Pierre Money Mart Blog

There are three national credit bureaus, Equifax, Experian, and Trans Union, who collect and store credit information on approximately 200 million consumers. Over 90% of the information are supplied by credit grantors on a monthly basis to the bureaus. In addition, the bureaus collect and maintain public record information, as well as information from smaller manual contributors.

Your credit payment history is recorded in a file known as a credit report or credit profile. These credit reports are maintained and sold by credit reporting agencies (CRAs), commonly known as credit bureaus, such as Equifax, TransUnion and Experian (formerly TRW). If you have ever applied for a credit or charge account, a personal loan, insurance, or a job, you would have a credit record on file. Your credit record may contain information about your debts and credit payment history. It also may indicate whether judgments have been entered against you, or whether you have filed for bankruptcy. Only credit grantors make credit decisions, not credit reporting agencies.

A good credit rating is very important. Businesses and financial institutions inspect your credit history when they evaluate your applications for credit, insurance, employment, and even leases. Based on your credit payment history, companies can choose to grant or deny you credit provided you receive fair and equal treatment. Sometimes, things happen that can cause credit problems: a temporary loss of income, an illness, even a computer error. Solving credit problems may take time and patience, but it doesn’t have to be an ordeal.