Federal Credit Bureau?

So many people have the mistaken idea that the major credit bureaus in the United States are under the total control of the Federal government. This belief is so widespread that many people think that there is a Federal credit bureau! The companies that send Americans a free credit report once a year are not owned by the government. They get no kind of government funding. The only thing that the government does is make laws that state some things that the Federal credit bureaus can and can not do. [Read more]

Credit Reporting Agencies – The Basics

There are three credit reporting agencies that have the authority to gather information about your credit history, and to share this information with other businesses that have a legitimate reason for wanting to see it.

These three agencies are –

• Equifax
• Experian
• Trans Union

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How To Read A Credit Report

A credit report is an important piece of information that is used to determine eligibility for jobs to the amount of a consumers annual percentage rate. Being so important, it is certainly surprising to discover that the average consumer does not know the basics of how to read a credit report. Given that everyone will have their credit report pulled at least once in their life it is vital that consumers understand what can be found on the report and how it can affect them and their financial future. [Read more]

Non-profit Cooperates With Credit Card Bureau to Help Small Business Owners Build Credit

Experian, one of America’s three major credit reporting agencies, has declared that it will work together with the Credit Builders’ Alliance (CBA) to help lower-income individuals - especially lower-income entrepreneurs - work on building their credit history. This will help the  lower-income small business owners borrow microloans from community organizations to qualify for bigger loans from mainstream financial institutions. [Read more]

A Beginner’s Guide to Credit Scores

Do you know what your credit score is? You probably do, because that little three digit number is almost as important as your Social Security number when it comes to getting things like a job, a home, a car, insurance, or a credit card. This number can change, depending on the state of your credit. If your credit is AAA, you will have the highest possible credit score. If your credit is not so good, then you will have a pretty low credit score. A score of 760 or above is considered excellent, while a score below 620 will tell anyone who checks that you are a bad credit risk. [Read more]

Contacting The Credit Bureaus

The law states that you have a right to see your credit file at times other than the once a year free credit report that you can request from the three major credit bureaus. If any of the following circumstances apply to you, you can contact TransUnion, Experian, or Equifax at any time.

Did you apply for credit, but you were denied because of something that is in your credit file? This happens more than you think, but if you are sure that there should be nothing in your credit file that would keep a company from granting you credit, contact the credit bureau listed at the bottom of the letter you will receive. [Read more]