Who are they? Although there are many data reporting agencies out there, the three biggest credit bureaus are:  Experian   Equifax  Transunion.

What do they do?  The credit bureaus are data reporting agencies.  They are required to maintain accurate and compliant credit records for consumers nationwide. These corporations collect data from thousands of sources to create consumer credit profiles.  They then merge the data with their credit algorithms to generate consumer credit scores.

Make money.  The credit bureaus are the best at monetizing data.  They sell data to thousands of businesses nationwide. With big data and technology at its peak the credit bureaus are able to maximize their earnings by organizing data and funneling it through the appropriate channels.

Are they governed by law? Yes.  The FCRA is the federal law that governs how credit information is collected, distributed, reported, and corrected. Every business associated with credit is required to operate within the guidelines of The FCRA. There are other rules and regulations the credit bureaus must comply with as well.

Credit Bureaus vs Credit Repair Firms.  The credit bureaus have always held themselves in the highest regard.  Rightfully so since information is power.  We must hand it to them; it’s quite the business they have evolved.  The general consensus has been that the credit bureaus do not like companies that help consumers fix, repair, or try to maximize their credit reports.  There are many reasons and theories as to why, which we may address through our blog which connects the dots of many subjects.

Credit Monitoring.  Consumer credit monitoring is great for monitoring trends, getting alerts, and paying closer attention to your credit reports and scores.  However, there are many scoring models, and consumers shouldn’t get married to the scores they obtain on their own.  In our experience the scoring a consumer sees is different from what banks review.  This makes it even more important to ensure your credit is maximized for future transactions.

Consumers vs. the credit bureaus.  The credit bureaus do not intend on fixing your credit reports. Their business model is to store data, determine scores, give access, and push your information to marketing partners for profits.  Frankly, this is ok.  To be fair the credit bureaus under new times of consumer empowerment and technology has made some processes easier.

Regardless, there are three (3) credit bureaus and endless amounts of creditors.  If you have 5 negative accounts on your credit reports and they all report to the three bureaus that’s fifteen (15) processes.  We are here to help you effectively investigate, audit, verify, and dispute the items on your credit reports. Our trusted formula and process maximizes credit reports, boosts credit scores, and helps purify your credit by eliminating errors and resolving credit red flags. Having an accurate maximized credit report is crucial in a society dominated by banks.