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What you don’t know won’t harm you?

By George Hauser
Published: Sunday, September 20th, 2009

You may have heard these lines when talking about matters that may hurt you or pain you. But what if being ignorant may actually be the cause of your pain or even misfortune. This is likely to be the case if you do not seek a credit score advice now. Credit bureaus may seem a complicated matter which maybe the cause why people shy upon the thought of this subject. But believe it or not knowing things about these agencies through a credit score advice not only adds knowledge but definitely boost your confidence in dealing with them.

Many would say that credit bureaus want to conceal their system and the way they operate to keep people from getting around them and eventually beating them. If you ask an ordinary citizen for a credit score advice, what is the first thing that pops into their head at the mention of credit bureaus you will most probably have the same response. Credible credit score advice is needed to understand the complexity. That credit bureaus are agencies that keep your past and present financial records or your so-called credit report which companies, lenders, possible employers would look into. These credit reports provide information that became the basis of your credit scores. All these might be correct but it is not enough to be able to handle transactions with these agencies.

Way back then, when there were only a few people who trade, there wasn’t a need for a system that would track the financial records of people. Come the end of World War I, credit became more popular instead of cash. The surge of credit-using population gave birth to an idea of a bigger and much more systematic record-tracking and keeping device. This was the birth of the Credit Bureaus also known as credit reporting agencies. Today there are 3 major credit bureaus that take care of people’s records– Equifax, TransUnion, and Experian.

Going back in the present time, there a lot of myths that needs to be clarified in order to have a better understanding of the credit bureaus which would also affect how you handle credit reports and your credit scores. First is that the common notion that the 3 major credit bureaus mentioned above have the same information. The truth is they don’t. This difference is due to the fact that creditors submit to different information to different credit bureaus. And the 3 agencies don’t even pass along information from one to the other. This would mean that if you found errors in your credit report from all of these agencies, you may have to contact each one of them of your predicament.

Next one is the belief that credit bureaus which utilize electronic and computerized devices in processing and looking into your disputes would make processing faster. In contrast, the law mandates that these credit bureaus could act within a period of 30 days. Further they even have the capacity to not act on your complaint if they see it as impertinent and superficial. Most often than not they slide into the tactic of labeling a case irrelevant just to take off another workload.

Lastly, these 3 agencies should not be feared of because they may be your keys in achieving that credit score that would take you to financial haven. You just have to know them better through a credit score advice.

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