Are All the Credit Reports Supposed to Have the Same Information?

Credit-reporting bureaus probably each have a different set of a data on you that could lead to a 50-point differential or more on your credit score. Ideally, the bureaus should have the same information on you, because variance in scores leads to confusion on your true credit rating. You may have to fight with the credit bureaus to correct data on your report.

Identification

Credit reports are supposed to have the same information because it reduces credit score variance. Lenders often have to manipulate scores, such as taking the average or median score, because a borrower has wildly different reports from the bureaus. A single negative account, for example, could cause a swing of several dozen points. Also, some lenders do not pull reports from all credit agencies, so the creditor might not know your true score in this situation.

Credit Report Errors

Federal law does not require the credit bureaus to report anything, but it does ban the bureaus from reporting false information. If you have credit reports with different, erroneous information, you have the right to dispute and correct this mistake. The Federal Trade Commission suggests writing a certified letter that includes evidence of your claim, which item you dispute and your identifying information. You can also submit a dispute via an agency's website.

Considerations

The three national credit bureaus -- Experian, Equifax and TransUnion -- usually report the same information, such as public judgments, collection accounts and loans. However, some lenders choose not to report to some bureaus either out of preference or because they cannot afford a subscription to the services of all three bureaus. Most variance in credit reports occurs because the bureaus gloss over an outstanding account or an error in the system, such as when two people have the same name and their reports get mixed up.

Tip

The fastest way to get your credit report is by visiting the AnnualCreditReport website. You can pull a report from all three agencies once a year for free. Compare all three reports side by side and look for discrepancies. If your report contains an error, it is probably something minor, such as a wrong account balance or employer for which you never worked. Even if the error seems minor, dispute it.