All three credit reports are used in assessing personal credit

Most credit bureaus rely on one of the three major “Credit Reporting Agencies” (CRA’s) as their source of information. The combination of all three credit reports effect your over all credit level: Experian, Equifax and Trans Union. While having only three major CRA’s to contend with lifts some of the burden from consumers, the problem is the information on your consumer report may vary with each CRA. In other words, all three credit reports may not show the same information.

While it is conceivable that each report may be identical, the fact is, there are often major differences. This is especially true for older consumers who have established many credit accounts though the years. One of the reasons for discrepancies is that all three credit reports do not receive information from the same creditors and information providers may only report to one of the CRA’s. In addition, one of the major problems with consumer reports is incorrect and outdated information contained in the reports.

Whatever the case, derogatory information on your credit report can severely damage your chances of qualifying for a loan or a line of credit. You should verify the contents of all three credit reports.

About The Author:

Alan Zunec is a successful author and regular contributor to http://www.best-loans-online.com. A source for auto, cash, home, personal, payday loans and great credit report offers.