Credit bureau's and states?

Question

I was wondering since we have 3 credit reporting agencies. If lets say Experian is mainly used in one area (like west coast) and Transunion on the east coast and equifax in the midwest? Is there a common trend to which where the companies is based at and which CRA they use? Or is it more like a dime toss and they just use whomever CRA they choose?
I am just asking as my credit reports vary by 71 points...and of course I would like to use the highest one IF possible =o)

Answer 1

Many creditors like to use a certain credit reporting agency (CRA) no matter where they are located in the country. But, occasionally they may surprise a person and pull a different CRA.

You might click on the link I've provided and if you know who you are wanting to apply with, put that companies name in then click search.

It's a fantastic data base of what company pulled what CRA and at what score a person was approved or denied.

I wouldn't suggest limiting your search by clicking a certain CRA or state.

Answer 2

In the old days, when everything was done by US mail, indeed Experian was for West Coast creditors. TransUnion was for the central US, and Equifax was for East Coast creditors. Generally, local firms, like small credit unions, report to one Credit Reporting Agency (CRA), the geographically closest one. Major banks report to all 3. Nowadays, with electronic communication, the boundaries are blurred, and any creditor can report to any CRA, regardless of geographical location. In fact, when you open a new type of credit (say, an auto loan if you've never had one on your credit report) in order to improve the 15% of your FICO score that pertains to credit mix, you should make sure that your creditor reports to all 3 CRAs. Same thing if you're applying for your first credit card (often a secured card): ask the CC company which of the 3 CRAs they routinely report to, and reject a creditor if it doesn't report to all 3. If the creditor reports to all 3, you can boost all 3 FICO scores with one new loan, if you make timely payments. Of course, when you apply for the loan, you'll lose a few points for the hard inquiry on the 10% of your score that deals with how many inquiries you've made recently. Within 2 years, you'll get back those points lost on the inquiry.

Generally, when applying for a mortgage, the lender will base your mortgage interest rate on either the average of your 3 FICO scores, or use the one score that's in the middle (called the median score).

Please vote: did this help?

Answer 3

transunion is most always the lesser of the 3. when you go thru financing they run all 3 and take the median score.

you dont choose which one they run for your credit evaluation. If the creditor is in east coast and you apply for credit they'll most likely run the east coast one but that's a dime toss because maybe their headquarters is in seattle and you dont know it!

Answer 4

That's a good question!

Answer 5

Was gonna ask this too