Good Morning! Continuation on the basics of credit, Heres how credit reporting agencies share information with consumers and creditors: Credit reporting agencies only share credit reports and scores when theres a request, formerly called an inquiry. There are two kinds of inquiries: hard and soft. Hard inquiries are requests made by institutional creditors like credit card companies and mortgage lenders and by rental applications to a landlord [source: Credit]. Soft inquiries are made by the consumer himself or by an employer. Negative events like bankruptcies and foreclosures stay on a credit report between 7 and 10 years, while positive events, like on-time mortgage payments, can stay on even longer source: Truecredit Its important to remember that the Big Three credit reporting agencies are independent companies that each collect information in different ways. Therefore, a credit report from Experian will contain slightly different information than a credit report from TransUnion, which will differ slightly from Equifax. Not every creditor and lending institution reports to all three credit bureaus, leading to further discrepancies.
Posted on: Wed, 04 Jun 2014 13:49:40 +0000
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