There are three major Credit Bureaus: Equifax, TransUnion, and Experian.
The three credit reporting agencies collect information from lenders and then sell this information to other lenders, insurance companies, employers and anyone else who has a legitimate reason to pull credit.
Most people think that when there is something inaccurate in their credit report, that it is the credit bureau that is at fault. This is not true!
The credit bureaus collect data. They do not verify ANYTHING unless you initiate a dispute!
Yep – that is right. Your Credit Report is a collection of unverified information unless you get involved! The lenders can report anything to your credit bureau without verifying the accuracy of it.
So, if you ever wondered why it is so important to review your credit report regularly now you know!
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