who governs the credit bureaus???

Question

all three (3) credit bureas have a different rating of your credit report... how to make all of them so the same or similar credit score????

Answer 1

The above answers are partly correct. The credit reporting agencies are governed by the Federal Trade Commission and state Attorney Generals, and they follow the laws of the FCRA. You can file a complaint with either of them, and you can dispute the accuracy of information on your credit reports with each of the credit bureaus.
The credit score that you get depends on the content of the credit file, and the version of the score used by the source of that credit score.
Information that is reported to one credit reporting agency is not always reported to all three. That is because, in order to report to a credit bureau, your creditors must pay a fee to be a business customer, and some creditors choose to report to 1,2,3, or none of the credit bureaus. You cannot make a credit bureau report information that is not reported to them, and you cannot add accounts to your credit report yourself.

The other difference is in the version of credit score used. Equifax, for example, uses a version called the Beacon 5.0, which follows a specific formula. If the company you apply for credit with uses a Beacon 3.0 or 4.0 score, it will be different. Some companies input their own criteria, so they also calculate in your income, or other factors, which causes scores to vary. Experian uses a score called Empirica, and Transunion uses another version

Answer 2

In part Kelly is right. There are 3 SEPARATE companies. Try getting them to do the same thing. It just wont happen. You as the consumer have the right to have validated anything in your reports. This also includes adding files. So you as the consumer can look at all 3 agencies and make them the same. Meaning have all have the same credit lenders. This will still not mean they will grade the same. All you need to be concerned is that they are accurately reporting what is there.
The U.S. Fair Credit Reporting Act of 1971 governs the credit reporting agencies, also known as credit bureaus. It was amended in 1997, and again with the Fair and Accurate Credit Transactions (FACT) Act of 2003, and includes stronger protections for consumers by increasing the responsibility of the credit bureaus to investigate consumer disputes. Bottom line is it is up to YOU to make sure these people are keeping things accurate

Answer 3

They are three separate company's. They have laws they have to abide by just like every company, but they are not governed by anyone. You can't make them score the same scores or even close. Since they are three separate company's, they don't always receive the same information and if they do receive the same info, they might not receive it at the same time. For example, a car lender or credit card company might only report to one of the credit bureaus, so the other 2 bureaus don't report those accounts, which can cause a big difference in your scores. There's nothing you can do about it.

Answer 4

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RE :Who governs the credit bureaus???
all three (3) credit bureas have a different rating of your credit report... how to make all of them so the same or similar credit score????
3 following 4 answers

Answer 5

The credit bureaus is ruining my life, I wish they would go away.