Does Credit Bureau Matter?

If you've had any experience dealing with credit, you may know that there are three main credit reporting bureaus: Experian, Equifax and TransUnion. And, if you've looked at your credit report recently, you might have noticed that your 3 bureau scores are different. Does this mean that one bureau is better than another? Not necessarily. In fact, it can be helpful to look at all three credit reports and scores.

Here are three noteworthy reasons to consider when looking at all three credit reports:

• Different information. Each of your three credit reports may be mostly similar, but sometimes lenders can report information to one bureau and not the other. While the bureaus share the information they're given, it can sometimes take a while, so your reports may differ in terms of what is listed. This means that it may be a good idea to look at all three credit reports so that you can double check your listed information.

• Errors. Just like different information may show up on different reports, all three credit reports could have different errors. One source says close to 52 million Americans could have credit report errors, which can hurt your score.  In order to fix errors, it’s good to first be aware of them. Regularly checking and staying on top of all three of your credit reports can help limit these types of errors. 

• Identity Theft. Another reason to monitor your credit report is to protect yourself from identity theft. For example, if someone tries to defraud an account that is only listed on your Experian report, and hasn't yet made it to your Equifax report, the thief may have a better chance of successfully stealing your identity. To stop identity thieves in their tracks, try to routinely monitor your credit report and bank accounts for suspicious activity.

At PrivacyGuard, we offer one of the most comprehensive programs to keep track of your credit. We monitor all three bureaus for any changes to your credit file, and we help you see updated credit reports and scores on a monthly basis. Our credit-monitoring services also double as a safeguard from identity theft because we can provide your Experian, Equifax and TransUnion reports daily and alert you if certain changes occur or if a new account is opened.