Credit Bureau Report
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Credit Bureau Report – The 3-In-1 Agencies Are Nothing Like The Three Little Pigs
Can you name the three main credit bureaus in the U.S. used to create most 3-in-1 reports? The answer is Equifax, Experian and TransUnion – Each rightfully powerful and respected by consumers and financial institutions.
Unlike the Three Little Pigs, who used a lot of trial and error before finding the most secure approach to protecting their assets, the “Big 3” CRAs (credit reporting agencies) have been successfully working hard to supply comprehensive reports to improve and protect your credit.Who Supplies This Information?
If information is the key to understanding your credit history, then credit bureaus are the passageway into finding out what is going on with your credit. Credit bureaus look deep into parties that involve handing out credit, such as credit cards, banks or employers. The bureau then acts as a gatherer and supplies this information to you upon your request.Gatherer Of Reports
Most bureaus (or CRAs) share relevant information with each other. These exchanges of information help maintain information accuracy and thoroughness. A consumer or business can request a report for a fee and receive a detailed list with four main parts of information: (1) personal information, (2) credit history, (3) inquiries, (4) public records, and an optional (5) “statements of disputes”. Along with reports, many consumers request a credit score (computed number based on your credit report) and credit ranking (your standing according to your credit history). Most bad credit stays on your report for up to 7 years unless clarified or disputed.
Closely examine each section of a credit report for accuracy, identity theft or misinformation. A credit bureau will work with you to file disputes and correct errors.Credit Bureaus Unite For FRCA
A federal law called FRCA (Fair Reporting Credit Act) was recently passed, permitting eligible consumers to request a one-time credit report for free every 12 months, supplied by one of the three top credit bureaus. Online requests, following a regional rollout schedule, are given immediate