Which Credit Agency Do CA Lenders Use Most?
Just ran my credit and its ok with Equifax and bad with Transunion and Experian...A couple of people informed me that nobody uses Equifax - that eveyone uses Experian.
Can anyone verify which agency lenders use the most?
Thanks,
mslitlbit 
I'm not totally sure but I believe they still use all three....
What happens when there is a discrepancy from one to the other..
www.i.e. experian has a score of 650 and transunion has a score of 570, maybe something hasnt been reported yet to one of the credit agencies.
Verne
I'm not totally sure but I believe they still use all three....
What happens when there is a discrepancy from one to the other..
www.i.e. experian has a score of 650 and transunion has a score of 570, maybe something hasnt been reported yet to one of the credit agencies.
Verne
Lenders bless them all. Use all three credit reporting companies. Are they accurate? Can a pig fly? they are not but like all things in life you can adjust them if you are willing to take the time and play the game.
You get a low Fico Score and you see that a bank has reported two late payments. You contact the bank and ask them to adjust the late payments they were not your fault your book keeper outside contractor was handling and failed to make the two payments on time. You have dismissed the book keeper and you the soul of virtue will be making all the payments from now on yourself in person etc. etc. etc. Ask for them to correct the item. Once this is done then contact the credit reporting agency and send copies of all correspondance to them to the named person who is designated to receive and stay on them until the matter is expunged, lost, whatever. Variations on this are infinite. I am sure you can dream up a few. Sooon Fico Score 900 Lucius
To continue on what Lufos wrote,
They have to check into your claims withing a certain amount of time. If it is proven that your claim is false, the ding stays on. You can however ask for written proof. Example - if you were eight months late on a car payment and the car company reported that you were in default, when the credit agency checks on that the car company has to provide paperwork proving you were in default.
If they can't do so, experian, Equifax, etc has to drop the ding from the record. (Whether you were really in default or not)
The only problem is, the credit companies also have a clause that let's them dismiss any claim they think is frivolous.
I was denied a credit card once. I inquired with the credit company and got my report. They said that I had claimed bankruptcy.
I contested the charge, because I know I did not claim bankruptcy.
It turns it was their mistake. Ig ot a letter from they saying it was their mistake and it was being removed.
It took 6 months for them to remove it.
It does take time and persistence to correct those dings.
I just had my credit checked. I called the credit reporting agency( not a big boy) about 2 dings. They told me Experian was reporting those dings. I had to pay 9 online to access my report, and then call Experian to start and investigation (their term). It was sorta like talking to the IRS. Very uninformative. What's my point? Definitely get right with Experian.
Madewa
I worked at a bank as a loan officer for a few years. I worked both in Ca and in the mid west. In CA, they pulled transunion and in the mid west they pulled equifax. These were for 2nd mortgages and the like.
If you apply for a first mortgage they do pull all 3 bureaus...
Yes, the credit agencies are a pain in the butt to work with, though it is possible to get things corrected. It does take time.
Derek
This is a great subject I love issues on credit. Lenders use all 3-credit reports in a cumulative report. I know I use to have DINGS on all 3 reports. I just disputed the information and over time (6 months or so) they all slowly disappeared. I would advocate paying everything on time in the future. When your young you don't always realize how important credit is until you really need it.