Bureau Services

Credit bureaus are agencies that track and report borrowing history, and can be beneficial to staying on top of one's financial picture. There are three main reporting agencies that offer credit bureau services designed to give accurate financial statements. However, there are problems sometimes with inaccuracies in the data. Therefore, it is wise for consumers to check their lending history periodically.

These companies also serve businesses by collecting and selling information about a person's credit history. Despite popular belief, credit bureaus are for profit companies, in that they accept money to track and release credit information. Various people and organizations may use reporting agencies, including banks, mortgage lenders and charge card companies. These organizations use reporting agencies to screen their clients for loans or credit cards. An individual also may use credit bureau services to make sure the data is up-to-date and accurate.

Reporting agencies offer many different services to various clients. There are credit bureau services that can help the individual manage and check their financial background, including lending history and the current score. These agencies can also help detect and protect against identity theft. Furthermore, bureaus can monitor a person's file and score, and will alert them when there is a change in that score that may affect their qualifying interest rates. Reporting agencies also assist businesses and lenders by providing information regarding the lender's potential client.

There are three main reporting companies - Equifax, Experian and TransUnion. Each one focuses on a particular geographical region. Unfortunately, the credit bureaus do not share information or communicate with one another. Therefore, it may be beneficial to check with each of the reporting agencies, especially if the consumer has moved within five years. Each reporting agency offers similar services. However, because they do not share information, consumers will have to contact each one individually if an error needs to be fixed.

When using these reporting agencies, consumers will pay for most transactions except for in a couple of cases. If the person has been denied lending, they may have up to 60 days to request a free report from the lender that denied them. Furthermore, the bureaus offer one free report per year for the consumer to monitor their financial background. It is important in this information age to stay on top of our own information. Any glitches that are not resolved can affect whether or not we receive a loan, as well as affect the interest rate we are offered. Therefore, people must make sure to take advantage of credit bureau services to verify the accuracy of their financial picture. In addition, they should remember that when they lend to others, to do so wisely and without charge. "He that putteth not out his money to usury, nor taketh reward against the innocent. He that doeth these things shall never be moved" (Psalm 15:5).

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