Chanel wrote me at GetOutOfDebt.org and had a debt question. If you have a question you can write me too!
“I have lots of small debts. I want to pay off my debts but don’t know how to find out who I owe.”
It is amazing how such a simple question can lead to such a complicated situation.
Now you would think that there would be one place to go to see who you owe, but there isn’t. The major credit bureaus contain information about you but only what creditors tell them about.
That means that if a small creditor does not want to pay or hassle with reporting information about you then a debt may never appear on your credit report or negatively or positively impact your credit score.
Small creditors like local stores, doctors offices, local utilities, etc. often do not report to the credit bureaus. Major creditors like home loans, car loans and credit cards will generally report to and appear on your major credit reports.
Now, a consolidated credit report, one that lists all the major credit bureau reports on the same credit report is the best credit report to obtain. This type of credit report will list contact information for your creditors listed and with all three credit bureaus reported on the same consolidated credit report it will be very easy to compare your different credit reports.
What will surprise you when you look at your credit report is how each report will contain similar but completely different information.