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CRA 101 - whats the difference between the big 3?


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This is mostly just curiosity.......

I've seen people on this forum complain about one CRA or another. Whats the difference? Does one make it harder to dispute? Less consumer friendly?

What about the info....for me, my EX and EQ reports were pretty baren, it wasn't until I pulled my TU report that I saw all sorts of things. My First two have 9 or 10 bad TLs, my TU report has 20! Why is that? Do certain businesses just report to one CRA? Or do certain CRAs report more things than others?

Any insight is appreciated. :D

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CRAs are "for profit" businesses. They sell their services. Usually, they charge "data furnishers" to provide them with data. For some data (like judgements) they pay "data collectors" to gather for them.

Not all data furnishers choose to pay the fees required to report.

Not all CRAs use the same data collectors.

Not all people who are thinking about offering you credit use the same CRAs.

As a general rule, none of the CRas are concerned about the accuracy or copleteness of the data they report.

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As a general rule, none of the CRas are concerned about the accuracy or copleteness of the data they report.

I'd venture to guess that the quantity of information they have on a person is much more important to them than the accuracy. The more data, the better as far as they're concerned.

I can imagine a sales guy from EX (or wherever) making a pitch to a major bank, wanting them to use EX's services to qualify credit card apps: "Mr. CEO, Experian has 4 petabytes of consumer information on file. Our competitors have less than 3 petabytes each. Don't you want to ensure that you have the most complete picture of a potential borrower before you decide to lend?"

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I wish I could remember the poster, but a former employee of one of the CRAs explained once that for example, most of the big banks report to one CRA and the other CRAs get copies of that info (poster actually identified which CRA, and all I remember is EX gets copies). So your disputes to the CRAs with copies are usually verified without actually contacting the DF.

That is one of the reasons why many disputes with EX get you nowhere, even after the other CRAs delete.

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I wish I could remember the poster, but a former employee of one of the CRAs explained once that for example, most of the big banks report to one CRA and the other CRAs get copies of that info (poster actually identified which CRA, and all I remember is EX gets copies). So your disputes to the CRAs with copies are usually verified without actually contacting the DF.

That is one of the reasons why many disputes with EX get you nowhere, even after the other CRAs delete.

I believe I explained that in this thread

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