Debt Consolidation And Credit Credit bureaus sell credit reports to credit grantors, such as banks, finance companies, and retailers. Additionally, credit bureaus will sell credit reports to potential employers, landlords and insurance companies. Businesses and Credit grantors use credit reports to determine creditworthiness.
Because each bureau can and does receive information from different banks and creditors, your credit score (also referred to as "FICO score") can differ from credit bureau to credit bureau. While credit scores themselves range from 350 to 850, a FICO score of 700 from Experian is generally considered the equivalent of a 700 FICO score from Equifax or TransUnion. Regardless of which bureau supplies your credit report rating, the higher your FICO score, the better your chances are of securing a loan, with a favorable interest rate and ultimately having a stronger more solid credit history.
Check Credit Rating There are three major companies that are in the business of collecting and distributing credit histories on all Americans. If you're an average American, it's more than likely all three companies have a credit history report on you.
Checking Your Credit History A creditor will often check your credit history with a credit bureau. If you want to know what's in your credit file, contact the credit bureaus listed in the Yellow Pages under "credit" or "credit rating and reporting." Because more than one bureau may have a file on you, call each until you locate all the agencies maintaining your file.
Improve Credit Rating Experian, TransUnion, and Equifax are all competitors -- which means -- each company has a different version of your credit history. This makes it necessary to obtain reports from all three companies, to ensure that no erroneous information is within their files.
Prior to the National Credit Act, the credit bureaus were self regulated by the Credit Bureau Association (CBA). Fortunately, all credit bureaus are now required to register with and meet far higher minimum standards and the National Credit Regulator has placed the burden on credit bureaus to ensure that they only publish properly verified and correct information. Consumers have the right to report credit bureaus to the NCR ( www.ncr.org.za ) where they publish misleading or false information or fail to take steps to investigate and remove such information.
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Credit Score Rating Scale Lenders, landlords, and employers use either one of the three credit bureaus mentioned above. Mortgage companies and auto dealers utilize all three bureaus simultaneously.
What's a Credit Rating Your credit report rating (or your "FICO score") is the number that banks and credit institutions use to assess your potential credit risk, based on a formula that measures your credit history and current credit accounts. The three major credit bureaus, Trans Union, Experian and Equifax, each develop a score based solely on the information in their files on you.
Bad Card Credit Credit People TransUnion serves a broad range of industries including financial and banking services, insurance providers, mortgage and real estate services, direct marketers and retailers, collection agencies, communication and energy companies and healthcare facilities.
Free Credit Rating Report Experian is the company that was created after TRW left the credit reporting industry in 1996. Experian collects information about you and your credit history from public records, your creditors and other reliable sources
Credit Rating Scale Equifax is the oldest of the three major credit bureaus, which dates back to 1899. Two brothers set up a company called Retail Credit Company in Atlanta, Georgia. The company became Equifax in 1975 and they claim to be the largest provider of consumer information. Equifax serves customers across a wide range of industries including the financial services, retail, healthcare, telecommunications/utilities, brokerage, insurance, and governmental agencies.
Bad Credit Rating Can I obtain a free credit report from credit bureaus?
Credit Rating Agency You are eligible to receive a free copy of your credit report from any of the credit bureaus if:
Credit Rating Canada * You have been denied credit, insurance, or employment within the past 60-days as a result of your credit history.
* You can certify in writing that you are unemployed and intend to apply for employment in the 60-day period beginning on the date in which you made the certification.
* You are a recipient of public welfare assistance or have reason to believe that your file at the agency contains inaccurate information due to fraud.
Bad Credit Mortgage Rating Residents of Colorado, Massachusetts, Maryland, New Jersey, and Vermont, can receive one free copy of your credit report each year from the credit bureaus. Residents of Georgia are allowed to receive two free copies of your credit report each year from the credit bureaus.
Catalogue: Finance | Debt Consolidation
Title: Credit Bureaus, Who are they? By: S. Lieberman
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