help credit bureau question
Date: Wed, 08/22/2007 - 19:22
I think it all depends on the creditors and who they report to.
I think it all depends on the creditors and who they report to. I am really not sure but since all 3 credit bureaus are seperate they do things a little different.
Hopefully someone with more experience will come along and let you know for sure I personally would like to know if what I told is correct.
ladybug
It is up to each individual creditor as to which bureaus they re
It is up to each individual creditor as to which bureaus they report to. They may report to one, two or all three of the major bureaus (or they may choose not to report at all). But there is no requirement that they have to report to all three.
For a creditor to report all of its accounts to the credit bureaus every month is very time-consuming. Batch files have to be created containing each account, the batches have to be formatted in a MetroII coding, transferred to magnetic tape, and then submitted to the bureaus. Each bureau has different requirements for how a creditor must submit their files, and so it becomes even more work to adhere to each of the bureaus individual submission policies.
If a creditor also pulls credit reports, then the bureaus will usually discount the cost of pulling credit reports, as an incentive for the creditor to keep reporting their accounts every month.
My company, for example, pulls credit reports on our customers through Transunion and Experian; we do not pull Equifax reports. Thus, we report our accounts to TU and TRW in order to get a discount on our credit reports. Since we don't use Equifax, their discount doesn't matter, and so we don't bother going through the trouble of reporting our accounts to them.
That, my friend, is why your credit reports are not the same for all three bureaus. You may have some accounts that report to Transunion and not the others; you may have some accounts that report to the others and not Transunion. However, if a creditor does report to more than one bureau, the information about that account should be the same across the board.
You are very knowledgable and I have learned alot from your post
You are very knowledgable and I have learned alot from your post :lol: . Very good. Thank you
ladybug