What Credit Bureaus know but Won’t Admit
Ever wondered just how much credit bureaus know? What they know besides your debt situation and credit score that is.
Well, to put it short and simple, they know a lot more than you think.
First, they track a lot more than just your credit, they also track your personal transactions, which might seem a bit scary and like you’re being watched, but let’s face it, to some extent everyone is. If we weren’t then we would be able to get away with a lot of illegal activities, such as smuggling, for instance, which is exactly why credit bureaus keep a close eye on every individual within their country.
What do credit bureaus know?
- They know about everything you don’t think they do
This means that they are experts at tracking the general consumers’ credit history, including whether they pay their bills according to the installment dates, as well as the amount of debt they have on their name.
With, they also obtain information that doesn’t isn’t related to credit at all, such as your addresses, employment records, or any other data that might give them a better idea of your activity.
- They sell information to make money
Whether this is a secret or not, it’s not ethical at all. Some of the biggest credit bureaus, such as Experian and Trans Union, has over 200 million files on consumers, and track most of the population in countries.
Ever wondered how debt consolidators end up knowing you’re in a debt-related crisis? Well, now you know.
- They have a lot of errors on file, and they know it
You’d think that one of the biggest information entities would at least have the correct information?
Sadly, the answer is no. In fact, your credit score could be completely wrong right this second, yet we don’t check or learn about how our credit scores are calculated. If having a bad credit score limits you from obtaining a loan, leasing an apartment or getting more credit, you should keep up with any decreases or increases that may occur without your knowledge.