A Complete Review Of The Major Credit Reporting Agencies And Credit Reports

Today we have grown into a nation looking for instant gratification, the buy now pay later syndrome. So, without a good credit rating it will be very difficult to get the things you want at the time you want them. Consumer credit has become widely accepted as a substitute for ready cash, so having good credit is the key to your future of getting all you deserve, and the key to opening doors that make your life more comfortable and worry free.

As a consumer it is to your benefit to fully understand how credit works and every aspect of what is involved when you apply for any type of credit, including the major credit reporting agencies that hold your credit report file. When you understand what the banks and other creditors are looking for, and you know what is in your credit report, you will be able to control your financial future and make the best choices for yourself and not accept anything less than what you deserve.

When you apply for credit, lenders want to know about you, your employment history, your income, your assets, and most importantly they want to know about your credit history. A lender will get lots of information directly from you through a credit application, then, they will pull your credit bureau reports to confirm this information and review your credit references and credit report scores. Then upon evaluation of your credit application combined with your freeannualcreditreport, the lender will determine your credit risk and make a final decision on whether or not to grant you credit and at what rate of interest they will charge you.

So, now that you know the process of getting credit, let us take a deeper look into the factors that can either be an asset or liability to you when applying for credit – your credit report.

What is a credit report

Your credit report is your financial resume, a summary of your financial reliability, containing both personal and credit information. Your credit report is maintained by credit reporting agencies, also known as credit bureaus, and provided to lenders, employers, insurance companies, landlords and other companies who have a legitimate need for this information, based on the federal Fair Credit Reporting Act (FCRA). Your credit and personal information is reported to the credit reporting agencies from various creditors, in most cases electronically, instantly updating your file.

What is in my credit report

Your credit report is divided up into five main areas: personal profile/identifying information, inquiries, credit history, public record information and your credit score.

PERSONAL PROFILE / IDENTIFYING INFORMATION – this is where all your personal information is recorded – your name including any alias and possibly your spouses name, current and previous addresses, Social Security number, date of birth and current and previous employment. You might find some of this information is incorrect or incorrectly spelled, this can occur when creditors pull your credit bureau as they usually enter in the information though the computer where data entry errors can occur, and these mistakes will update your credit bureau report. However, if there is information that is not even close, such as an address, this should alert you to investigate this further as it is a possibility that you may be a victim of identity theft.

INQUIRIES – in this section you will find listed all the parties that have requested a copy of your credit report and the date it was done over the past two years. There are two types of inquires, soft and hard. A hard inquire is when you have applied for something and is initiated by you, for example, you have applied for a loan or mortgage or completed a credit application for a credit card or even applied for insurance. These hard inquiries are the ones that appear on your credit report and are visible to creditors when they access your credit report. A soft inquiry only shows on your credit report when requested by yourself and do not show to the creditors. A soft inquiry can come from your existing creditors that are monitoring your account, companies that are looking to offer you promotional applications for credit and each time you request a copy of your credit report.

CREDIT HISTORY – in this section you will find an itemized list of your credit cards, loans and mortgages, both currently active accounts and past closed ones. The information reported includes, type of account, when it was open, the high balance or limit, monthly payments, date of last payment, how the account is paid including any late payments, date of last activity and a rating of how the account was paid.

PUBLIC RECORDS – this information is obtained from local, state and federal courthouses and includes bankruptcy records, foreclosures, tax liens, monetary judgments, court-ordered payments, and over due child support payments. Public records are a negative credit reference and will lower your credit score. They also stay on your credit report anywhere from six to ten years.

CREDIT SCORE – your credit report scores are a rating determining you credit risk and the likelihood of defaulting on a loan. Lenders will use this score as a tool to assist them in deciding whether or not they will lend you money. Your credit score is a snap shot of your credit at that point in time, and can change on a daily basis. The score is a three digit number ranging between 300 and 850. Statistics show that the higher the number the less likely you will default on a loan, therefore you are a good credit risk; and the lower the number the greater chance there is for you to default on your payments, making you a greater credit risk.

When your credit score is low, you still may be able to borrow money but, you will most likely have to pay a higher rate of interest and you may not get all the money you request and possibly have to pay additional fees, basically you are at the mercy of the lender. However, the higher your credit score is the more you are in-charge, you can get any loan at the best possible rates with no restriction.

Your credit score is a complicated calculation, where the credit reporting agency takes into consideration many factors, including but not limited to, your payment history – late payments, both current and previous will bring down your score; your credit balance in relation to you limit – if you are at your maximum credit limit or if you are over it will bring down you score; the number of inquires – if you have to many in a short period of time it will bring down your score; the length of time you have had credit, the total number of outstanding debts and any derogatory information or public records, such as bankruptcies, collection, judgments and written off accounts – will bring down your score.

Where does the information on my credit report come from?

Your credit history information is gathered at companies called credit bureaus or credit reporting agencies. There are three major credit reporting agencies, Equifax, Experian and Trans Union. They receive information voluntarily from creditors and the credit reporting agency updates and maintains your credit report file with this information. Creditors report, loans, credit cards, mortgages, on a regular basis electronically. Your file is also updated when you apply for credit, as the information from your credit application is submitted to the credit reporting agencies when they pull your credit report.

Who are the major credit reporting agencies

There are three major credit reporting agencies. Equifax, Experian and Trans Union. These are independent companies from one another, and it is important for you to know that they do not exchange information. This means that it is quite possible that you not only have a separate credit report with each of them, but that they may contain different information. There are hundreds of smaller credit bureau companies across the country however these major credit companies are the largest and the main bureaus that the banks and financial institutions use. You will find that creditors may use one of the three credit reporting companies, however it is not unusual for them to use all three.

Who has access to my credit report

The Fair Credit Reporting Act (FCRA) contains rules regarding who can access your credit report. Generally speaking, a credit reporting agency may only provide information from your credit file when the requested relates to the extension of credit, collection of a debt, a tenancy applications, an application for employment or insurance, the issuance of special licenses or potential financial dealings that involve you. The law also gives these companies access to your report as part of an ongoing business relationship. An example of this would be you have a loan at a bank and you miss your payment, this gives that bank a right to obtain an updated copy of your credit reports. Credit card companies use this option a lot. They consider it part of the maintenance of your account. As credit cards are revolving (not a closed end loan), a customers circumstances can change, so credit card companies will obtain updated credit reports on their customers to review them and look for warning signs of a customer getting over extended in credit which could result in problems fulfilling their obligations. This is how credit card companies can either raise or lower your credit limit or interest rate automatically. However, in the case of an employer, this law does not apply and they need the employee’s permission each time they wish to request a copy of your credit report.

You are also entitled to copies of your credit reports, and today with the internet there are many fast and easy ways to obtain credit reports online. You can purchase a copy from each of the major credit reporting agencies, Equifax, Experian or Tran Union, the cost may vary however, under the latest Federal Trade Commission (FTC) rules they are restricted to the maximum amount they can charge you. Check with your state laws, as some states require the credit bureau companies to provide you with a copy of your credit report periodically for free. The FCRA gives you the opportunity to receive a copy of your credit reports if you have been denied for credit or other benefits based on your credit report, you are entitled to receive a free credit report from the credit bureau that provided the report. The FCRA also allows you obtain
totally free credit reports. If you suspect that you are a victim of identity theft or fraud, if you are unemployed or if you receive welfare assistance.

Linda Meadley is very knowledgeable in the field of credit. Throughout her 20 year career she has worked as a mortgage and loans office, credit manager and financial advisor, assisting consumers in their financial endeavors. To further assist consumers she has a web site dedicated to credit reports. Learn everything you ever wanted to know about credit reports, and where you can obtain totally free online credit reports [http://www.ultimate-credit-report.com].

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Equifax Gets Sued | Ordinary Customer Sues Equifax Credit Bureau

Equifax Gets Sued – creditcorrectiongroup.com
a federal jury in Oregon awarded .6 million to a lady who invested two years unsuccessfully hoping to get Equifax Suggestions Services to repair major blunders on her behalf credit history.
Equifax Credit Bureau
Julie Miller of Marion County was awarded .4 million in punitive problems and 0,000 in compensatory problems, though Friday’s award against one of many nation’s major credit bureaus will be appealed,
Equifax Gets Sued – Equifax Credit Bureau
The jury ended up being informed she contacted Equifax eight times between 2009 and 2011 in order to correct inaccuracies, including erroneous accounts and collection efforts, in addition to a wrong personal Security quantity and birthday celebration. The woman lawsuit alleged the Atlanta-based organization failed to correct the errors.

Equifax Gets Sued – Equifax Credit Bureau
“there clearly was problems for the woman reputation, a breach of her privacy therefore the lost opportunity to look for credit,” stated Justin Baxter, a Portland attorney who labored on the actual situation together with his father and legislation partner, Michael Baxter. “She has a brother who’s handicapped and which can’t get credit by himself, and she was not capable help him.”

Tim Klein, an Equifax spokesman, declined to touch upon specifics associated with instance, saying he did not have any facts about the decision through the Oregon Federal District Court.

Miller discovered the issue when she was rejected credit by a lender during the early December 2009. She alerted Equifax and completed several types faxed by the credit agency looking for updated information. She had found similar blunders in her reports along with other credit bureaus, Baxter stated, but those companies corrected their particular mistakes.
Equifax Gets Sued
A Federal Trade Commission study early in the day this present year of 1,001 customers who evaluated 2,968 of these credit file discovered 21 % included errors. The review unearthed that 5 percent of the mistakes represented conditions that would lead consumers become rejected credit.
Equifax Gets Sued – check out http://creditcorrectiongroup.com to obtain more here is how to lawfully dispute credit errors!
Equifax Credit Bureau
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Poor Credit Auto Loans – Know Your Credit Score

In case the credit history isn’t for which you desire it had been, you might feel overrun because of the procedure for asking for being authorized for poor credit automobile financing. You may be under the misconception that skipping this procedure and just placing the payment on your own credit card or making use of a payday advance loan is much more beneficial. Should this be your thought process, there is a lot about poor credit auto loans that you have yet to master. By educating yourself now, it is possible to stay away from an expensive error and select the best choice for those with bad fico scores.

The meaning of “poor credit” is not set in stone. Dependent on who’s looking at your rating, one loan provider may contemplate it is poorer than another loan provider. A financial institution could determine that a score under 720 just isn’t perfect, but a car dealership may think about your credit become reasonable until it dips below 650 roughly. Generally speaking, numerous lenders can give the best loan rates to a person with a score above 690, but others need a score of 720. All sorts of things that lenders whom deal down woeful credit automobile financing have actually different opportinity for deciding whether or not to lend to a person or perhaps not and exactly what the most dollar amount should really be.

An essential suggest make here is that you should acquire a duplicate of the credit history from TransUnion or Equifax. If the rating is under about 620, you will be considered a comparatively risky for all loan providers. Any such thing below a score of 550 is considered a terrible credit rating and may even stop you from acquiring any loan after all. Once you get a copy of one’s loan, you may possibly figure out which you possess potential to fall to the high-risk loan group. Before applying for woeful credit automotive loans, see just what you can certainly do to clear-up your credit.

The best way to assist clear up your credit rating will be scrutinize every point. Inaccuracies may cost you a few points, as could delinquent repayments to fix by paying down now. By firmly taking enough time to appear into these aspects, it is possible to raise your rating by 25 points, perhaps completely to a 100-point increase. This increase make the essential difference between high interest rate dismal credit automobile financing which you cannot manage and ones that meets within your budget. It does not take long to look at if these adjustments may be built to your rating, and it will save you a huge selection of bucks per year as well as thousands of dollars on the lifetime of the loan.

Along with your precise credit score in hand, you can easily confidently search out the best poor credit automobile financing obtainable in your neighborhood. The easiest way for this is always to look at net and compare rates from various companies. Talk to friends and family people who have guaranteed good prices on woeful credit automobile financing in the past and view just what choices are open to you.

Joe Nichols may be the Internet Marketing Director for Cyebrlead, Inc http://cyberleadinc.com specializing in car sales leads http://www.carcredit.com delivering quality car financial loans for ten years http://myfreecreditscorenow.net Providing free credit ratings for you personally and yours free credit score automobile Financial Loans

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Second Mortgage Explained – 2nd mortgage based on Home Equity

Second Mortgage revealed – 2nd Mortgage Toronto – 416-639-2829, http://www.secondmortgagetoronto.org

Something a Second Home Loan?

A moment mortgage is just that a moment mortgage which is secured by the house.

Forms of 2nd Mortgages – A second home loan occasionally can be described as a house Equity Line of Credit or a Home Equity Loan.

2nd mortgage explained

Uses – Usually you can find couple of limitations on what it is possible to utilized the resources. Whether you will need to spend outstanding debt, clear-up straight back fees or use the money to renovate your property, the funds tend to be yours to use with hardly any limitations.

Advantages – one benefit is a second mortgage provides you with a sizable a few of money and in most cases it is possible to qualify only based on the equity in your house.

Disadvantages – you’re setting up your home as security, and that means you may wish to be sure that you can pay straight back the loan. Oftentimes based on your credit you can be taking a look at considerable charges and closing costs for the second mortgage

Just how much is it possible to borrow? Dependent on in which your home is positioned it is possible to typically borrow as much as 80 to 90 % of loan to worth of your house.

Concerns? For those who have additional concern and wish to have more information please give SecondmortgageToronto.org a telephone call at 1-877-976-9705 or 1-416-639-2829.

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Credit Card Fraud For Dummies – Trailer

Charge card Fraud For Dummies: Would you like to come to be a charge card fraudster?

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Each year UK charge cards are defrauded of £400 million. The financial business is reluctant to take a position the sums expected to end it. In addition to police tend to be left with an enormous issue – faceless untraceable crooks. Couple of are found guilty in addition to internet has made the criminal’s work simpler than in the past. This movie illustrates the shocking simplicity regarding the process.
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Insurance 101 – Personal Auto Coverages

< param name="allowscriptaccess" value="constantly"/ > Auto insurance coverage could be confusing! Briefly discover the 4 basic coverages consisted of in a typical individual car policy. For more on Personal Car Insurance coverage, see our website at http://www.central-insurance.com/docs/auto-main.htm.
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Select the right home loan provider for best home loan deal by Property Loan Guru

When you plan to buy a dream home in India, you might need a large sum of money for this purpose. But, today you can find many loan providers who can provide you best home loan services at affordable home loan rates. Therefore, it is imperative for you to search for the most reliable resource to avail home loan in India. Buying a new home is not an easy task as it requires a good amount of money, in that case seeking a home loan would be an ideal option for you. Moreover, everyone wants to have a home that is splendidly designed with all the latest amenities and comforts, but at times you fall short of financial resources to fulfill your dreams. At that point of time, you can search for the best home loan providers in India that are highly committed to offer feasible and flexible solutions to overcome your personal financial problems.

The best part of home loan providers is that they deeply understand the specific needs and requirements of every individual client while offering them customized loan solutions as per their lifestyle and demand. Once you choose the right service provider, you will surely get the best consultation provided by their home loan experts. The expert advice offered by them will help you in taking your decision wisely as well as in hassle-free processing of your home loan applications. Once you select the best resource for seeking home loans in India, you will surely get loans with quick processing and lower interest rates. Also, being the borrower it is imperative for you to check out the right company in the hunt for home loan to avoid any future complications.

To fulfill the dreams of customers, home loan providers in India offer you the most convenient housing loan plans to suit your needs and requirements. You can also enjoy the benefit of flexible repayment options along with the doorstep service at your comfort. Also, if you find online some good mortgage deals, you will immediately receive some attractive deals after signing up online. But, you should look for the best home loan deal that suit your requirements and financial circumstances. Be a smart borrower, compare the interest rates offered by different lenders and get the best deals for home loans. Look around for the best deal. You can search for the most reliable home loan providers, take relevant information, and then opt for a home loan provider in India.

In addition to this, it is important to opt for the lender which offers you best interest rate, and can provide excellent service that you really deserve. Take advice from your friends, family members or relatives, how have already taken Home Loan as they can help you in choosing the right service provider for home loans. Ask the lenders about the hidden charges or balloon payments as well so that you do not find difficulty in future. Close your deal with utmost care after checking the complete terms, conditions and policies. Make sure that you choose the best home loan deal.

Propertyloanguru helping you in finding best Home Loan Providers in India. Eligibility for Home Loan calculate the maximum amount of home loan you are eligible for using our easy to Use Home Loan Eligibility Calculator.

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The Secret Behind 15 Year Mortgage Rates

Brighton, Michigan | Mortgage Loan Officer | Adam Lesner | NMLS 198818
When looking at 15 year mortgage rates it can be tempting to go that route. Matthew Love explains the often forgotten pros and cons of a 15 year mortgage vs. a 30 year mortgage.

Michigan First Mortgage
NMLS 130329
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Josh Higgelke of the Higgelke Mortgage Group explains how historically low interest rates are positively affecting your mortgage payments right now. If you’re waiting to purchase a home, now might be the time to consider diving in.

Which Credit Report Do Credit Card Issuers Use? – Credit Card Insider

< item kind="application/x-shockwave-flash" style="width:425 px; elevation:355 px;" information ="// www.youtube.com/v/mIKrhnKQWp8?color2=FBE9EC&version=3&modestbranding=1" >< param name="film" worth ="// www.youtube.com/v/mIKrhnKQWp8?color2=FBE9EC&version=3&modestbranding=1"/ >< param name="allowFullScreen" value="true"/ >< param name="allowscriptaccess" value="always"/ > Today’s concern is: Just what Credit Report Do Bank card Issuers Use?
Ask us your credit scores inquiries in the comments and also locate your next card at https://www.creditcardinsider.com/

Did you recognize that you have 3 debt records? Equifax, Experian, and TransUnion are all various credit score coverage companies, and also they all put out different credit history reports. That suggests that you likewise have 3 different credit rating. So, which one of these do charge card issuers have the tendency to use? The solution is – possibly any among them.

Weekly, John Ulzheimer answers YOUR credit score inquiries. Email us, offer us a telephone call, or ask on real-time chat, as well as we could answer your question on YouTube!

To learn more about credit rating, debt reports, taking care of debt, and also how bank card work, take a look at our discover section at https://www.creditcardinsider.com/learn/

If you’re looking for a credit history card, start your search at https://www.creditcardinsider.com/credit-cards/

Join our community!

Raise Credit Score Using Secured Card | How To Raise Credit Score Using A Secure Card

Where You Can Get A Secure Card – click link below… http://www.creditcardbroker.com/member-detail/?tid=5210 (I do get a affiliate commission when you get a card through this link)

Mike explains in detail how to use a secure credit card to raise your credit score. Mike notes the biggest challenge is knowing how the credit bureau’s scores are calculated. Most people have no idea how scores are calculated, thus they do not know what to do to get their scores back in a positive range.

What to do if you have avoided credit the last couple years
This is a good strategy if you had a financial trauma, and your credit scores
have been damaged.

1) Simply, get a secured credit card, better to get two. These are credit cards that credit unions and small banks allow you to open when otherwise you might not be able to open an account.

2) Here’s what you do, put 0 bucks into one of their savings accounts.

3) You ask them if they will issue a credit card using the money in your saving account as collateral.

4) Make sure that they will report it to the credit bureaus. (Don’t forget to ask them this question, it is critical!).

5) Use the credit card for gas or some small expense items that you would otherwise use cash for.

6) Never let your balance go over 0, or 30% of your limit.

7) When the bill comes in, pay it immediately. (Leave a small balance, do not pay off to zero).

By using the card and paying the balance immediately, after 60 days your scores will start to move up.
The longer time you follow this method, the higher your score will go.


We can get you a loan when your score reaches 600, but the real goal is 640 because the
interest rate will be much better.

Feel free to call me if you have any questions about this 7 point plan to get your scores up.

Check out real Kingwood Mortgage Guy reviews at:



New Edition Feb 2016 https://www.youtube.com/watch?v=54HtpNMQr0c&feature=youtu.be

1521 Green Oak Pl. # 197
Kingwood, TX. 77339



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Affirm CEO Max Levchin: Creating Clarity In Consumer Lending| Mad Money | CNBC

It’s a private player that is on a mission to create clarity in the world of consumer lending. Will it open the door to new opportunity?
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Affirm CEO Max Levchin: Creating Clarity In Consumer Lending| Mad Money | CNBC
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