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4 Major Credit Bureau

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Audrey Said:

Who is the fourth credit bureau reporter?????

We Answered:

There are many other credit bureaus, both local companies handling local business for the “Big Three” and credit bureaus which the “Big Three” themselves use to verify information during credit disputes from consumers. But, I think the one you are referring to is Innovis.

Other major ones besides Equifax, TransUnion and Experian include:

Innovis

Innovis is a new credit bureau currently being developed by CBC Companies. The credit files it is keeping are not complete, as they have not yet wooed the majority of creditors to sign up with its system as have the other three bureaus.

LexisNexis

This company serves as a repository for many public records and is used by the “Big Three” to verify consumer’s public information.

ChexSystems

Bet you didn’t know there was a “credit bureau” just for checking accounts, did you? It’s called ChexSystems, and if you ever have the honor of being listed with ChexSystems, you’ll have a very tough time opening up a new checking account.

If you’re on their “blacklist,” there are still a few banks which don’t use ChexSystems.

ChoicePoint

ChoicePoint is a consumer reporting agency which keeps track of your auto claims and insurance history.

You should request your reports from each of these places to see what is being reported about you! By law, you get 1 free report per year from each of them!

Judith Said:

Whats the diffrence between a FICO score and The 3 major credit bueros?

We Answered:

This should help you to understand how credit scores work..

FICO scores from 300 to 850 and Vantage scores from 501 to 990.

Here is the breakdown for both systems.

Vantage Plus system scores from 501-990.
A-901-990
B-801-900
C-701-800
D-601-700
F-501-600

FICO system scores from 300-850.
Elite-740-& up
Prime-700-739
Preferred-660-699
Standard-625-659
Sub-prime-624-& under

FICO is the only one that matters since it's the one that all major lenders look at.

So as you can see it depends on if your looking at a true FICO score or a Vantage plus score.

As far as what makes up credit scores it's the following;
1. Payment history (longer the better) 35%
2. Time in bureau (longer the better) 15%
3. Types of credit (mix of credit cards & installment loans) 10%
4. New credit (new accounts and inquiries) 10%
5. Debt to credit ratio (lower the better) 30%

And just so you will know Experian only uses Vantage, Equifax only uses FICO and Transunion uses both depending of which type of credit report is requested of which there are 3. The standard that people get from the Internet, the auto enhanced which only car dealers and lenders see and the factual which only mortgage people see. The last two are not available to the general public.

To have the very best score and profile people need 3-4 credit card accounts (revolving) with balances below 30% of their credit limits and 2 cars, homes, boats, motorcycles, computers, furniture or personal accounts (installment) all with good long payment history's.

Add to this that unless you get your scores either direct from either Equifax or myfico.com your getting what's called a FAKO score which makes it even worse because they all have their own system to calculate scores Your Ad Here

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Matome Wilson said:

I NEED TO CLEAR MY CREDIT,MY CREDIT SCORE IS NEGATIVE DUR TO BIGSKY TRADING WHO DOES NOR=T UPDATE THEIR PAPERS AFER THEIR MICRO LOANS ARE PAID UP.IT LOOKS LIKE I HAVE AN INTALLMENT OF R29000.I ALSO HAVE A JET ACCUONT THAT I HAVE CLOSED BUT IT IS NOT UPDATD AND MY CREDIT SCORE IS AFFECTED.

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