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Five Reasons You Should Fall In Love With Credit Report Agencies | credit report agencies

Credit reporting agencies are companies which maintain records of your financial activities. The most well known of these agencies is Experian. Experian is also the name of one of the three credit bureaus in the United States which maintain credit reports for consumers and businesses alike. The credit bureaus are also known by different names such as Equifax, TransUnion and Experian. Your credit report is essentially your history on borrowing which lenders use to determine whether you can afford to pay them back.

Lenders use the information that is contained in your credit report to determine whether they will extend credit to you. Lenders are not allowed to discriminate against you because of your race, age, religion, sex or disability. This is the reason why the fair credit reporting act was introduced in 2021 by congress. This law is in place to protect people from having their credit report affected unfairly.

There are three credit reporting agencies which are commonly used by lenders. They are called TransUnion, Equifax and Experian. These agencies collect information about your credit history and compile it into a report for you to view. You need to be aware however that this information which is contained in your FICO scores is not actually accurate. The agencies are not allowed to allow any of this information to be released to a lender unless permission has been given by you.

Because of the Fair Credit Reporting Act lenders are now permitted by law to access your credit report and review it for accuracy. Lenders are also prohibited from using this information to make decisions on your behalf without your consent. You are also entitled to a copy of your credit report from any reporting agency at anytime if you are being denied credit or if you are having problems with a mortgage application. The purpose of these laws is to ensure that everyone is treated fairly when it comes to their credit reports and this can only be guaranteed by credit reporting agencies.

When you look at a credit report, the scores are based on a number of factors which include your payment history, types of credit used, the amount of debt you have, the number of inquiries that you have made and how long you have been paying off debts. Your credit history is considered a good indicator of your financial health but it does not guarantee anything. The credit agency calculate your score by taking into account all the factors that were included in your credit report along with the results which were calculated.

It is now becoming common practice for lenders to ask for your FICO scores when they are considering whether or not to give you any type of loan. If you have a low credit score, chances are you will not be given preferential treatment when it comes to a mortgage loan. If you apply with a lender and your credit score is above 625, you are almost certain to receive a rejection. This is due to the fact that lenders consider people with lower FICO scores as high risk borrowers since they have a history of filing for bankruptcy and not making their payments on time.

A large number of consumers have recently discovered that their credit reports contain errors which have allowed identity theft to take place. This means that if you have recently had a bankruptcy or other similar type of debt and did not make any payments for a year, you may have reported that information incorrectly on your credit report. Because the creditor receives the incorrect information, they can then contact Equifax, Experian or TransUnion to inform them that you have had a negative account because you did not make a payment for a full year. Once this information is sent to the credit report agencies, they begin to analyze the negative accounts to see if there is any useful data which can be reported to the credit bureau.

It is important that you check your credit reports from all three of the major bureaus regularly. You should visit each of the websites regularly and request a copy of your credit reports from each of the agencies. This will help you check for accuracy and new information which has been reported. If you discover any errors or new information, it is in your best interest to dispute it with the reporting agency immediately. Doing this will prevent the negative information from being added to your credit reports which can significantly affect your ability to get approved for loans and mortgages.


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