Under the current credit reporting laws, consumers are entitled to receive a free copy of their credit report for a number of different reasons. Consumer are entitled to receive a free credit report from one of more of the three major credit reporting agencies when they are denied credit based on information in their credit report. The Fair Credit Reporting Act (FCRA) is the law that covers credit report access based on loan and credit denials. The law allows the consumer that is denied … [Read more...]
Credit Check Agencies
September 25, 2010 By Leave a Comment
Credit check agencies are companies that collect and sell information about the credit history of an individual. The report that the credit reporting agencies produce regarding consumer credit histories are called a credit reports. A credit check agency is a term that covers a number of different types of credit reporting agencies. Credit check agencies are also known as consumer reporting agencies and credit bureaus. The credit check agencies or credit reporting agencies take in a … [Read more...]
Fair Credit Reporting Act
February 10, 2010 By Leave a Comment
The Fair Credit Reporting Act (FCRA) is a United States federal law that provides consumer protections and regulates the collection, distribution, accuracy and privacy regarding the use of consumer credit reports. The law was originally passed in 1970 and has been amended since. Companies that gather and sell information about consumers regarding where they work and reside, how they pay their bills, and whether they have public records filed make up the credit reporting industry. The FCRA … [Read more...]
How to Read a Credit Report
January 30, 2010 By Leave a Comment
Understanding how to read a credit can be important when it comes time to review a credit report that may have been ordered as a free credit report or when credit report is ordered through a credit reporting agency to review the report and credit score or when someone may have to discuss the contents of their credit report with a creditor. How the information is displayed in a credit report will be different depending which credit reporting agency produced the report. However, the … [Read more...]
The Big 3 Credit Reporting Agencies
August 27, 2009 By Leave a Comment
A credit reporting agency is a repository of information that holds an individual’s credit or payment history. An individual’s credit report is created when a request for a report by a lender, credit card company or other authorized party requests it. Credit bureaus or credit reporting agencies hold the consumer's credit data in their databases. The data is always there but the credit report does not really exist until it is asked for. It is then compiled by the credit reporting … [Read more...]
So You Screwed Up, How Long Does Negative Information Stay On Your Report?
May 18, 2009 By Leave a Comment
This may remind you of your school records in elementary or high school when your history seemed t be passed along from teacher to teacher. Negative information stays in your credit report for years and there is little you can do about it. Like a reputation, good credit is fragile. The key to derogatory credit accounts or negative information is how quickly it can be removed from your credit report. Depending on the type of bad credit account and what happened with it, negative … [Read more...]
Why You Should Check Your Credit Report
May 14, 2009 By Leave a Comment
Credit reports are becoming an ever more critical document in our financial lives. Credit reports are used for credit cards, home loans, car loans, insurance quotes, rental contracts, employment and more. Therefore, it' has become more important that individuals are aware of what it is in the credit report. One of the most important reasons for an individual to check their credit report is to flag any inaccuracies in the report. Inaccuracies or errors in a credit report can result in … [Read more...]
Getting a Free Credit Report
May 14, 2009 By Leave a Comment
The Fair Credit Reporting Act entitles everyone to one free copy of their credit report each year from each credit reporting companies. The law allows you to order one free copy of your report from each of these nationwide consumer reporting companies every 12 months. You may order the reports from the three nationwide consumer reporting companies at the same time or you can order two of the company’s reports or you can order your report from each of the company’s one at a time at … [Read more...]
What is a Credit Report
May 4, 2009 By Leave a Comment
Knowing your credit report and its content is very important. There is a remarkable amount of dependence on credit in our society and credit reports now impact employment, housing, credit and more. To learn how you have handled credit in the past, most all creditors will obtain a report from a local credit reporting agency or credit bureau. Good credit is an integral part of an individual’s financial growth. A consumer credit report is a document that primarily contains a factual … [Read more...]