3 Major Credit Bureau Address

Posted onOctober 24, 2011 - 11:51 am by Admin | 0 Comments

There are 3 major credit bureaus that have information on your regarding your credit history. Anyone that has ever applied for a loan or credit of any kind has a file at one of the 3 major credit bureaus. Since merchants usually report to only one of the 3 major credit bureaus, you may have to request a free report from all three to get an overall look at your credit report.

To request a free credit report from either or all of the three major credit bureaus, all you have to do is to request a free report online. You can also send the request by mail and you have to provide all your personal information. There are sites that will charge you for a credit report from one of the 3 major credit bureaus, but it is necessary for you to know that by law you are entitled to one free credit report a year. You should contact the credit bureau directly to get your free report.

When you do receive your credit report from the 3 major credit bureaus there are certain sections of this report that you need to pay particular attention to. The first section details your name and address. You should check this to make sure that it is correct. If there are any inaccuracies in this section, you need to contact the credit bureau that sent the report with the correct information.

The next section will give details of your current bills. Each of the three major credit bureaus may contain the same information or one of the three may have different information regarding your credit history depending on which merchants report to that credit bureau. You should also note that you might have an excellent credit record with two of the 3 major credit bureaus and a poor rating with the other.

Check the listing of your bills, the amount of the payment and the due date. If you have been late with a payment or missed one altogether, this will show up on the credit report you receive from the 3 major credit bureaus. You also need to check to see who has been inquiring about your credit history to make sure that no unauthorized person or company has been making inquiries without your permission. When you see that everything is as it should be, then you know that your information is safe with the 3 major credit bureaus. If there are any inaccuracies in the debt information, you will need to contact the credit bureau to start taking the necessary steps to have it corrected.

There are 3 credit bureaus and you need to know about them if you are concerned about your credit report.

Ever apply for a home loan then suddenly you’re inundated with new solicitations for credit? Don’t be too quick to blame the mortgage lender who ran your credit. It’s most likely not them. It’s the credit bureaus themselves—Equifax, Transunion, and Experian. Once an inquiry is made to them, they sell the data.

Conversely, your data is not sold by the (good) vendors mortgage banks and other creditors use to run your credit. Below is a note one such vendor sent their banking clients (including my firm) this week. It contains very useful consumer information about the “trigger lead” process used by the three major credit bureaus.

Every so often, we feel compelled to address the issue of so-called “trigger leads” being sold by one or more of the national credit bureaus (Experian, Transunion and Equifax).

First, as a trusted credit information service provider, please know that we do not sell or otherwise provide any information shared by it’s customers in the process of ordering a credit report or any other information service. Ever.

The national credit bureaus (aka repositories), however, have been supplying lenders for many years with these pre-screened marketing lists, including lists comprised of consumers who are currently shopping for a mortgage. The lead is “triggered” by the mortgage credit inquiry, thereby providing the purchaser of the trigger list with a very warm/hot lead on a consumer they know is already attempting to get pre-qualified for a mortgage.

What can you do to protect your borrower from being targeted? The FTC has mandated that consumers be given a choice to Opt-Out of these pre-screened marketing lists. If a consumer opts-out, your inquiry into their credit history will not trigger solicitations from other lenders.

Consumers may do this by visiting www.optoutprescreen.com or calling (888) 567-8688. When discussing this option with your clients please make them aware of the following:

-Opting out (or not opting-out) has no impact on their credit score(s)

-Removing their name from these lists for firm offers of credit or insurance doesn’t affect their ability to obtain credit or insurance.

-Consumers may not submit opt-out requests on behalf of other members of their family.

-The opt-out process can take up to 5 business days to take effect and can be done on a 5-year or permanent basis.

Lastly, it has come to our attention that some of our clients may be concerned about inadvertently supplying their borrower’s phone number or e-mail address when ordering a credit report that might be used by another lender to solicit their borrower. Please know that regardless of whether you are ordering directly from our website or from your loan origination software, the only consumer data being passed to the bureaus in a credit report request is your borrower’s name, address(es) and social security number.

This of course raises the question: why can the bureaus sell your data? The short answer is good lobbying.

The longer answer is that, under the Fair Credit Reporting Act (FCRA), the major credit bureaus are permitted to include your name on lists used by creditors or insurers to make firm offers of credit or insurance. The FCRA also requires the bureaus to let you “Opt-Out” (as detailed above), which prevents bureaus from selling your data so you don’t receive credit offers that aren’t initiated by you.

Also don’t forget to ask your mortgage lender how they run credit, and if the vendor they use sells your data. This will normally be disclosed in the lender’s privacy policy.
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Further reference:
-FTC: Consumer Rights On Credit Reporting


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