The three main types of lenders are mortgage brokers (sometimes called mortgage bankers), direct lenders (usually banks and credit unions), and secondary market lenders (including Fannie Mae and Freddie Mac). A credit bureau, sometimes called a credit reporting agency, is a company that collects data about you and how you have used credit. The three main credit bureaus are Equifax, Experian and TransUnion. Credit bureaus collect and maintain data on consumer credit use, which means that if you have a credit card or loan, you probably have a credit file with one, two, or all three major credit bureaus.
Credit bureaus, also called credit reporting agencies (CRAs), are companies that collect and maintain consumer credit information. The three major CCA in the U.S. In the US, each is a publicly traded for-profit company. While there are other smaller agencies, creditors and lenders are more likely to check your credit with a major CRAs.
In the U.S. UU. While most of the information collected about consumers by the three credit bureaus is similar, there are differences. For example, a credit bureau may have unique information captured about a consumer that is not being captured by the other two, or credit bureaus may store or display the same piece of data differently.
When scores are significantly different between agencies, the underlying data at credit bureaus is likely to be different and, therefore, drive the observed difference in scores. However, there can be scoring differences even when the underlying data is identical, since each of the office's FICO scoring systems was designed to optimize the predictive value of its unique data. Not all credit ratings are FICO ratings. Therefore, make sure that the credit ratings you are comparing are real FICO scores.
FICO scores must be accessed at the same time. The passage of time can result in scoring differences due to model characteristics that have a time-based component. Comparing a FICO score earned in office A last week with a score obtained in office B today can be problematic, since a previous week's score may already be dated. All of your credit information may not be reported to all three credit bureaus.
Lenders, collection agencies, and court records provide your credit report information. Don't assume that each credit bureau has the same information related to your credit history. You may have applied for credit under different names (for example, Robert Jones v. Bob Jones) or with a maiden name, which can result in fragmented or incomplete files with credit reporting agencies.
While, in most cases, credit reporting agencies combine all files accurately under the same person, there are many cases where incomplete files or inaccurate data (social security numbers, addresses, etc.) Lenders report credit information to credit bureaus at different times, which often results in one agency having more current information than another. Credit bureaus can record, display, or store the same information in different ways. Answer 10 simple questions to get a free estimate of your FICO score range.
