Knowing more about the credit bureaus

| January 5, 2012 | 0 Comments
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Credit bureaus as you might already know are companies that provide information on consumers borrowing as well as bill paying habits. These institutions which include Equifax, TransUnion as well as Experian generate the credit reports of people and their financial or credit score. And are the places where banks, including other financial institutions, charge card outfits plus landlords visit to get the required financial information on their prospective clients’ credit history. Personal data domiciled in any of these three bureaus will be analyzed and allocated a score. Such score will provide a lender with information such as whether the concerned is a new or an old borrower, the credit-worthiness of the concerned, among others. Now the information provided by these companies is very important since people with a negative financial history or poor financial score will find it difficulty accessing a loan, a mortgage and even possibly renting accommodation.

This is why it is important for everyone to access the information regarding his/her financial history from time to time. With any of these three credit agencies having access to your financial history. In addition, there are online sites that provide people with their financial reports free of charge. Now although you have a right to access or see your financial report, it is not advisable to continuously run your financial report from all three credit agencies. This is because this is perceived by some lenders to be negative behavior, which might adversely affect your financial score. If you run a credit report, and discover any inaccurate information, you can get in touch with any of the dispute departments of all three credit agencies. This is necessitated by the fact that certain discrepancies have occurred in the past. All three credit bureaus will promptly address any issue raised.

It is even possible for people to get more regarding their credit information when contacting any of the three credit bureaus. In this regard, it is possible for anyone to ascertain who has run a report on them in the previous 12 months, as well as find out the source of any such information added. If denied access to a loan facility due to the outcome of a financial or credit report provided by any of these three companies, one has the right or authority to a copy of this report. After which, unsatisfactory items in the said report can be challenged or disputed. Also, in order to get more information about these bureaus, you can go online and search for any of them by name. Doing so will provide you with more information on the need to have a great financial report.

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Category: Blog, Collection Agencies, Credit Bureaus, Credit Resources

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