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How You Can Attend 3 Credit Bureaus With Minimal Budget | 3 credit bureaus

All credit agencies in the country have been notified by the Reserve Bank of India (RCI) about its list of credit bureaus. There is a list of 12 credit bureaus: Experian, Equifax, Trans Union, INode, CLUEx, ICICI Global, ID Analytics, Forum Marketing Solutions, ID Consultants India, Ixia, ISE, KPMG, Realty Worldwide and Trans Union. The names of the agencies do not necessarily mean they provide similar services. They are to be contacted if one has a question on credit, wants to check his credit file or wants to apply for an auto loan in India. After the notification, all requests have to be fulfilled within the given time period.

The main aim of the banks is to make sure their clients have a good credit score. The banks and financial institutions follow a process by which they get the credit report from the credit score agency and then check whether the information on the credit report is correct or not. If the information is incorrect, the client has the right to void the report. This is possible only if the credit score is less than the required level for getting a loan.

Getting a loan in India is no problem, provided you have a decent score, provided you have an active checking account with a specified bank, provided you have a source of income and also provided you have a convincing repayment plan. The main advantage of using the services of the four credit bureaus mentioned above is that it protects the customer from identity theft. Most customers prefer the option of choosing the company that was chosen by their friends and relatives. However this is not the best way of protecting your interests.

Each of the four credit bureaus have their own set of procedures by which they get your details. In most cases, your details are gathered through phone calls. It may also happen that the agent contacts you through the internet. In case of cibil, a visit to the office of the bank is required whereas for all other credit scores, an online transaction is sufficient.

The collection of your details by these companies is done after you answer some simple questions. These questions usually cover your personal information, your current address and your financial position. When you provide the right answers, the services of the 4 major credit bureaus India reach your credit score successfully.

Experian: Experian is the name of the main US credit bureau and it is a part of the Equifax company. The Experian website contains a history section, where it tells the past history of the individual. Every year, Experian updates its records so as to keep a track of the changes in the consumer's monetary situation. If the past performance of an individual is impressive, then he/she is given an excellent rating by Experian. On the other hand, if the history of the individual is not so good, then it is assigned a poor rating. Hence, it is very important to check the past history of yourself before applying for the new card.

Equifax: Equifax is perhaps the second most popular US credit bureau after Trans Union. It is the leading consumer reporting bureau in the United States and is responsible for the evaluation of financial activities of the customer. In addition, the Experian freeze is one of the easiest and most secure ways of credit freeze. The process of freezing is easy. It is done by calling the customer service of Equifax to inform them about your freeze. This is the easiest way of security freeze as the other three credit bureaus would require a formal written agreement from the consumer.

Bank of America: The third-biggest credit card provider in US has also been affected by the recent economic crisis. Due to this reason, the credit bureaus have frozen the processing of credit cards. In fact, a letter was recently sent to Bank of America requesting them to lift the freeze. It is still not clear when they will lift the security freeze but until now the customers are under the impression that their accounts would be closed immediately.


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