Credit Report Information

Written by Jessica Duquette
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Credit report information can be found on government agency websites, through the three major credit agencies or through other third party sources. Equifax, Experian and Trans Union are the three credit agencies that the majority of lenders review in order to make a loan decision. Being familiar with all three of your reports is not just an option, it is a necessity.

Varying Scores

Although Equifax, Experian and TransUnion all rely on creditors to supply them with information about consumers' accounts, each agency may report a very different score. Sometimes the variance can be based on different factors but for the most part it is due to different information being received. Some credit issuers do not report to all three credit agencies while other issuers may report on different time periods.

As a result of possible timing differences or incomplete reports, lenders often review all three reports in order to make a funding determination. Lenders can take an average score of all three reports, the median score or possibly omit one report because of large gaps in information. You may never know which report the lender will look at so it is important to ensure all credit report information is accurate and up to date.

Learning More About Credit Report Information

If you have looked at the standard credit report that is provided to lenders or credit issuers you may be confused about what all the dollar figures, numbers and other codes stand for. Although most reports do have titles or legends it can be hard to decipher what each credit account shows and how that is scored.

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