The first step to understand how your credit score works would be to get your credit bureau. The Beacon score only gives you a summarized result as a number. In order to know what to do to increase your score and improve your credit rating, you need the Credit Bureau. This is a complete credit history that reflects your financial behaviours.
You can order your Credit Bureau from many companies at a small cost. Equifax for example offer a 3 in 1 report for only $29.95. This package includes the reporting from the 3 major credit reporting agencies: Equifax, Transunion and Experian. There are similar offers like this because credit bureaus differ from one agency to another. The difference can be as high as 50 points on your credit score.
There are several reasons why there is such difference between different reports. First of all, financial institutions donâ€™t report their accounts to all of them. So your Master Card could show on the Equifax report, but not the Transunionâ€™s. Second, every agency has their own way to calculate the credit score. One could grant more importance to the delinquencies and the other could lower your Beacon score because of high balance on revolving credit. Finally, as there are several agencies and several institutions, errors might take place in one report. It is then important to look at all of them to make sure your Credit Bureau is up to date.
Here are the contacts to the main credit reporting agencies:
1-800-997-2493 or 1-800-685-1111
P.O. Box 2000
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