2006-08-07 13:42:06 · 10 answers · asked by cuteredhead 3 in Business & Finance ➔ Personal Finance
Credit agencies are not "tough" or "easy" - credit agencies maintain databases of information provided to them by the subscriber-creditors.
Before offering you credit, a lender (or credit card company) wants to know how trustworthy a borrower you seem to be - the best way to tell that is to investigate your credit history. Sears wants to know if you've paid Pennys - Visa wants to know if you've paid Master Card.
Rather than call each other up and ask "Hey, does Sally Smith have an account with you?", all of the major creditors agree to share all of their lender/borrower records with the major credit reporting bureaus - that way, one call (or computerized inquiry) can check out all of your financial history.
The credit bureaus simply compile the information that they receive, creating a "file" on just about anyone who has ever applied for credit. The credit bureau doesn't "add" anything to the record, so they can't be tough or easy.
Some bureaus may have more information on you than others - some may have older data, while others are more up-to-date, and some may have more pleasant customer service to deal with - like, for example, if you need to challenge information in your credit history as being inaccurate.
But none of the bureaus are mean or nice - they're just information collectors.
2006-08-07 13:50:17 · answer #1 · answered by NotAnyoneYouKnow 7 · 0⤊ 0⤋
Yeah, like the other guy says, they are not tougher. They each use a proprietary mathematical model to determine the score. In a mortgage situation, they use the middle score of the three bureaus. Whichever bureau has the middle of the three scores (ie: 650, 656, 665) gets counted. That makes it more objective, and eliminates one being tougher or easier.
2006-08-07 17:37:27 · answer #2 · answered by Me-as-a-Tree 3 · 0⤊ 0⤋
Experian and Transunion are typically "More informed" or up to date. Maybe in the reports you've seen Equifax is showing a lower score but typically this isn't the case unless there is past information hindering the score.
2006-08-07 13:45:30 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Hey I am here for the first time. I came across this question and I find the replies really helpful. I hope to offer something back to the community and assist others too.
2016-08-23 03:47:51 · answer #4 · answered by bonnie 4 · 0⤊ 0⤋
Really interesting question, looking forward to going through the answers
2016-07-27 06:19:50 · answer #5 · answered by ? 3 · 0⤊ 0⤋
Who Is Equifax
2016-12-18 09:31:11 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Hey I thought Experian was the hardest one...They are just tough because they have to be honey.
2006-08-07 15:36:27 · answer #7 · answered by SAMMIE K 2 · 0⤊ 0⤋
They're not. They just use a different scoring system, that's all. The lenders are aware of this; it's all relative.
2006-08-07 13:45:34 · answer #8 · answered by Bostonian In MO 7 · 0⤊ 0⤋
fxxxk those bastard they have a sh!ty report of me which make it pain in the azz trying to get a credit card.
2006-08-07 13:46:12 · answer #9 · answered by HanZ 6 · 0⤊ 0⤋
Maybe they skimp on the Adolphs?
2006-08-07 13:43:54 · answer #10 · answered by dt 5 · 0⤊ 0⤋