I have a question about the reporting agencies:

1 By law are they required to notify you when they place a negative mark on your account or is it the creditor supposed to do that prior to sending the agencies the negative mark?

2 Are the agencies required to get proof before they place a negative mark on your credit or do they just believe the creditor?

My situation is interesting: Transunion score is 612, Equifax is 601 and Experian is 785. I have 2 chargeoffs (settled for less) these are credit cards which bring my score down and they are about 3 years old.

Thank you
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Bureaus have a legal agreement with creditors. The creditors are indeed legitimate. The creditors are accountable. The creditors have regualation of how they can conduct themselves.

With this agreement bureaus take what creditors send them and adjust credit reports accordingly.

No one has to contact a consumer for negative or positive makrs although creditors usually do on negatives because they want you to pay them. This is why it is important to check your credit report.

Sounds tome like tansunion doesn't have some accounts on your report. those issing creditors probably do not report to tansunion.
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