We have a Planned System Maintenance scheduled from 11pm on Saturday, May 18th to 3am on Sunday, May 19th. We apologize for any inconvenience this may cause.

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Credit Reporting Agencies

Credit Reporting Agencies

When applying for a loan, Altura Credit Union will look at your credit history using a credit reporting agency.

What is a credit reporting agency?

Watch this video for a quick introduction to credit reporting.

There are three major credit reporting agencies

  • Equifax
  • Experian
  • TransUnion

Financial institutions use different agencies, as well as their own scoring models. Over 200 factors in a credit report may be considered when calculating a score and each model may weigh credit factors differently, so no scoring model is completely identical.

Who uses the information from credit reporting agencies?

Lenders utilize the information that credit reporting agencies collect. It helps them determine whether or not you are a good candidate for a loan. But it’s not just lenders who are interested in your credit history. Potential employers, landlords, and even insurance providers want to know your credit history. If any of these people deny your credit, they must give you the contact information of the credit reporting agency who provided them with your credit report.

Getting a free credit report

Under Federal law, you are entitled to receive one free copy of your credit report from each credit reporting agency every 12 months. You can obtain a free copy of your credit reports at https://www.annualcreditreport.com or by calling 1-877-322-8228. For more information visit Consumer finance Credit Report

How do I correct my credit report if I think there is an error?

There are times when the information reported about your credit report may contain inconsistencies. If you find information that you believe is not correct on your credit report, contact
the company that issued the account or the credit reporting company that issued the report. For more information visit:
Common Credit Report Errors

FAQ's

How Can I Find Errors on my Credit Report?

Credit reporting errors are extremely common. Some common errors to look out for include incorrect personal information, accounts listed as “closed by lender,” debts more than seven years old or duplicate accounts. It’s important to look for these errors because they can lower your score.

Why Do I See Accounts, Aliases or Loans I Don’t Recognize on my Credit Report?

If you are seeing any of these on your credit report, you might be a victim of identity theft. You might not even know until you start reading over your credit report.

How Do I Contact the Bureaus?

Contacting the Bureaus

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