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Credit report agency is an organization, usually profit-driven, devoted to collecting and reporting credit information to subscribers - mostly area businesses, banks, etc. Think of it as a clearinghouse for information about your personal credit history and debt repayment practices. The major firms cover all fifty states. These agencies are highly computerized and have millions of files and millions of subscribers -mostly businesses - paying a monthly fee for availing the service of credit report. Experian, Equifax and Trans Union are the three major credit-reporting agencies in the US. But here we will focus on Experian credit report.
A credit bureau or credit reporting agency is in the business of gathering, maintaining, and selling information about consumers' credit histories. It collects information about consumers' payment habits from credit grantors like banks, savings and loans, credit unions, finance companies, and retailers. The credit bureau stores this information in its database and sells it to credit grantors in the form of credit reports.
When you apply for a new credit card or loan, the credit grantor orders your credit report from at least one credit bureau and analyzes the information to decide whether to grant you credit. The credit bureau charges the credit grantor a fee for every credit report sold.
Although credit-reporting agencies provide your credit report to lenders when you apply for credit, they do not make actual lending decisions. It is up to individual lenders to evaluate your credit report and any other factors they consider important and then decide whether or not to offer you credit.
As a prominent credit-reporting agency, Experian has a company profile that is really amazing. Experian works with more than 50,000 clients across diverse industries. It is a subsidiary of GUS plc and has headquarters in California,UK, Nottingham, and Costa Mesa. The service it provides not only deals with the factual basis of credit reports and scores but it also looks at advice and management. It empowers consumers to understand, manage and protect their personal information and assets.
In short, An Experian credit report is a file that contains all aspects of information relating to your credit. If you have bad credit, it is important to view your credit report for several reasons.
First and foremost, you have to be sure enough whether you have really bad credit score. Even if you have bad credit you will not know until and unless you have a look on your credit report. Second, only when you know about the amount of bad credit on your report will you be able to repair it. And finally, if you are intending to apply for a loan, or any type of credit, it is important that you see a copy of your credit report. This will allow you to determine how much credit you are eligible for, and it will also give you a rough idea of whether or not your bad credit is still good enough to get a credit card or loan.
Therefore, you should pay attention to see a copy of your credit report. Do not worry! There are lots of ways to have a look at your credit report. For instance, in case of Experian, you can see your report by writing to the agency, making a phone call, through Internet or by directly contacting the agency. It is your duty to get a report of your credit history and try to make it more result oriented by uplifting your credit score.
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