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About the Credit Report Bureaus
Today, there are three major credit bureaus - TransUnion, Experian, and Equifax. These bureaus collect and report consumer credit information. Lenders, landlords, insurers, utility companies, and other credit grantors use the information provided by the three major credit bureaus to make fast and fair decisions. Consumers use the same information to help manage and improve their personal financial profile. The three major credit bureaus provide the accurate, reliable credit reporting system that is an important cornerstone of a healthy marketplace.
In addition to collecting credit information, the three major credit bureaus also distribute that information to the appropriate institutions. When you apply for a loan, the lender makes an inquiry to one or more of the three major credit bureaus to receive your credit history information. The lender then uses this information, along with your income and other factors, to make a decision. This inquiry then becomes a part of your credit report as a "hard inquiry" (as opposed to the "soft inquiry" that is reported when you check your own credit). Numerous hard inquiries can negatively affect your scores from the three major credit bureaus, so it's important to apply for credit in moderation.
View Reports from the Three Major Credit Bureaus
Because the three major credit bureaus collect and report information independently, your credit reports and scores may vary from agency to agency. Lenders often view reports from all three bureaus to get the most complete picture of your financial profile. A TrueCredit 3-in-1 Credit Report enables you to see how your credit looks across all three credit report bureaus, as well as understand how potential lenders view your creditworthiness. The 3-in-1 Credit Report also enables you to spot and correct any discrepancies between the three major credit bureaus - before you apply for a loan.
To get started on the path towards understanding your credit, view your three bureau credit report. Then visit the Credit Learning Center for tips on managing your credit, preventing identity theft, mortgage preparation, and more information about the three major credit bureaus.
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