Credit Reporting Agencies and Credit Reports
There are three national credit reporting agencies (CRA’s), or credit bureaus, TransUnion, Equifax, and Experian. Their purpose is to maintain certain financial data on as many adult consumer in the US as possible, in order to offer a credit report to any bank or business who requests such information. Your credit report is basically a compilation of all the data and information a given bureau has on you, and your credit score is derived from a formula based on your report. Each agency has their own sources of information and keeps their own records. Needless to say, this is a pretty difficult task and has plenty of room for errors.
As an example of the process, let’s say you apply to the bank for a car loan. The bank will request a copy of your financial history from the credit bureaus. The bank will then look at your credit reports, scores, and income to determine whether they’ll lend you money, and at what rates. Once you start making monthly payments, the bank will report your activity, especially any late payments. The credit bureaus update your records on a regular basis with new information, all available for the next creditor to view.
Although it may appear like these credit reporting agencies exist to help you, the consumer, make no mistake, they are in business to make money, like any other business. Their main clients are lenders and creditors who request their services. In other words, if there are mistakes in their records, it may cost you a lot of money, but not necessarily them. For an in depth, check out this 60 Minutes episode on credit reporting.
Next, let’s take a closer look at what goes into credit scores.
Call Now or fill in the contact form to get started today.
Your Credit is Our Credibility
Don't just take our word for it, we have plenty of satisfied clients...
At first I was afraid and wasn't sure they could help me because I'd heard lots of negative things about the credit repair industry. But Chris put me at ease right away. He explained everything clearly and based on his evaluation said he was sure he could raise my credit score. By the end of 6 months, sure enough it was even higher than I was expecting.
...a life changer. Not only are Chris, Lenise and the rest of the staff persistent and motivated in getting results, they are friendly, and a positive group to work with and are always helpful in every aspect. As a result they have put confidence and success back in my future.
Before calling... my credit was terrible. I tried so hard to go it alone but after calling them, it was the best thing I EVER did. They didn't make me feel ashamed of my situation, nor did they just help me fix it, but guided me in the direction I needed to go in the future to get me to an almost perfect score! They are like family to me now!
I have had the pleasure of working with Lenise, Chris, and Jody for the past few years in getting my credit paid off. I am now on my way to rebuilding my credit back up with Lenise’s help and I know it will all work out with their help again.
Dori R Larm
They really helped me get myself and, my life back on track. Having the professional guidance of Lenise and Chris totally put my mind at ease. Thank you both so much.
I am more than pleased with the service that I got from this business. Not only did they repair my credit and get me to where I needed to be they also got me credit cards all within one year. They are very helpful, they walk you through everything. The customer service is a 5 stars . I was a nonbeliever about getting my credit fixed by a company. I thought I was never going to restore my credit but they assured me that they would have no problem with restoring my credit and i was I shocked with the results that I got when I pulled my first report after one year. So if you are having Credit problems and you want it cleaned up an old debt erased and gotten rid of give this company a call.