Bad Credit Agency

You have probably heard a lot of talk about credit bureaus but do you really know what they are all about and how they work? Do you know how the credit bureau works to report your credit and to give you a credit score? Wouldn?t you like to clear up any questions you have on credit bureaus and how they work? Well, here is your opportunity. We're going to give you some great information about credit bureaus so you feel more confident with the whole process and how it works.

First, you need to know that there are three national credit bureaus. These are Equifax, Experian and Trans Union. You have probably heard of them before. These credit bureaus work by collecting and storing information and store credit facts on over 200 million consumers. The majority of the information these credit bureaus have comes from credit grantors on a monthly basis. The credit bureaus also collect information from smaller manual contributors and they maintain public record information.

Credit bureaus are a resource for agencies that provide credit to consumers. These agencies can visit the records of the credit bureau to find out how high of a risk an individual might be based on a credit score. This credit score will often be looked at if you apply for credit such as a credit card or auto loan and also if you apply to purchase a home or in many cases even when you go to rent a home or property. In some cases, your credit score may be looked at when you apply for a job.

So what's in it for the credit bureaus? What do they get out of keeping all of these records and providing it to companies that ask for it? One way that these credit bureaus can make their money is by assisting companies that are looking for consumers. For example, let's say a credit card company is looking to target people with a certain type of credit or within a certain credit range for a new card promotion. They may contact the credit bureau and receive a list of contact details for people who fall into that particular range. They sell your information to the credit card companies and this is how they make their money. In fact, a credit bureau is allowed to give your contact and credit information to anyone with a "permissible purpose".

It is a good idea to have your credit report sent to you once a year or once every six months if you have recently lost your wallet or feel you could potentially be a victim of identity theft. You don't want to check it more often than this because every time an inquiry is made on your credit, it affects your credit score and it can affect it in a negative way. If you feel that there is an error on your credit report, you can contact the major credit bureaus to report such discrepancies and try to have them removed from your credit.

All three of the major credit bureaus now offer online monitoring for people to help you keep track of your credit at all times. You can receive alerts to tell you when something new has been reported on your credit. You can also be alerted when there is an inquiry made to your credit report and much more. These personalized options allow you to take control of your credit report and play an active part in knowing what your credit score is. You can also find out information about what type of interest rate you can expect to get with your credit score if you apply for loans and you can target your ideal score and work more directly on changing your credit score and improving it as much as possible.

Did you know that according to the Fair Credit Reporting Act (FCRA), you have certain rights regarding your credit report? Some of those rights include:

• You can know all of the information in your credit report, including the source of the information.
• You have the right to know anyone who received your credit report in the past 12 months.
• You have the right to a free copy of your credit report if your application is denied because of information within that report.
• You have the right to add a 100-word summary explanation to your credit report if the problem is not resolved to your satisfaction.

Here is the main address and telephone number for each of the three major credit bureaus:

Equifax
P.O. Box 740241
Atlanta, GA 30374
1-800-685-1111

Experian
P.O. Box 2002
Allen, TX 75013
1-888-397-3742

Trans Union
P.O. Box 1000
Chester, PA 19022
1-800-888-4213

Remember that you will need some sort of proof when trying to dispute something on your credit report. You can't simply say, "That's not right!" and expect it to be removed. If you'd like to inquire more into something that is on your credit report, you can do so by contacting the agency that is reporting that item. When you learn more about credit bureaus, it can help you better understand your credit and how to have good credit.