Credit Reporting Services
As most people, I finance my home with mortgages and pay for my car with loans. When I was young I often obtained loans to pay for college. And, of course, purchases with credit cards take place in almost every person’s life. Here I would like to share my experience and knowledge about credit reporting bureaus, credit reporting companies, credit reporting agencies.You can't expect to receive credit as a matter of course, however. You must apply for it. And just as you would hesitate to lend money to a stranger, banks, retailers, or finance companies will not grant you credit without knowing something about you.
It used to be that a retailer or bank would have to call each creditor you listed on an application form before they would decide to extend credit to you. Today, they rely on credit reporting, so it's important for you to know what is in yours.
A credit report is a record of your credit activities. It lists any credit-card accounts or loans you may have, the balances, and how regularly you make your payments. It also shows if any action has been taken against you because of unpaid bills.
A company that gathers and sells credit information is called a consumer reporting agency (CRA). These types of companies collect information about your credit activities, store it in giant databases, and charge a fee for supplying the information. The most common type of CRA is the credit bureau.
There are three major credit bureaus that operate nationwide, plus many smaller companies serving local markets.
Since the 1980s, lenders and credit grantors have relied on credit report scoring to assess the credit worthiness of potential borrowers. A credit score is a sum derived from credit report information, and it aims to predict how likely a person is to repay debt.
Credit report information is collected by the three major credit reporting services - TransUnion, Experian, and Equifax. Lenders often view reports from all three credit reporting services to get the most comprehensive view of a potential borrower's financial profile.
Each of the credit reporting services collects and reports credit history information independently. Because the agencies do not share data, discrepancies can occur.
With the help of many sites I can view my combined credit report quickly and securely. They you to spot and correct any discrepancies before you apply for a loan - saving you time and money.
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