National credit reporting companies collect and maintain information about your credit reports. Each credit reporting company oversees its own records and collects data about how you manage your credit and finances. The credit reporting companies then compile this information into an easy-to-read report and sell your report to other companies that federal law grants permission to view it.
The most common national credit reporting companies are:
As credit reporting lawyers, our team at Consumer Attorneys has witnessed the consequences to consumers when credit reporting companies include inaccurate, misleading, or false data in credit reports. We’ve helped thousands of consumers recover financially and emotionally from the impact of these credit reporting errors. We strongly recommend that consumers conduct an annual review of their credit reports at each of the three main reporting companies (Equifax, Experian, and TransUnion).
The importance of regularly requesting and viewing a copy of your credit report cannot be overstated. Why? For a number of reasons, errors appear on credit reports fairly often, and such errors can carry serious consequences. If you are ever denied credit, housing, or a job based on the information on the credit report any of these credit reporting companies issues, request a copy of the report and examine it thoroughly.
Believe it or not, odds of a mistake appearing on your credit report at some point are high. If you notice some information is incorrect, you can raise a dispute with the credit reporting company immediately. It is imperative to keep a copy of all the letters, emails, and other interactions with the credit reporting company to help you investigate and solve the error as soon as possible.
Waiting to act can result in:
- A considerable drop in your credit score
- Difficulty getting the loan or job you’ve been after
- Financial institutions denying you loan and credit applications
- A higher interest rate on your credit cards, private student loans, and home mortgage
- A higher insurance premium for your home and car
While some credit reporting companies give you 30 days to investigate your dispute and correct any errors, most of them don’t always fix their mistakes and end up sending forward the same report to other companies.
If you’re having trouble getting errors on your credit report fixed, contact us at Consumer Attorneys for a free case review.