310.376.9865
Most people are aware there are THREE major credit bureaus, but did you know there is a Fourth Credit Bureau that track information the majors do not track.
The Majors report on your history of repaying your loans, and how well you repay your loans, then they apply use an algorithm (complex mathematical formula) to determine how likely are you to repay your loan, or your credit score.
The Fourth Credit Bureau , L2C, collects information the Majors do not tract, i.e., auto warranties, cellphone bills, magazine subscription, prepaid credit cards, visits to payday lenders, rent-to-own stores, if your checks have cleared, cable tv, utility, medical payments, insurance claims, and scours public records for any mention of your name.
L2C uses this information to determine the credit worthiness of people who are shutout of the mainstream credit system, the student and low income consumers. For consumers in this category a 2008 report found that persons who paid their utility bills booster their credit scores.
So beware behind the majors, there is a fourth credit bureau collecting any information with your name on it.
Read the full Washington Post Article.
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* Los Angeles/Orange County Bankruptcy Attorney
- Law Offices MJ Mann Bankruptcy Attorney
- 2706 Artesia Blvd, Suite BK
- Redondo Beach, CA 90278
- 310.376.9865
