A credit reporting agency is an invaluable resource for the consumer. While some might call them a big bunch of useless information or worse, some would argue that they are the key to a sound financial future.
Credit reporting agencies collect account information from many different lenders and then give it to a consumer reporting company in the United States. The consumer reporting companies then compile this information and give it to the credit bureaus to create reports on individuals. The reports are then sent to the credit card companies and lenders to determine
In many cases, the reporting companies will take into consideration any payments made, any charges made, any credit score obtained, etc. while computing an individual’s credit score. The agencies also look at any assets owned and if there are any assets that are being held by the individual.
Credit reports can range from several hundred to several thousand. There are many different kinds of reporting agencies.
The three main ones are Experian, Equifax, and Trans Union. The three credit report agencies offer different services to consumers. Experian and Equifax are the largest and most reputable. They will charge an annual fee of around $35 and will offer you free copy reports every six months from their sites.
The Trans Union service is a little bit more expensive and offers a three-year service that covers your entire lifetime. You must request a copy of your credit report once a year. Some people believe this is a waste of time, especially with the amount of fraud that is going on today.
With the different services offered by the three credit report agencies, you should be aware of the differences between them. Also, it is important to realize that some services have lower interest rates and shorter terms than others. You should research the different reports available to see what offers the best services for your needs.
Credit rating is very important when you are applying for a job or financing an item. It is not uncommon for employers to reject credit applications simply because of bad credit. The agencies will not have a choice but to accept your application if they know what kind of report they have and you are a reliable person.
Credit reporting agencies work with all kinds of individuals, including business owners and professional athletes. These agencies will always attempt to get you the best rate possible. They do not work with just one company. If you apply for a credit card with any agency, the rates and
fees will apply to all of your accounts.
Suggested Reading: How to Request Credit Reports
This is why you need to shop around when it comes to choosing a credit reporting agency. There are many out there to choose from. You need to compare the various services offered to ensure you get the best possible deal. When you decide on a service, make sure to read through the
information provided on the website.
You want to be sure to get all the information. Be sure that the data in the report you get back is accurate and up to date. The information should also be current and correct.
To make sure you get a letter, make sure you call the agency first. If you want to dispute something, make sure to follow the instructions. The agency should send you a letter saying that they received your complaint and that they will investigate the matter.
If you are denied credit by your credit card company, you can appeal the decision. If the credit card company denies your appeal, you can always try another company.