Credit Reports

Credit Reports Related Information:

We all want the finer things in life – cars, a nice home, luxury holidays and more. However, in order to get these it is necessary to have cash, and for most people that means borrowing money. Unless you are lucky enough to be fabulously wealthy with cash readily available for anything you want to buy, it is likely that at some point or another you will need to borrow money from a bank of finance company in order to get the things you want, and this is where your credit report can be of the utmost importance.

Credit bureaus collect information about a consumer’s financial affairs and they sell that information to businesses such as banks, insurance companies or other lenders. These credit bureaus charge the organizations an annual fee for this information, but they also charge consumers for a copy of their own credit report.

The 3 major credit bureaus in North America are Equifax, TransUnion, and Experian. Most companies check with all 3 credit bureaus before making decisions regarding a loan to an individual. These bureaus use statistics to create what is called a credit score and the higher the score, the better the credit.

It is important to be aware of your credit report information, and how to rectify problems, as these reports can have a major impact upon your life. This site explains a little more about credit reports and how they are used, with articles such as:

Credit report: A credit report is basically a file containing an array of financial details about you – like a listing of your borrowing and repayment habits.

Free credit report: Have you ever wondered how your credit is rated? Well did you know that you could obtain a free credit report? This can be done in various ways, but the fastest way is online.

Credit report online: When you’re looking for a credit online report, it is not difficult with so many services willing to provide it. This usually involves signing up with a credit provider, but in the US, the government’s goal is that to make sure that consumers be informed of their credit rating once or twice a year for free.

Free copy of my credit report: You would like to know how your credit rating is and you’re probably wondering “where can I get a free copy of my credit report”? Well in the US, as of January 2004, every person is eligible to request a free copy of his/her credit report.

Credit report repair: If you have bad credit you may think there is no hope, but you can get a credit report repair and find out what you need to do to fix the damage that’s been done.

Credit score: A credit score is important if you ever want to borrow money to buy such items as a car or mortgage on a house. Lenders access information regarding your credit history from 3 major companies: Equifax, TransUnion and Experian.

What is a good credit score: A credit score is a way for lenders to measure the credit risk of an applicant applying for a loan. It uses a statistical model to measure someone’s credit worthiness based upon their credit history and current open credit accounts.

Free credit score: Free credit reports are offered by all 3 of the major credit bureaus and there a hundreds of web sites which offer free credit scores for consumers.

Credit Bureaus: Credit bureaus collect information about a consumer’s financial affairs and they sell that information to businesses such as banks, insurance companies or other lenders.

3 major credit bureaus: The 3 major credit bureaus that allow you to view your credit report and score are Equifax, TransUnion, and Experian.

Equifax: Equifax is a major credit reporting company that provides many different services to its customers. They have been in business for 106 years and produces $1.3 billion US each year with 4400 employees in 12 different countries.

Experian: Experian has been in business for 30 years with more than 30000 clients in North America alone. There are 4500 employees and $1.3 billion in sales on an annual basis.

Transunion: TransUnion was started in 1968 as the parent company of the Union Tank Car Company. Over the next 30 years their business has to grown so that they are one of the world leaders in the intelligence and consumer credit.

Bankruptcy: The purpose of bankruptcy is to give someone who is hopelessly burdened with debt a chance to start fresh by wiping out their debts. There are several levels of bankruptcy including chapter 7, chapter 11 and chapter 13.

Credit check: A credit check is a good way for a lender or organization to make a decision whether or not to extend credit to an applying customer. The lender does not need to worry about whether or not the customer will repay the credit because they have an accurate idea of their payment history and can then also decide how much credit to extend.

Free credit check: A free credit check is a quick way to find out where you are before applying for credit from a lender. Free credit checks are available from all 3 of the major credit bureaus and they are connected to multiple websites and search engines, which allow you to get this free check.

Fair credit reporting act: The Fair Credit Reporting Act (FCRA) which is enforced by the Federal Trade Commission is designed promote accuracy in credit reporting and to ensure the privacy of information used in reports.

Debt consolidation: Debt consolidation is an effective and straightforward way to try and reduce your monthly outgoings and cut the total amount of interest you repay on your debts.