does the credit report the bank gave me show all my debts or how does that work?

Question

I recently went to the bank to see what I need to do to buy a house. I was shocked to find out I was in much more debt than I suspected. I want to know tho, does that credit report cover everything? Do they contact all the collection agencies or just run a check with one of them? And could somebody please tell me just how many agencies we have. I live in Kansas if that makes a difference! Thanks!

Answer 1

The Fair Credit Reporting Act (FCRA) requires each of the nationwide consumer reporting companies — Equifax, Experian, and TransUnion — to provide you with a free copy of your credit report, at your request, once every 12 months. Any company or organization to whom you have a financial obligation, reports this information to these agencies and that is how the agencies have information on you. These agencies may or may not exchange information on you, but generally any business reports it to all three of them.

A credit report includes information on where you live, how you pay your bills, and whether you've been sued, arrested, or filed for bankruptcy. Nationwide consumer reporting companies sell the information in your report to creditors, insurers, employers, and other businesses that use it to evaluate your applications for credit, insurance, employment, or renting a home.

The FCRA promotes the accuracy and privacy of information in the files of the nation’s consumer reporting companies. The Federal Trade Commission (FTC), the nation’s consumer protection agency, enforces the FCRA with respect to consumer reporting companies.

Answer 2

Defaults are reported before they ever get to a collection agency.

The following institutions report to the three major credit bureaus monthly about whether you're doing great or not great: Utilities, phone, health services, mortgages, credit cards, and bank loans such as home and auto loans.

Major credit bureaus: Experian, TransUnion and Equifax.