Bureau Report

Credit Bureau reports affect millions of Americans as they report on the person's ability to accurately take care of their debt by making payments on time. The American economic system today is largely dependent upon credit, meaning that the economy thrives when people are using money they do not have to purchase necessities. The credit bureaus help creditors determine if a person is approved for financing by issuing reports on their payment history. As long as people continue to have good ratings and continue buying with credit, parts of our American economy stay afloat. To stay afloat personally, it is God to whom we need to turn. "And even to your old age I am He; and to hoar hairs will I carry you: I have made and I will bear; even I will carry and deliver you." (Isaiah 46:4)

These are agencies that use these reports to give a lender a picture of a person's ability and determination to pay off debt. Credit bureaus gather information on individuals by soliciting the creditors. These creditors are banking systems, and other lending facilities that might have any information history on people. They obtain this information then, keep track of payments and payment history and then offer their members this information so that financial decisions can be made about new potential customers or for the purpose of reviewing existing customer accounts. When creditors want to look at a customer's payment history, they look into Credit Bureau Reports.

Most Americans use financing to make large purchases, generally cars, land and homes. The ability to buy a car or home will be determined by the information within the credit bureau reports. Also, the amount of interest charged for borrowing money can depend upon the information obtained on them. It is important to a person's financial future to maintain a good rating and making sure that their reports are such that they are allowed to purchase necessities and have financing available during times of emergency.

As a consumer, there are times that copies of payment histories can be obtained. Under The Fair Credit Reporting Act (FCRA), consumers have a right to free reports about their history in certain circumstances. The most common circumstances for obtaining these from credit bureaus is in a situation where a person has been denied financing, in the last sixty days, based on information in their reports. In this situation a report can be obtained free of charge. Additionally, under the new law, a person may obtain these reports once a year when requested.

It may be advantageous to get a copy of payment history before applying for any financing to be aware of what lenders and financing companies will be basing their decisions on. The Internet can be a good source to find more information to contact these reporting agencies and obtain copies. There are articles and websites on the Internet that give information about acquiring credit bureau reports, or purchasing them.

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