Erase My Bad Credit Score Fast

Must I Fix or Repair All 3 Credit Reports? Working on all three credit reports when you've entered into a repair program for your file is very important. Remember that there are 3 reporting bureaus recognized by law: TransUnion, Equifax and Experian. These bureaus exist independently, therefore the need for you to work on each file from them independently too.

Here's the skinny you might have a particular account that went late (that is you did not pay on time even after 30days of the due date for payment) and the creditor to this account decided to report it to two of the bureaus. Note that not all creditors report to all three (some report to only one or two). Now, let's assume the creditor reported this late payment to Equifax and TransUnion; this means that you have one late payment reported to the two bureaus.

Ordinary common sense would imagine that deleting this late payment from Equifax means it ought to be deleted from your file with TransUnion since it's the same information. But that is not so. Equifax and TransUnion ARE NOT the same organization even though they perform the same function. Understand too that they have intrinsically different formulas they use to churn out your credit scores even though the basic formula they use was developed by FICO (I discussed FICO in another article).

It is for this reason that you want to apply the same effort you used in getting rid of the late payment on Equifax also on your TransUnion report. Failure to do this will mean that the negative will still remain on your TransUnion and your score the same.

Also, you can never tell which of your 3 files a creditor/bank will obtain when you apply for credit. Some creditors obtain just one or two of your files from the bureaus while some (especially if you're looking to get a mortgage loan) request for all three.

You can begin fixing your 3 files right away using self-help or signing-up for a repair program with a competent repair agency.Visit this [http://www.freecreditpresentation.com] to learn how to raise your credit score by 50 or more points to get approved for cars, and home loans on credit!

by: Tony Banks
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