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There really isn't a actuall need for any of them. Its all about money and competition. If there were only one then they could (and would) charge whatever they wanted. Its just like any other business.

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โˆ™ 2005-10-12 04:35:18
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Q: What is the need for three credit reporting agencies?
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Can the credit reporting agencies tell you who all your creditors are?

Absolutly - they must by law do so. All you need to do is request a copy of your credit report from the three major credit bureaus, and contact information will be provided for each creditor.

How do you dispute a number of collections that you have paid?

Get a copy of all three credit reports, then dispute them. The credit reporting agencies will contact the creditors to verify. If the collection agencies do not report the items paid, you will need to contact the collection agencies individually, and provide them with proof of payment. Do this by certified mail, with a letter advising them to correct the records within 30 days. If they do not, you may have recourse thru the FTC under the Fair Credit Reporting Act.

The following are good responses to identity theft except a. Contact the credit report agencies. b. Immediately cancel all your credit cards and bank accounts. c. Report the crime to you?

The correct response is C. Reporting a crime of identity theft to yourself would be of little help. You should contact your credit card company, at least one of the three major credit reporting agencies. You will often need to file a police report as well.

How many credit report agencies are there in the US?

There are three main ones and about 15 others: Beware some of these are scams. Stick with the three main ones, companies that are are foolish enough to not you don't need to be having check your credit. In the United States there are three main credit reporting bureaus. The major bureaus are for reportiong credit are Experian, Equifax and Transunion.

Is it possible to have a judgment removed when there are two for the same collection on your report?

Yes, you need to dispute this with the three major credit reporting agencies. PLEASE PLEASE PLEASE always save your paperwork for things like this. A little bit of diligence goes a long way. Send them a letter stating that you dispute it. Send whatever evidence that you have along with it. Usually judgments stay on your credit report from anywhere from 7-20 years. In this case you need to dispute it, after you send them the dispute with your evidence the three credit reporting agencies will go over your credit history and hopefully it will be removed. Good luck to you.

Is it possible for the colletion agency to restore my credit rating after negotiating for less than amount owed?

Collection agencies cannot restore your credit rating, all they can do is report if the debt was paid, or if a settlement was agreed upon. The credit reporting agencies are who you need to contact in order to get your credit rating restored, such as Experian and Equifax.

What is the procedure to obtain free credit reports from the three nationwide credit reporting companies?

In order to obtain free credit reports from the three nationwide credit reporting companies in the UK you would need to sign up to a trial with them online. The 3 companies are Experian, Equifax and Callcredit. You need to make sure you cancel your membership after the free trial if you do not wish to pay any money.

How do to report someone to the credit reporting agencies for non payment?

This is a serious endeavor that require you to engage in a business relationship with one or all of the 3 credit agencies. It is not designed for an individual to report a single account. The laws surrounding credit reporting are far to vast for the average person to process. If you own a company and will need to set up a reporting relationship I suggest you visit the websites for: Equifax Experian Transunion

Know What Your Credit Report Says About You?

You can get a free credit report from all three reporting agencies once a year. Just go to and you can get them without any obligation. Don't assume that they all say the same thing. Not all credit companies report to all three agencies. You need to look over your reports for any false statements. If you are looking to improve bad credit, it would be best to request one report at a time. Space your requests apart by three or four months to see if there shows any improvement. Initially, get all three to check for accuracy.

If you disputed items on your credit file and they were deleted by the 3 credit bureaus can the credit card company come back and try to put them back on your file?

Usually not, they had t6heir shot and dropped the ball. However, you have to remember that the credit card companies pay the bills at the credit reporting agencies. There are a lot of shenanigans that go on. You need to visit and review a copy of the Fair Credit Reporting Act.

Does a bank loan show up on a credit report?

Yes, a bank loan will show up on your credit report if the bank you borrowed money from reports to the credit agencies (practically all of them do). If you need help cleaning up your credit go to for free sample letters you can use to send creditors and credit reporting agencies.

If you paid your mortgage off should it still show as a foreclosure?

You probably will need to follow up with the three reporting agencies to be sure the paid notation shows up. The foreclosure notice and late payments will stay on the record for several years. Obtain a paid letter from the lender and send copies to each of the credit reporting agencies--it still will take some time, but your action will help move things in the right direction.

If you paid off all of your collection accounts after being turned down for a mortgage how should you try to improve your credit?

What you need to do is obtain a copy of your credit report. These are agencies that keep track of people's debts and credit ratings etc., and whenever you apply for a loan or credit card or mortgage etc., the bank obtains these reports from these agencies. There are 3 major credit reporting agencies in the USA, and you can get a copy of your credit report from them for free, or for a minimal fee. Study it to see if there are any errors, or debts which have been paid off etc. Then you have to write to the credit reporting agency and ask them to make the specific corrections, or remove erroneous information. Then it is up to them to prove that the information is wrong, or remove it.

Can consumers sue credit reporting companies who maintain incorrect information causing the consumer to be penalized?

Yes, but you first need to follow the statory procedures under the Fair Credit Reporting Act to dispute the inaccurate information. If the reporting agencies fails to remove incorrect information, then you might have a claim for damages. There may also be a law in your state that provides more protection that the federal law.

It has passed the 10 yr mark so what do you need to do to remove a bankruptcy from your credit report?

If a bankruptcy does not come off of one's credit report by itself after 10 years, then one can ask the three major credit reporting agencies to do an investigation of the bankruptcy and remove it. To do this, one has to send a written request to each of the three major credit reporting agencies and advise them that the bankruptcy should come off the report. The letter needs a current name, address, and social security number or identification purposes. Along with the letter, the credit reporting agencies will need a copy of some document verifying that it has been at least 10 years from the filing date of the bankruptcy, such as a copy of the file-stamped front page of the Voluntary Petition, a copy of the Notice of Bankruptcy issued by the Court, or a copy of the Discharge. The best addresses I know of (possibly outdated) for each of the three national credit reporting agencies are: Trans Union Corporation ATTN: Public Records Department 555 West Adams Street Chicago, IL 60661 Experian Profile Management P.O. Box 9558 Allen, TX 75013 Equifax P.O. Box 144717 Orlando, FL 32814 Please note that nothing in this posting or in any other posting constitutes legal advice; this is simply my understanding of the facts, which I do not warrant, and I am not suggesting any course of action or inaction to any person.

How can you check your credit score online?

By law the three main credit reporting agencies (Equifax, Trans Union, and Experian) must give you at least one free credit report a year through "Annual Credit Report". Unfortunately, this report does not have to contain your credit score. If you really need to know your actual score, there are dozen of websites (like Free Credit Report) that will give you your credit score. Be CAREFUL that the vast majority of these sites will sign you up for a monthly service that you have to cancel unless you want to pay.

Where can one find a consumer credit reporting company?

You can find a consumer credit reporting company by asking the local bank and they should have the correct contacts and information to help you out with what you need.

If you paid off a credit card 4 years ago and it is still on your credit report they need proof that you paid it but you closed that checking account when you moved can you still obtain its history?

There are two things you should do. First, dispute the information with the credit reporting agency (you may have to dispute it with all three -- Experiean, TransUnion and Equifax -- if it appears on all three reports). This compells them legally to conduct an investigation and prove the information they show is correct. However, it's been said that those investigations are mostly for show, so you need to contact the institution through which you had the credit card and ask for a letter stating the account is paid off and closed. You can then submit a copy of that letter to the credit agencies. After that, they must legally amend the information, pursuant to the Fair Credit Reporting Act. Be sure to keep the orignal letter from the credit card company, as the bad information may show up again and you may have to resubmit the proof of payment to the credit agencies.

If an authorized user of a credit card is NOT liable to the issuer of the card then why are negative credit remarks reflected on the authorized credit report?

If this is truly a mistake, and the creditor's application does not have authorized user's signature on the application, then the creditor is obligated to correct the credit. Get a letter in writing from the lender stating you are not liable and that they are going to correct all 3 credit reporting agencies. You can send a copy of this letter to all three agencies and get it corrected yourself. I will warn you to keep the original letter as even if you fix the reports now, you may find that in the future, (no matter how many months/years) you will need that letter again.

How can you get a judgment off your credit report after filing bankruptcy?

If the debt that you were sued over, or the judgment itself was included in your bankruptcy, you only need send a copy of your bankruptcy papers to the credit reporting agencies. The judgment will not "come off", but it should get marked "included in bankruptcy" or "discharged through bankruptcy".

What if something is missing from your credit report that could raise your credit score?

Need to contact the creditor to find out why they are not posting to the Credit agencies.

What are some things to look for when considering different credit counseling agencies?

A number of things need to be looked at when considering different credit counseling agencies. You need to see if they are impartial, if they are qualified, and if they actually can save you money.

Where can you check to see what is on your credit?

In most of North America the credit reporting agencies must provide you with your Credit history at NC. Not your score, just the info they base your score on.The agencies are different based on country and state or Provence in some cases.To actually get the needed info:Call your bank, ask them the phone numbers for the agencies in your area. Then call them, Answer the questions and they will provide you with your credit history.They can and will ask if you are willing to pay for your score. The three agencies in my area vary from $34 to $90. Billing for your score is 100% legal. But you do not need it!If you do not understand why you can't get a loan based on the info be aware that to much available credit, credit cards and credit lines, is a negative. Ask your bank loan officer to explain why you have a poor credit rating or they have denied your request.

Do I need a credit agency to monitor my credit?

Their are certainly credit agencies that can help you monitor your credit, however, they usually come with a maintenance fee. is a reputable credit agency.

You have previous applications for credit cards but they got rejected by the credit card companies Can rejected applications hurt your credit score?

Every time you fill out an application for a credit card, you're giving the company permission to request a credit report from one of the credit reporting agencies. Those requests are kept on file on your record for anywhere from three to five years, and the number of requests are just one of the things that determine your credit score. If you've applied indiscriminately for any credit card offer you see, it could lower your credit score and make it more difficult to get a loan when you really need one.