What Are Credit Bureaus - CREDIT REPORT

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TODAY'S SAVING TIP Reading credit reports on a regular basis helps you track your credit history more accurately. While reading credit reports, if you find an error, the Fair Credit Reporting Act requires credit report company and organizations that provide ... Read more

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CREDIT REPORT: What are credit bureaus

It is essential to understand that credit bureaus are nothing more than record keepers. Simply put, they keep a record of who has given you credit, when they gave you credit, how much credit you are given and whether or not you paid it back on time. When you want to obtain credit cards, loans, financing for a car or home, leases, apartments and sometimes even employment, the lender or bank will check your credit bureau reports to see your financial history.

Credit bureaus are paid by the people who request your credit file. Credit bureaus have no legal power over you. Banks, police or the government does not run them; so don't be intimidated by them. They are the Credit bureaus because they own large computer systems capable of storing credit information on everyone in the United States. However, because of the tremendous amounts of information on their computers, their method of storing information is very basic and ridden with many errors. Since the bureaus have made so many errors in the past, all Federal Laws regarding credit information are very much in your favor.

On a regular basis (usually monthly or quarterly) credit granters - credit card companies, finance companies, etc., send your payment history information (both positive and negative) to credit bureaus. Based on which, they make your credit bureau reports.

Credit bureaus collect and maintain enormous databases with this information. They collect personal information such as names, addresses, and social security numbers as well as credit information such as loans, credit cards, lawsuits, bankruptcies and payment history. This information is provided to companies and individuals in the form of a credit report.

Three major credit bureaus are Trans Union, Equifax, Experian. Every bureau keeps a record of your credit history separately. Ordering a 3 bureau credit report gives you the chance to know what's being reported about you in all bureaus. You can order 3 bureau credit report online. Just go online and apply for your consumer credit report with any of the Trans Union, Experian, or Equifax credit report bureaus, or consider one consolidated report from all 3 bureaus.