CREDIT BUREAUS

With the increase in the mortgage and loan business in the world, more and more people are fulfilling their obligations through the loans. To secure the benefit of the lenders by making criteria for the borrowers this loan lending transactions are getting more reliable. And credit bureau is serving the lenders by coming up with the credit bureau reports which depicts the credit history of the borrower.

INTRODUCTION TO THE CREDIT BUREAU

Credit Bureau which is also known as the credit reference agency in UK, provides the arbitrary credit report of the borrower when he applies for the loan. In fact the function of the credit bureau is to collect the financial information about the borrower from different financial institutions where he may has made the transactions. The information is processed and the credit bureau report is prepared which is sent to the lending company or the borrower can also demand the report to view his financial strength. The information provided by the credit bureau is viewed by the lenders on the basis of which they decide to lend the loan to the borrower.

CREDIT BUREAU REPORT

Credit bureau report shows the credit history of an individual. It is based on the collection of your financial transactions from different sources. This report contains the following things about an individual:

• Full name and the address(home address, office address)
• Contact numbers
• Social security number
• Job information or the business information
• Civil judgments
• Tax reports and the bankruptcy reports
• Public records and the financial judgments

The credit bureau report of an individual can not be demanded without the permission of the individual. But in such a case the individual has the right to inquire about the viewer of his report. Because in some cases, when you apply for a loan and you do not provide the lender with your credit history then he demands the report on his behalf.

IMPORTANCE OF THE CREDIT BUREAU

As a credit bureau is an organization that helps the lenders in sorting out the required borrowers. In other words it is the only organization that helps the banks and the lenders to judge the credibility of the person. Credit cards companies also contact the credit bureaus before issuing a credit card account. The real responsibility of the organization is to provide the accurate information about the borrower, because it very tough for a lender to provide the lending services and t inspect about the borrowers. Because of the presence of the Credit bureaus the lenders do not waste their money and give the company the inspection fees and get the prepared rating records.

THREE CREDIT BUREAU

There are three credit bureaus named as Equifax, Trans Union and Experian. These bureaus are operating under some regulations. These bureaus gather the information about an individual's credit history.

A credit bureau report that is reported by all of these three bureaus is called as three credit bureau information. Another fourth credit bureau, Innovis is also operating. The three credit bureau companies are owned by the share holders, these companies are actually non-government agencies. The 3 credit bureau companies are the competitors in the market and each company is trying to make its position strong in the market.

REASONS TO GO FOR THREE CREDIT BUREAUS:
As your credit report is an important part of your carrier, on the basis of which you are selected to be given the loans. Therefore, it is a very important decision for you to prepare you credit report from an agency. Three bureau credit reports are reliable because of the following reason:

• Most of the large lenders usually get the free credit bureau report from these bureaus by registering.
• The credit bureau reporting is providing the most reliable credit scoring.
• Three bureau credit score of an individual is also not shared among the companies.

Although these, "3 credit bureau" have there own value but the Experian credit bureau is a huge corporation that is having the records of millions of people.

CREDIT BUREAU CANADA:
Credit bureau Canada also provides good and satisfactory to there clients. Credit bureau Canada report does not include the non-personal loans and other timely debt information.

GETTING A CREDIT REPORT:
You can also get a free credit bureau report from the free credit bureau that is usually opened by the lenders for the continence of the clients.

CREDIT BUREAU DISPUTE:
Sometimes the credit reports provided by the agencies have some errors which are mistakenly made. These mistakes can negatively affect your credit history. Therefore, before applying for a loan goes through you credit history to months back because the claim of the credit bureau dispute is processed in more then one month. Following steps should be taken in case of the credit bureau dispute:

1. Get the copy of your report from a famous credit bureau or you can also go n internet to get a free credit bureau report.
2. Go through the report very carefully and make it sure that your transaction record match with the record provided by the bureau.
3. Contact the credit bureau about the query or confusions. Never hesitate to ask any thing because it can be the solution of your confusion.
4. In the case of the credit bureau dispute tell the company about the error and ask them to correct in their records. Also demand the corrected report.
5. In the case the credit bureau denies to correct the error you should go to another bureau to make a new credit report. Moreover, you can also ask the new company to check the details of the previous credit report.
6. Always keep an annual credit bureau report with you because it will really help you in any issue.

Hence, credit bureaus provide an easy way to the lenders to select the borrowers. And at the same time it also helps the borrowers to analyze their current situation.