Credit Report Agencies

Credit report agencies are agencies that keep track of everyone's financial activity with creditors and then report this activity to creditors that a person is seeking financial help with. Credit report companies send copies of the information to the lenders that a person is applying. They use a numeric system to rank financial reports based on financial activity of timely payments. A potential lender will make decisions about extending a consumer information based on the value number within these reports.

There are three large bureaus that creditors use today: Experian, Equifax, and Trans Union. Most money grantors, such as banks and car lending institutions, share information with one or more of these companies. As a general rule, these credit reporting agencies do not share information with one another, so any given person can have at least three different ideas of what their financial status is. While the three large bureaus are reporting most debt nationally, there are also local sources. These smaller credit report companies are not near as widespread as the three major bureaus. However, all credit report agencies must operate their businesses justly and must comply with the Fair Credit Reporting Act.

Financial history reports can have more information about a consumer than just their payment history. Personal files kept by credit reporting companies can include any law suits, legal judgments, or tax liens. There is also personal information available on a financial record, such as name, address, Social Security number, birth date, and any charge card open balances. Credit report agencies may also list the employer, spouse, income, and whether or not a person rents or owns their own home. Of course, payment history is the major information creditors are looking for, so any late payments to utilities or medical institutions can also be recorded. Psalm 11:3 says "If the foundations be destroyed, what can the righteous do?" This reminds all God's people that responsibility in life is important, so keeping track of what is recorded in personal financial records is important to God.

These bureaus must offer a consumer at least one free record per year, if this consumer has been denied privileges based on the information supplied by any report company. Consumers are encouraged to look at their financial reports more than once a year though. It is important to keep a watchful eye on a personal financial record to ensure that there is no identity fraud, false reporting, or mistakes. Contacting credit report companies and obtaining copies of the reports can be accomplished over the Internet. There are also many free advisors on the Internet that can help a person find out more about their financial report and credit report agencies.

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