A big flat NOTHING will change with how your credit is reported during the Government shut down. All of your payments, balances, inquiries, open accounts, collections, and all other personal information will continue to get reported by the data furnishers as normal. Banks will continue to access your credit report when you apply for credit the same as always.
The good news is the credit reporting agencies, a.k.a. credit bureaus have nothing to do with the United States Federal Government. Many consumers think the credit bureaus are in some way part of the government. After all, they are referred to as bureaus. Each of the big 3, Equifax, Trans Union, and Experian are for-profit businesses. The credit bureaus simply gather and sell all your payment information.
So, where does all the confusion about the credit bureaus being associated with the Government come from? Let’s compare some other bureaus and you can be the judge.
| Bureau Name | Government Agency |
|---|---|
| Federal BUREAU of Investigation | YES |
| The Alcohol and Tobacco Tax and Trade BUREAU | YES |
| Consumer Financial Protection BUREAU | YES |
| BUREAU of Alcohol, Tobacco, Firearms and Explosives | YES |
| Federal BUREAU of Prisons | YES |
| The big 3 Credit BUREAU’s | NO |
As you can see, it is pretty easy to understand how consumers would associate the credit bureaus as Government Agencies.
Now you can sit back and relax and know your credit will be safe while the Government attempts to get up and running again.
Credit Reporting / Scoring Expert, Chris McConville is the President of Credit Education at CureMyScore.com and founder of myexpertcreditwitness.com where he works as an Expert Credit Witness in both Federal and State Court. With working in the credit and mortgage fields since 1991, he’s dedicated to sharing his knowledge to educate consumers.
