How does one go about getting a "complete" credit report showing "all" reportable information to businesses? Is there a definitive report in conjunction with cyphers explaining the coding of other pertinent information as well? How do you know for sure you are getting a complete file? Thanks!
That's the bible for credit reporting and it's not exactly easy to understand, especially since each credit bureau uses DIFFERENT field labels.
How do you know for sure you are getting a complete file? Thanks!
You really need several reports to get at least almost all info.
Generally, the reports obtained from the CRAs directly contain the most data, especially with respect to personal data such as names, addresses, etc.
But I also documented that Trans Union reports late payments to Fair Isaac that are NOT reported on its consumer disclosures.
The tri-merged reports sold by ConsumerInfo.com (Experian owned) contain the coding for the inquiries and the cheapest way to get that info is to order the 2 months $1 trial at http://www.privacyguard.com/ -- don't forget to cancel. This report is VERY incomplete, but it does contain the type for the inquiries.
Congress should mandate that the CRAs start using an identical format for consumer disclosures. After all, the CRAs all use the SAME eOscar system to collect the data. It is incredibly confusing for consumers to have to learn to read THREE different reports.
As a matter of fact, the CRAs even use DIFFERENT formats for online and snail mailed reports, they do whatever they can to make it more difficult for consumers to analyze the data.
Practically, the way to get a change is to have the FTC oversee the design of a "universal" complete consumer disclosure to be used by the CRAs. And of course it needs to contain all data, including all information utilized by Fair Isaac's and any other credit scoring software.
Realistically, the people at the FTC don't seem to be smart enough to get that done, they haven't even figured out that it's a problem.
Should LEGISLATORS be in charge of designing the format for consumer disclosures?