. But if they do CHOOSE to report you, they are required to report your credit no worse than what actually happened. In other words they can't report you late if you weren't, but they don't have to report you late even if you were.

 

Actually they aren't.

What they are doing is going to the same scoring model at all 3 bureaus. Different information on different bureaus will still generate different scores.

BUT now you will be able to point to your creditor and show them how much their erroneous information hurt your score much more easily.

You did know that if you are damaged by erroneous credit information that the person reporting said data is responsible for the damages, didn't you?

It's hard to prove damages on a credit card (unless it is one of those cross defaulting credit cards where your interest rate goes to 30% is someone ELSE reports you as 30 days late), but on a home loan where you are talking lots of money for a very long period of time, damages can amount to a lot of money so it becomes worth while to the creditor to check into your dispute instead of just brushing you off.

Because of the damage potential the credit bureaus are required by law to expedite any disputes or complaints when a house is involved.

So if you are buying a home and have a beef with the credit bureau be sure to tell them "I am buying a house"

 

Actually they are...I own a mortgage company as well and am correspondent with many lenders that have programs that average multiple or all three scores and they are up in arms about this. You are correct about erroneous information and the one score system will make this much less prevalent as well as easier to fix. If a person has an error that shows up on multiple bureaus I'm sure you have an idea as to what a pain in the ass it is for that person to get this rectified with all three. On the other hand I can do a credit supplement and get it updated to all three bureaus within a matter of a couple of days. I can also pull your credit with just your name and addres...don't need a SSN.