Tag Archive: Agencies

Three Credit Bureaus Agencies, free credit reporting agencies.#Free #credit #reporting #agencies

Information on the 3 National Credit Reporting Agencies or Credit Bureaus

The 3 national credit reporting agencies in the United States are Equifax, Experian, and Trans Union. Experian was formerly known as TRW. A fourth national credit reporting agency named Innovis exists, but does not currently seem to factor into decisions for denials of credit, insurance or employment. It is more in a development stage.

To contact the 3 national credit reporting agencies:

The three national credit agencies may be contacted directly at:

Equifax

TransUnion

Experian

Atlanta, GA 30374

Chester, PA 19022

These national credit agencies are for-profit companies owned by their shareholders. They are not government entities or funded by the government. There are also independent, non-national, local credit bureaus throughout the country that are generally affiliated with one of the 3 national credit reporting agencies. Local bureaus are sometimes for-profit companies and sometimes non-profit associations of lender/members in a particular geographical area.

The 3 national credit reporting agencies are competitors of each other, and they do not normally share their credit information except in special cases. That is why it is important to order a credit report from all three.

Credit agencies or bureaus gather their consumer credit information by soliciting creditors such as credit card companies, banks, and lenders to join their systems and contribute their credit experience on consumers to the systems. In return for submitting information to the systems, creditor members may use the system to obtain credit information on consumers to approve credit decisions or review existing consumer accounts.

Credit agencies are generally regulated by the Fair Credit Reporting Act (FCRA), which is the Federal law generally covering consumer reporting agencies including credit reporting in this country. Individual states may also have their own versions of the law.

Under Federal law credit reporting companies known as CRAs (consumer reporting agencies) have numerous responsibilities to protect consumers and their credit information. A Summary of the FCRA is at http://www.creditreporting.com/fair-credit-reporting-act/index.html .

Opt Out Number For List Sales by the National Credit Reporting Agencies

IN COMPLIANCE WITH THE FAIR CREDIT REPORTING ACT OF 1996.

The credit reporting industry has designated a single toll free number that will allow consumers to opt out of promotional mailing lists sold by credit reporting agencies. The system is an interactive voice mail that requests information necessary to opt out of such lists.

Consumers should call (888) 5 OPT OUT and follow the voice prompt. Once the information is recorded, an e-mail is sent to the three bureaus daily and posted to consumer files. The number is available 24 hours a day.





Credit Agencies To Be More Lenient In Reporting Medical Debt: Shots – Health News: NPR, free credit reporting agencies.#Free #credit #reporting #agencies

Credit Agencies To Ease Up On Medical Debt Reporting

Free credit reporting agencies

Half of all the debt that appears on credit reports is related to medical expenses, according to the Consumer Financial Protection Bureau. PeopleImages/Getty Images hide caption

Half of all the debt that appears on credit reports is related to medical expenses, according to the Consumer Financial Protection Bureau.

Millions of Americans have medical debt that’s hurting their credit. The Consumer Financial Protection Bureau estimated it’s as many as 43 million people, according to data released in late 2014.

Now, some relief may be on the way.

Changes in the way credit agencies report and evaluate medical debt are in the works. They should reduce some of the painful financial consequences of having a health care problem.

Starting Sept. 15, the three major credit reporting agencies — Experian, Equifax and TransUnion — will set a 180-day waiting period before including medical debt on a consumer’s credit report. The six-month period is intended to ensure there’s enough time to resolve disputes with insurers and delays in payment.

In addition, the credit bureaus will remove medical debt from consumers’ credit reports once it’s paid by an insurer. Some credit scoring models don’t penalize paid medical debt from any source.

The changes grew out of two efforts by states to aid consumers: a 2015 settlement negotiated by New York State Attorney General Eric Schneiderman and the three major credit reporting agencies, and an agreement shortly afterward between the agencies and 31 other state attorneys general. The changes will be instituted nationwide.

For many consumers, an unexpected health care calamity can quickly burgeon into a financial calamity. Just over half of all the debt that appears on credit reports is related to medical expenses, the CFPB found in its 2014 study. For 15 million consumers, medical debt was the only blemish on their credit report.

Perhaps this isn’t surprising given the growth in the number of people with high-deductible health plans and significant out-of-pocket financial responsibilities for health care, says Chad Mulvany, policy director at the Healthcare Financial Management Association, a membership organization for finance professionals.

“More people who typically would have been a good credit risk are now saddled with big bills,” he says.

The 180-day waiting period is “a big step forward toward a more equitable process,” says Julie Kalkowski, executive director of the Financial Hope Collaborative at Creighton University in Omaha, Neb., which provides financial education and coaching to low-income, single mothers.

Rather than attempting to collect past-due medical bills themselves, hospitals and doctors’ offices typically engage collection agencies to chase down payments. But the timing on when providers take that step varies widely.

“Without a standardized process, some bills get sent to collections because they’re 30 or 60 days past due, as opposed to six months,” Kalkowski says, citing several of the women who went through the Creighton program. The total amount owed in most cases was under $150, she says.

In fact, the average amount of medical debt in collections was $579, compared with $1,000 for non-medical debt, the CFPB found in its study. But even small amounts of debt can lead to credit problems. A bad credit score can prevent someone from getting a car loan, credit card or a mortgage, for example.

Lenders use credit reports and credit scores to evaluate the risk that someone won’t repay a loan. The credit-scoring companies build algorithms that use the data in people’s credit reports to assign a three-digit credit score, typically between 300 and 850, that summarizes someone’s credit risk based on the information in a credit report at that time. Higher scores indicate lower risk.

Credit-scoring companies like FICO and VantageScore have been adjusting their formulas to account for the fact that medical debt isn’t necessarily an accurate predictor of whether someone is a good credit risk.

“Those with medical accounts are less likely to default on their accounts than non-medical accounts,” says Ethan Dornhelm, vice president of scores and analytics at FICO.

To address this issue, newer FICO and VantageScore models differentiate between medical and non-medical debt. People with medical debt in collections receive a smaller penalty than those with non-medical collections, says Sarah Davies, senior vice president at VantageScore Solutions.

Under FICO9, the newest model, someone whose only major credit blot is one or more medical collections would see their median score improve roughly 25 points over older versions, says FICO’s Dornhelm.

But there’s a catch: Many banks and other lenders haven’t yet adopted the newer versions of the credit-scoring models. So even though medical debt shouldn’t have as strong an impact on someone’s credit score now, in many cases it still could.

What’s a consumer to do? You can’t control which scoring model a lender uses, but you can check your credit report regularly to make sure it’s accurate. Consumers are entitled to a free credit report from each credit reporting company annually.

“If there’s medical debt that’s been paid, it should be removed going forward, and if it’s less than six months old, find out when it’s going to be removed,” advises VantageScore’s Davies.

Kaiser Health News is an editorially independent news service that is part of the nonpartisan Henry J. Kaiser Family Foundation. Follow Michelle Andrews on Twitter @mandrews110.





3 Ways to Get Your Credit Report for Free, free credit reporting agencies.#Free #credit #reporting #agencies

How to Get Your Credit Report for Free

Your credit report include information on your address, the number of credit accounts you have, whether you pay your bills on time, and whether you have been sued or filed from bankruptcy. Lenders use it when determining whether to lend to you and at what rates. The United States Federal Trade Commission (FTC) recommends that you check your credit report at least once a year to prevent identity theft and to make sure your information is being accurately reported. [1] Under the Fair Credit Reporting Act (FCRA), you are legally entitled to at least one report every 12 months from each of the three major credit bureaus, and the process to obtain them – whether online or by mail – is quick and easy.

Edit Steps

Edit Method One of Three:

Getting Your Credit Report

Free credit reporting agencies

Free credit reporting agencies

Free credit reporting agencies

Free credit reporting agencies

Free credit reporting agencies

Free credit reporting agencies

Free credit reporting agencies

Edit Method Two of Three:

Understanding Your Credit Report

Free credit reporting agencies

Free credit reporting agencies

Free credit reporting agencies

Free credit reporting agencies

Free credit reporting agencies

Free credit reporting agencies





Credit Report – Check Your Credit Rating or Score Today, the three credit reporting agencies.#The #three #credit #reporting #agencies

The three credit reporting agenciesMoneySuperMarket.com

Primary Navigation

Do you know what your credit score is? Find out your credit rating and keep track of any changes to it. Not only will this improve your chances of being accepted for a credit card or loan, but you ll also be able to spot any suspicious activity on your credit file.

The three credit reporting agencies

Credit Reports, Monitoring & Identity Theft Protection

    • Provider/Product name The three credit reporting agencies

Experian CreditExpert

£14.99 per month

Unlimited access to your Experian Credit Score and credit report

Expert advice to help improve your Experian credit score

The UK’s most trusted Credit Score (Source: ICMUnlimited survey, July 2016)

Access to an award-winning UK Customer Contact Centre and dedicated Victim of Fraud Team

Equifax

£14.95 per month

– 30 day FREE trial

– Unlimited, easy online access to your latest Equifax Credit Report Score

– Identity protection Be alerted if we find your details are shared on websites used by fraudsters

– Telephone support 8am 8pm daily (except 25th 26th December)

– Online help and dispute resolution

Credit Angel

£14.99 per month

Easy to use site with unlimited FREE access to your credit score and report for 30 days

See how your social media activity can affect your ability to gain credit

Credit and Fraud alerts

Tailored finance deals, savings and vouchers

Comprehensive support from Credit Angel’s expert Customer Care Team

Credit report

You can boost your chances of being accepted for a credit card or loan by finding out your credit score first. Knowledge is power, so being in the know by being party to the same information as the lender, will place you in a much stronger position.

Are you aware of what sort of information is held on your credit file? Unless you regularly check your file, the chances are you don t know, but finding out can help you work out the best ways to improve your rating.

The information held on your credit file helps lenders to decide whether or not they will accept your credit card, mortgage, loan or even mobile phone contract application.

If you know you ve made a few financial slip ups in the past and your credit score could be better, or you ve never borrowed and so haven t yet built up a credit history in the first place, there are steps you can take to improve your rating so you are more likely to be accepted if you want to take out a loan or apply for a credit card.

Are you on the electoral roll?

If you have registered to vote, then you should already be on the electoral roll at your current address. The electoral roll is used by many companies to check you are who you say you are, so they can ensure someone else isn t using your identity fraudulently to make credit applications in your name. If you’re not registered on the electoral roll, you ll need to get in touch with your local council and request a registration form, or alternatively you can register online.

Are you already a borrower?

It might sound odd, but if you ve never borrowed money before, lenders are likely to see this as a negative. They want to know that you can manage your money responsibly, and if you have never borrowed, this cannot be demonstrated. If you haven t ever had a credit card or loan, it may therefore be worth opening an account in order to create a credit history but make sure you repay what you owe and on time, otherwise you could end up with a black mark on your credit file.

Check your credit rating

Are you certain that the information held about you is absolutely right? It is worth checking your file to make sure that it does not contain details that are wrong and could restrict your chances of being accepted credit. You can get a copy of your credit report at our credit monitoring service. And if you find any inaccuracies you can apply to the relevant agency to get them changed.

County Court Judgments (CCJs)

If you’ve had a County Court Judgement against you which has now been settled, make sure this is recorded on your credit file, as having one which hasn t yet been settled can have a very negative impact on your credit rating. If your CCJ isn t showing up as being settled, ask the court to provide confirmation details and pass these on to the credit rating agencies.

Don t make repeated applications

If you are turned down for credit, don t be tempted to make lots of other applications elsewhere. These will leave a footprint on your credit file which could work against you as lenders might think you are desperate to borrow money, or that you are victim of identity fraud. Before making any credit application, get hold of a copy of your report so you know how strong your credit rating is, and only make applications for deals you are confident you will be accepted for.

Change of circumstances

If your personal situation has changed, for example, you ve got divorced or lost your job, and you are finding it difficult to make ends meet, you must let lenders know as soon as possible. You can put a Notice of Correction on your credit file explaining why you might have missed any payments. Lenders should take this into consideration when you make a credit application, particularly if you are able to show you have subsequently got back on track financially.

Keep borrowing in check

Don t max out your credit card. If you owe money on your card, you should try and ensure it isn t more than a third of your overall credit limit. If you often own much more than this, then lenders might start to worry about lending you any more money as they will be concerned you might not be able to keep up with repayments.

Pay on time

Make sure payments go out on time by setting up direct debits and standing orders wherever possible. It’s easy to forget a payment so setting up direct debits and standing orders with your bank will ensure payments go out on time. This will also ensure you won t be stung by any penalty charges or fees for paying late, which could have a negative impact on your credit rating.

Shut down credit accounts you no longer use

If you ve got credit cards or other credit accounts which you don t need any more, shut them down as soon as possible. When lenders look at your credit file, they focus on the total amount of credit available to you, as opposed to the amount you actually owe, so having lots of open accounts could reduce your credit rating.

Pay on time

Missing or late loan or credit card repayments will work against you and leave a black mark on your credit file. Make sure you always pay on time as this will show lenders that you are good at managing your money.

Other factors which can have an impact

As well as looking carefully at your credit history, when you apply for credit lenders will also want to check how long you have been a UK resident. If you have only recently moved here, you may have to wait at least three months before you apply for a credit card. You may also have to show proof of your income and provide evidence of employment.

How our site works

We want to show you as many credit reporting companies as possible, so you can choose the one that suits you best. We can t promise to show you every single company, because some don t want to be included on comparison websites. We ve ranked the companies according to the fee they pay us, from highest to lowest. This doesn t necessarily mean that the company at the top of the list is the best one for you make sure you compare them to find the one that suits you best. You can find out more about how we work here.





Search for quality: on credit rating agencies – The Hindu, credit rating agencies.#Credit #rating #agencies

Search for quality: on credit rating agencies

Search for quality: on credit rating agencies

SEBI’s proposed rules may not necessarily improve the quality of credit rating services

Credit rating agencies may be in for a tough ride as the Securities and Exchange Board of India continues to tighten the screws on them. The market regulator has released a consultation paper seeking feedback on a new set of rules drafted to improve “market efficiency” and enhance “the governance, accountability and functioning of credit rating agencies”. Among them are provisions to restrict cross-shareholding between rating agencies without regulatory approval to 10%, and increase the minimum net worth requirement for existing and new agencies from ₹5 crore to ₹50 crore. Another mandates at least five years’ experience for promoters of rating agencies. SEBI has proposed disclosure norms to improve investor awareness about the operations of rating agencies. The spin-off of non-core operations of rating agencies will allow SEBI to focus on regulating just their credit rating operations. SEBI has spelt out its rationale for proposing each of the rules. SEBI’s predominant concern, apart from improving the information available to investors, seems to be to prevent rating agencies from resorting to collusion in reaching decisions. This effort is in line with SEBI’s crackdown on the agencies after the default in 2015 of a highly-rated debt issued by Amtek Auto.

Credit rating agencies

SEBI tightens P-Note rules

The new rules, if they come into force, may not have any substantial impact on the quality of credit rating in India. Prima facie, the intended effects of the rules sound convincing. What is unclear are their unintended effects on competition in the rating space. Also, how the rules will address the problem of “rating shopping” that plagues the business of credit rating in the country is unknown. The present business model of rating agencies is seen to allow considerable room for issuers of securities to shop for a favourable rating or avoid negative ratings by severing their ties with these agencies. Prudential regulation is thus justified to tackle this problem. This criticism, however, ignores the reputational damage these agencies suffer after each corporate default. Repeated failures have not affected the business of rating agencies, primarily due to the lack of alternative service providers who can help out investors. Individual creditors have thus had to trust the ratings of the existing rating agencies at their own peril, even after repeated crises. As is well-known today, the Indian credit rating market is an oligopolistic one due to the high barriers to entry. SEBI’s proposed move to impose further quality requirements on rating agencies is unlikely to change things for the better, or raise further barriers. The way forward lies in making it easier for new players to enter the credit rating space and compete against incumbents. This will go a long way towards making credit rating agencies actually serve creditors rather than borrowers.





Non Profit Credit Counseling, Cambridge Credit Counseling, credit counseling agencies.#Credit #counseling #agencies

Consumer Credit Counseling Services from a Trusted Non-Profit

Get a FREE consultation for any of our non-profit services:

Credit counseling agencies

Credit Counseling

Credit counseling is a FREE service that we offer to consumers who are looking to find ways out of debt. Our consumer credit counseling professionals are nationally certified debt experts who will perform and in-depth analysis of your financial situation to help identify ways for you to save money and get out of debt.

Credit counseling agencies

Debt Consolidation

Debt Consolidation is a safe, effective way to responsibly pay your credit card debt. You’ll make one simple payment every month and we’ll pay your creditors, all while saving you time and money. Our clients see average interest rate reductions of 64%, reducing their monthly payments by around 25%.

Credit counseling agencies

Housing Counseling

Cambridge is approved by the Department of Housing and Urban Development (HUD) to provide housing-related services throughout the country. Our housing counseling services include foreclosure prevention, rental counseling, first-time homebuyer courses, and post-purchase housing counseling.

Credit counseling agencies

Student Loan Counseling

Student loan debt has surpassed credit card debt and is now ranked #2 in terms of debts that Americans are holding, second only to mortgage debt. Our student loan counselors will review your entire financial profile, including your federal student loans, and work with you to find an affordable solution.

Credit counseling agencies

Reverse Mortgage Counseling

Many seniors are looking to reverse mortgages to help them through their golden years. Our certified reverse mortgage (HECM) counselors are here to ensure that seniors fully understand all aspects of the reverse mortgage so that they can make an informed decision. Counseling is required for HECMs.

Credit counseling agencies

Bankruptcy Counseling

Cambridge is approved by the U.S. Justice Department’s EOUST to offer the educational courses that consumers need in order to file and complete a bankruptcy petition. Before filing, consumers must first complete the pre-filing course and must complete the post-filing debtor education course to get a certificate.

Find out how fast you can get out of debt and how much you can save!

Call (800) 235-1407 or complete the form below to get started!

Schedule Your FREE Debt Consulation With a Certified Counselor Now!

At Cambridge, our goal is to get you out of credit card debt fast, with as little cost to you as possible. Our Debt Consolidation services allow you to make just one simple monthly payment for all of the debts you include on our program.

By enrolling in our program, our typical clients enjoy average interest rate reductions from 22% down to 8%, saving them an average of nearly $150 every month. These reductions help our clients to get out of debt in just about 50 months. Other benefits of our debt consolidation services include brining past-due accounts current and the elimination of certain late or over-limit fees.

Please complete the form below to schedule your FREE Debt Analysis now. We will never share your information to anyone, for any reason, ever!

Other ways to reach us

Credit counseling agencies

Credit counseling agencies

Our Top Financial Literacy Articles

Our main goal here at Cambridge is to spread financial education and increase financial literacy.

Below are our most popular articles:

Credit counseling agencies

Financial Stress and Your Health

Financial stress can have major effects on your health. Stress, in general, can cause heart attacks, strokes, and many other serious health issues regardless of the source. Learn about the effects of financial stress on your health and what you can do to prevent or reduce it.

Credit counseling agencies

Credit Card Minimum Monthly Payments

A ‘minimum monthly payment’ is the lowest amount you can pay toward your monthly credit card bill in order to keep the account current. However, too many of us make JUST the minimum monthly payment. Learn why that’s not the best way to pay down your credit cards.

Credit counseling agencies

What is a Credit Card Charge Off?

We’ve all heard the term “charge-off”. What exactly does it mean to have an account charge-off? How bad is it really? Do we still have to pay a charged-off account or does the debt eventually “go away”? When exactly does an account charge-off? We’ll teach you the basics!

Credit counseling agencies

Teaching Kids the Value of Money

In general, kids have little to no concept of money. Why is that? Because, in a majority of America’s schools, financial literacy is not a core topic. It’s our responsibility as parents to teach our kids the value of money as early as possible. Here are some things to discuss with your kids.

Credit counseling agencies

What is Credit Counseling?

Credit counseling has been around for decades, but today’s credit counseling agencies are held to a much higher standard than those that were around in the 1960’s. Learn the benefits of credit counseling, the history of the profession and how it’s evolved over the years.

Credit counseling agencies

Creating a Household Budget

One of the first things that a certified credit counselor will do when speaking to a consumer is to work with them to create a household budget. Why? Because having a budget helps to keep your spending in-check and build up your savings. In this article, we’ll teach you how to get started.





Here – s Why I Hate Credit Reporting Agencies, what are the three credit reporting agencies.#What #are #the #three #credit #reporting #agencies

Here s Why I Hate Credit Reporting Agencies — And Why You Should Too

A few days ago, Equifax, one of the Big Three credit reporting agencies, admitted that the personal data of 143 million consumers had been compromised. This is not the biggest data breach ever, but it might be the worst. After all, Equifax is not just any company. It s a company whose main job is collecting masses of private financial data—and it does this even though it has neither a business relationship nor explicit permission from the people it monitors. This is a massive and unprecedented FUBAR.

(For more on why the Equifax breach is even worse than you think, Michael Hiltzik explains here.)

What are the three credit reporting agencies

I am no fan of the credit reporting business, one of the most arrogant and anti-consumer industries imaginable. Twelve years ago I wrote about them for the Washington Monthly, and it s startling how little has changed since then. I could republish the story today with only the most cursory changes.

For example, part of my piece was devoted to credit freezes, something you may have heard a lot about lately. This is an action you can take to protect yourself in case of identify theft: if you ask for your account to be frozen, credit agencies will furnish a credit report only after they ve confirmed that it really is you who applied for credit. This stops identity thieves in their tracks: if they apply for a credit card in your name, the credit agency will call you first. When you tell them you never applied for the card, it doesn t get issued.

But this really shouldn t be an option you have to request. It should be routine for all credit transactions. The reason it isn t is because it s inconvenient for the credit reporting agencies, who have fought regulation on this topic tooth and nail. It s also because they literally make money on identify theft—no, that s not a typo—and therefore don t have much incentive to do anything about it.

Still, as much as I think all accounts should be frozen by default, my solution to the problem of identity theft isn t to force the credit reporting agencies to freeze or unfreeze accounts—or to force them to do anything else. It s to make them responsible for all damages related to identity theft and then let them figure out the best solution. Here s what I wrote in my Monthly piece:

There is a successful precedent for this type of approach. In 1968, Congress passed the Truth in Lending Act, which imposed a variety of regulations on the lending industry. One notably simple provision was that consumers could be held liable for no more than $50 if their credit cards were stolen and used without their authorization. For anything above that, it was the credit-card issuer who had to pay. The result was predictable: Credit-card companies have since taken it upon themselves to develop a wide range ofeffective anti-fraud programs. Congress didn t tell them to do it, or even how. It just made them responsible for the losses, and the card issuers did the rest themselves.

The same method should be used for identity theft. There s no need to create mountains of regulations, which are uniformly despised by the credit industry. Instead, simply make the industry itself—and any institution that handles personal data—liable for the losses in both time and money currently borne by consumers. The responsible parties will do the rest themselves.

There s more to say about this, but sadly, my piece is no longer available at the Monthly site. The great linkrot plague has devoured it. Luckily, I m a magazine packrat and I still have a dead-tree copy. So I scanned it and turned it into a PDF. Click here to read it—and to find out just why I hate the credit reporting agencies so intensely. It s worth your time, especially considering how little has been done about this over the past decade. It represents one of the all-time abject surrenders to Big Finance, and it s something the Elizabeth Warren wing of the Democratic Party should be all over. The time for small-bore proposals is over. It s time to make the credit agencies—and others—pay for their flagrantly careless behavior. When they allow someone to steal your identity, they re the ones who should pay the price, not you.

UPDATE: The Wayback Machine also has a copy of my article. I shoulda checked! Click here to see it.

Get the scoop, straight from Mother Jones.
  • Previous: American Hospitals are Ungodly Expensive
  • Next: Chart of the Day: Household Income Finally Beats 1999 Record
  • What are the three credit reporting agencies





Callcredit, Data, Analytics – Software, credit reference agencies uk.#Credit #reference #agencies #uk

Solutions for you.

Credit reference agencies uk

Credit reference agencies uk

Credit reference agencies uk

Credit reference agencies uk

Credit reference agencies uk

Credit reference agencies uk

Credit reference agencies uk

Credit reference agencies uk

Credit reference agencies uk

2017 Callcredit Information Group. (c) 2017 Callcredit Information Group Limited. All rights reserved. Registered in England and Wales with company number 04968328. Registered office: One Park Lane, Leeds, West Yorkshire, LS3 1EP. Callcredit Limited part of the Callcredit Information Group is authorised and regulated by the Financial Conduct Authority under registration number 737740. Callcredit Consumer Limited, part of the Callcredit Information Group, is authorised and regulated by the Financial Conduct Authority under registration number 737743. Authorisation can be checked on the Financial Services Register at www.fca.org.uk. Callcredit Limited and Callcredit Consumer Limited are a Credit Broker and not a lender

By continuing to use our website you consent to our use of cookies.





Who Are the Three Major Credit Bureaus, credit reference agencies.#Credit #reference #agencies

Who Are the Three Major Credit Bureaus?

Credit reference agencies

Credit bureaus, also called credit reporting agencies, are companies that collect and maintain consumer credit information then resell it to other businesses in the form of a credit report.

There are many credit bureaus in the United States, but most people are familiar with the big three: Equifax, Experian, and TransUnion. These bureaus are all publicly-traded, for-profit companies who are not owned by the government.

The government does, however, have legislation, the Fair Credit Reporting Act, regarding how these and other credit bureaus should operate.

Credit bureaus have business relationships with many banks, credit card issuers, and other businesses that you may have an account with. Because of this connection, your account history will appear on one or all three of your credit reports with these bureaus.

You have a right to view your credit report and you can order a free credit report from each of the three major credit bureaus each year through AnnualCreditReport.com. You can also purchase a credit report directly from any of the credit bureaus at any time. Two of the credit bureaus, Equifax and Experian, offer 3-bureau credit reports which include all three major credit reports in a single document.

You may also need to contact a credit bureau directly to dispute inaccurate information in your credit report, purchase a credit score, or to place a fraud alert or security freeze on your credit report.

Otherwise, you generally wouldn t interact with a credit bureau, even though they play a major role in your financial life.

Contact Information For the Three Credit Bureaus

Atlanta, GA 30374-0241

Allen, TX 75013-0949

Chester, PA 19022

What the Three Bureaus Do and Don t Do

The major credit bureaus receive credit-related information from companies that you do business with. They may also pull relevant public records, like tax lien or bankruptcy, and include that information in your credit report.

The major credit bureaus sell your credit information to businesses who have a legally valid need for viewing your credit information. Your information is also sold to companies who may prescreen you for their products and services. For example, a company who you ve applied for credit with would have a valid need for looking at your credit report.

The major credit bureaus only provide the information or other analytical tools to help businesses make decisions about which customers to accept and the price they should charge. The bureaus themselves do not make the decision.

Credit Bureau Differences

These three credit bureaus, like all other credit bureaus, are separate entities and operate independently of each other. They generally do not share your account information with each other.

Your creditors may report to all three of the major credit bureaus or just one of them.

Because of that, the information in your credit file may be different between the three credit bureaus.

When potential creditors and lenders check your credit, they may only pull one bureau s credit report, rather than viewing all three. (It s often less expensive for businesses to check just one credit report.)

Because your credit reports may be different from each other, it s important that you review your reports from all three bureaus.

FICO Is Not a Credit Bureau

FICO is another major company in the credit industry. FICO developed and maintains the FICO credit score, but it is not a credit bureau. While they compile your credit score based on data from the major credit bureaus, they do not collect credit report data on their own.





Getting Credit Reports From Specialty Consumer Reporting Agencies, credit reference agencies.#Credit #reference #agencies

Getting Credit Reports From Specialty Consumer Reporting Agencies

Besides the three nationwide credit reporting agencies, there are also a number of nationwide specialty credit reporting agencies (also called specialty consumer reporting agencies). Getting your report from one of these agencies involves a different process than if you are requesting a report from Equifax, Experian, or Transunion.

(To learn more about credit reports and scores, and how to get them, see Credit Reports Credit Scores.)

What Is a Specialty Consumer Reporting Agency?

A specialty consumer reporting agency keeps records on particular types of transactions, such as

  • tenant histories
  • insurance claims
  • medical records or payments
  • employment histories, or
  • check writing.

How to Get a Report From a Specialty Consumer Reporting Agency

In addition to your yearly free credit report from each of the regular nationwide credit reporting agencies, you are also entitled to a free credit report each year from each of the nationwide specialty credit reporting agencies.

To get your report, you must contact each agency individually you may even need to call different phone numbers for different types of reports from the same agency. Unfortunately, you may not know which reporting agency a landlord, employer, or insurance company uses.

Major Nationwide Specialty Credit Reporting Agencies

Here are some of the main nationwide specialty credit reporting agencies and their contact information:

Lexis Nexis Personal Reports. For a tenant history report, call 877-448-5732, for an insurance claims report, call 866-312-8076, and for an employment history report, call 866-312-8075. To get all the information the agency has on you, mail in the request form available on its website at https://personalreports.lexisnexis.com.

Medical Information Bureau. For a medical history report if you have private health insurance, go to www.mib.com, or call 866-692-6901.

ISO. For an insurance claims report, go to www.iso.com, and search for “A-PLUS loss-history report, or call 800-627-3487.

Telecheck. For a check writing report go to www.firstdata.com or call 1-800-366-2425.

ChexSystems. For a check writing report go to www.consumerdebit.com or call 800-428-9623.

Certegy. For a check writing report go to www.askcertegy.com or call 866-543-6315.

In addition, you can find a list of most credit reporting agencies in the country and their contact information, divided by type (medical, employment, tenant, insurance, and the like), on the Consumer Financial Protection Bureau s website at www.consumerfinance.gov. Search for how many consumer reporting companies are there, and follow the link to the list. (Not all of the companies on the list provide free reports. If a company, such as a nationwide credit reporting agency or a specialty credit reporting agency, does provide one free report per year, the list will say so.)

This is an excerpt from Credit Repair , by Margaret Reiter and Robin Leonard (Nolo).





British Gas Utility Bills and Your Experian Credit Report, credit reference agencies uk.#Credit #reference #agencies #uk

British Gas Utility Bills and Your Experian Credit Report

Credit reference agencies uk

British Gas has been in the news this week, as not wanting to get involved in The Big Switch initative from Which, helping consumers save money on their Utility Bills. One of the Credit Geeks, team received a payment reminder letter from British Gas for a winter gas and electricity bill, with the following:

By making sure you pay your bill on time, you re ensuring that late payments, will not have a negative impact on your credit rating, because like many other companies, we share information with credit reference agencies. Late payment of your bills, can therefore affect your ability to obtain credit in the future, from other credit providers and affect the terms on which credit is offered, such as the interest rates you pay .

Wow, sounds like if I don t pay, my gas and electricity bill quickly, this will impact my financial future in a big way!

So British Gas, is using the fact they share credit data with credit reference agencies, as a mechanism to encourage speedier payment? As if consumers need any more pressure, when trying to pay rising Gas and Electricity Bills.

Which Credit Reference Agency is British Gas sharing this data with?

They are currently only sharing this data, with Experian (we know this as the member of the Credit Geeks team in question checked all three Credit Reports, including Equifax and Callcredit). All three credit reference agencies seem to collect mobile phone accounts, payment details, but utility companues seems inconsistent.

If I Don t Pay my Bill, what Happens?

Bill is late, this can be marked on your Credit Report, which has an impact on your credit report, this could be 2-3 months plus (this is an estimation), after bill is issued, and reminders sent. After this point, debt collectors, may get involved and contact you, they will add their fees to the bill, so it goes up now by an additional 100 potentially.

After 3-6 months of non payment, and a warning letter, the outstanding amount can then be classified as a Default This is serious and will impact your credit score considerably..

After this, a CCJ can be issued, depending on the route the lender/utility company wants to take. Whilst a CCJ is on your credit file, it is unlikely you can get any type of mortgage for example, or major credit. CCJ and defaults are considered similar in their seriousness.

What to do if you cannot pay your bill?

ACT as it can mean your supply is turned off. Check that it is based on an actual reading not an estimate, and tell the utility company this, to work out the exact bill.

Do not wait if you cannot pay your bill, contact the lender/utility company, and discuss this with them what you could afford, often if you are on a quarterly payments basis for example with a utility company, you could pay this over a period of time, say 3-6 months. All companies would rather get the payment back, over a period of time, than paying debt collectors, going through the county court process. There is a code of practice that utility companies follow which means they will not cut off your supply if you agree a payment plan and adhere to it. They should offer the following:

  • A pre-pay meter, so you then top up whatever Gas or Electricity you use, avoid this, though as it is more expensive.
  • A monthly or weekly payment plan (you cannot change provider until you have paid this off).

This experience has shown that budgeting for quarterly utility bills is a challenge, and after the winter period they are painful, so paying this through a direct debit (which is offered with a saving also), is worth considering.

The Inconsistency of Credit Reporting

This is a good example, of where the credit report mechanism is inconsistent, as if you had a defaulted bill with British Gas (or even a late marker), this would seriously impact your Experian, credit score, but not your credit scores from Equifax and Callcredit, as data is not shared with them. It is not easily clear which utility companies work with which credit reference agencies. All the big utilities use Credit Reference Agencies for new applications/Customers, but it is the data for existing customers bills, which is in question here.

So if you applied for a credit product, from a lender, who just used Equifax for example, would potentially make a different call on whether you should be accepted than one that worked with Experian.

Of course, if you don t pay this type of bill, chances are you may not have paid others, and lenders take other factors into consideration, such as employment, salary, homeowner status, credit history with the lender you are applying to.

Remember if a bill got to the CCJ point, all credit reference agencies would include this data however, as they all collect this from the Register of County Court Judgements.

Another area of inconsistency is around registering on the electoral roll, Experian for example, in the experience of the Credit Geeks team, picks up changes to the electoral roll data quicker, than Equifax and Callcredit.

Source Directgov, British Gas





Who Are the Three Major Credit Bureaus, credit reporting agencies.#Credit #reporting #agencies

Who Are the Three Major Credit Bureaus?

Credit reporting agencies

Credit bureaus, also called credit reporting agencies, are companies that collect and maintain consumer credit information then resell it to other businesses in the form of a credit report.

There are many credit bureaus in the United States, but most people are familiar with the big three: Equifax, Experian, and TransUnion. These bureaus are all publicly-traded, for-profit companies who are not owned by the government.

The government does, however, have legislation, the Fair Credit Reporting Act, regarding how these and other credit bureaus should operate.

Credit bureaus have business relationships with many banks, credit card issuers, and other businesses that you may have an account with. Because of this connection, your account history will appear on one or all three of your credit reports with these bureaus.

You have a right to view your credit report and you can order a free credit report from each of the three major credit bureaus each year through AnnualCreditReport.com. You can also purchase a credit report directly from any of the credit bureaus at any time. Two of the credit bureaus, Equifax and Experian, offer 3-bureau credit reports which include all three major credit reports in a single document.

You may also need to contact a credit bureau directly to dispute inaccurate information in your credit report, purchase a credit score, or to place a fraud alert or security freeze on your credit report.

Otherwise, you generally wouldn t interact with a credit bureau, even though they play a major role in your financial life.

Contact Information For the Three Credit Bureaus

Atlanta, GA 30374-0241

Allen, TX 75013-0949

Chester, PA 19022

What the Three Bureaus Do and Don t Do

The major credit bureaus receive credit-related information from companies that you do business with. They may also pull relevant public records, like tax lien or bankruptcy, and include that information in your credit report.

The major credit bureaus sell your credit information to businesses who have a legally valid need for viewing your credit information. Your information is also sold to companies who may prescreen you for their products and services. For example, a company who you ve applied for credit with would have a valid need for looking at your credit report.

The major credit bureaus only provide the information or other analytical tools to help businesses make decisions about which customers to accept and the price they should charge. The bureaus themselves do not make the decision.

Credit Bureau Differences

These three credit bureaus, like all other credit bureaus, are separate entities and operate independently of each other. They generally do not share your account information with each other.

Your creditors may report to all three of the major credit bureaus or just one of them.

Because of that, the information in your credit file may be different between the three credit bureaus.

When potential creditors and lenders check your credit, they may only pull one bureau s credit report, rather than viewing all three. (It s often less expensive for businesses to check just one credit report.)

Because your credit reports may be different from each other, it s important that you review your reports from all three bureaus.

FICO Is Not a Credit Bureau

FICO is another major company in the credit industry. FICO developed and maintains the FICO credit score, but it is not a credit bureau. While they compile your credit score based on data from the major credit bureaus, they do not collect credit report data on their own.

Ready to start building wealth? Sign up today to learn how to save for an early retirement, tackle your debt, and grow your net worth.





Three Credit Bureaus Agencies, credit reporting agencies.#Credit #reporting #agencies

Information on the 3 National Credit Reporting Agencies or Credit Bureaus

The 3 national credit reporting agencies in the United States are Equifax, Experian, and Trans Union. Experian was formerly known as TRW. A fourth national credit reporting agency named Innovis exists, but does not currently seem to factor into decisions for denials of credit, insurance or employment. It is more in a development stage.

To contact the 3 national credit reporting agencies:

The three national credit agencies may be contacted directly at:

Equifax

TransUnion

Experian

Atlanta, GA 30374

Chester, PA 19022

These national credit agencies are for-profit companies owned by their shareholders. They are not government entities or funded by the government. There are also independent, non-national, local credit bureaus throughout the country that are generally affiliated with one of the 3 national credit reporting agencies. Local bureaus are sometimes for-profit companies and sometimes non-profit associations of lender/members in a particular geographical area.

The 3 national credit reporting agencies are competitors of each other, and they do not normally share their credit information except in special cases. That is why it is important to order a credit report from all three.

Credit agencies or bureaus gather their consumer credit information by soliciting creditors such as credit card companies, banks, and lenders to join their systems and contribute their credit experience on consumers to the systems. In return for submitting information to the systems, creditor members may use the system to obtain credit information on consumers to approve credit decisions or review existing consumer accounts.

Credit agencies are generally regulated by the Fair Credit Reporting Act (FCRA), which is the Federal law generally covering consumer reporting agencies including credit reporting in this country. Individual states may also have their own versions of the law.

Under Federal law credit reporting companies known as CRAs (consumer reporting agencies) have numerous responsibilities to protect consumers and their credit information. A Summary of the FCRA is at http://www.creditreporting.com/fair-credit-reporting-act/index.html .

Opt Out Number For List Sales by the National Credit Reporting Agencies

IN COMPLIANCE WITH THE FAIR CREDIT REPORTING ACT OF 1996.

The credit reporting industry has designated a single toll free number that will allow consumers to opt out of promotional mailing lists sold by credit reporting agencies. The system is an interactive voice mail that requests information necessary to opt out of such lists.

Consumers should call (888) 5 OPT OUT and follow the voice prompt. Once the information is recorded, an e-mail is sent to the three bureaus daily and posted to consumer files. The number is available 24 hours a day.





Credit Reference Agencies Explained, Experian, credit agencies.#Credit #agencies

Credit referencing and you

For most people, credit is an important part of their life. There are very few people who do not have some type of credit agreement, such as a car loan, a credit card, an overdraft, a mortgage, mail order account or even a mobile phone contract.

Companies want to be fair and responsible when they decide whether to offer these credit agreements to someone. They also want to make sure they have all the information they need to make the decision relatively quickly, that the applicant can afford to repay any credit offered and they want to guard against fraud, which is a serious and growing problem.

To help them with all this they use Credit Reference Agencies (CRAs).

Why do we have Credit Reference Agencies?

In the UK we have a highly developed credit referencing system that gives people access to affordable credit, in the most efficient way possible.

CRAs provide information to organisations to help them decide whether to lend you money or give you goods or services on credit.

  • Without CRAs, companies would need to collect information about how you’ve managed credit in the past and other publicly-available information about you themselves every time you made a credit application
  • That would make it a very long, slow process and increase the likelihood of decisions being made without all the necessary information as well as heightening the risk of fraud

Credit agencies

How does the process work?

Companies that lend you money and those that provide goods and services before you have to pay for them share information about how each of their customers are managing their credit accounts. These lenders include:

  • Banks and building societies
  • Utility companies
  • Mobile phone operators
  • Social housing providers

The role of a CRA is to organise this shared information to help make the lending process fair. CRAs don’t own the data, which is simply a copy of the information all the different lenders hold – and they don’t make any decisions based on it.

This means that when you apply for credit, the lender or service provider can check how reliable you are – looking at how you have repaid other lenders in the recent past and how you are managing your current credit agreements.

This means that when a lender needs to make a decision on your application, everything they need is in one place.

Credit agencies

What credit reference agencies don’t do

  • Make the decision if an application is successful or not – the lenders make these
  • Know which applications are successful or declined
  • Know why a person may have been declined credit
  • Hold information about people’s race, religion, sexuality, political beliefs or medical history
  • Have a black list of people or properties to whom lenders won’t give credit

What credit reference agencies do

  • Hold factual information as provided by lenders and public records
  • Put information they receive through tests to find inconsistencies or obvious mistakes. It’s then regularly tested after that
  • Update the information they hold every four to six weeks when lenders provide updates
  • Work with people to ensure their credit report is accurate and up to date and facilitate the investigation and correction of information that has been queried as inaccurate
  • Store information securely with access in line with the Data Protection Act

Who can do a credit check on you?

In the vast majority of cases the only person who can carry out a credit check is yourself and people you give permission to. If you make a credit application, part of the process will include giving the potential lender consent. Credit information is private and you can’t check another person’s credit report.

There are very limited scenarios in which a credit check can be carried out without consent, e.g. when the police are investigating crimes.

Credit agencies

How can you look at your own credit report?

At Experian we offer people two credit monitoring products to meet their needs. The ВЈ2 Statutory Report is designed for those that want to ensure all the information filed on their credit report by third party organisations is accurate and up to date.

We also offer a membership product called CreditExpert, which is designed for those that actively want to understand, manage and improve their credit rating before they apply for credit.

Credit agencies

What can you do if you disagree with anything on your credit report?

  • If you disagree with something on your Experian Credit Report, contact us to let us know
  • We will then speak to the lender who provided the information to ask them to investigate and confirm if everything is accurate
  • You can also add a notice of correction of up to 200 words where you can explain the information held about you. This makes sure that any future application for credit is ‘referred’ when it is being processed – in other words, the lender must read and take account of the notice
  • If the lender agrees that the information in question is incorrect, your records will be updated by the lender
  • In the case of a mistake in your credit account information, an amendment has to be authorised by the lender concerned because that lender owns the information
  • If the lender disagrees that the information is incorrect and you cannot come to an agreement, the issue can be referred to the Information Commissioner’s Office who will review the case and make a ruling on the matter

Credit agencies





Credit Report, Credit Check – Free Credit Score, Experian, credit agencies.#Credit #agencies

Your Experian Credit Score.

Your Experian Credit Score , updates available every 30 days

Credit agencies

Credit Cards

Credit agencies

Loans

Credit agencies

Your chances

of approval †вЂ

No card details needed if we can easily verify you

If you would like a copy of your ВЈ2 statutory credit report order here

We work with the UK s leading credit providers

  • Credit agencies
  • Credit agencies
  • Credit agencies
  • Credit agencies
  • Credit agencies
  • Credit agencies

We can help you take the guesswork out of applying for Credit Cards Loans

Credit agencies

Get your FREE Experian Credit Score

Credit agencies

Credit agencies

Compare Credit Cards, Loans Mortgages

Credit agencies

Credit agencies

Find out how likely you are to be accepted †вЂ

Or if you would like to understand the factors affecting your credit score, get access to your Experian Credit Report more, you can do this with a 30-day trial* of CreditExpert.

Credit agencies

  • Receive personalised tips on how to improve your Experian Credit Score
  • Gain unlimited access to your Experian Credit Report
  • Use our UK-based call centre if you need guidance or have any concerns about your report, score or fraud
  • Use our web monitoring tool credit report alerts to protect your online identity from fraud
  • Receive support from a dedicated caseworker if you are a victim of fraud

How your Experian Credit Report Score can help you

Your Experian Credit Score is a straight forward way of showing how lenders may view you, based on information in your Experian Credit Report. The better your credit score the better your chances are of getting a credit card, a loan or even a mortgage, along with great rates for each. Your Experian Credit Report allows you to see the information lenders use when carrying out a credit check.

If you have a low score or there is room to improve, checking your credit report can help you see whether the information on it is correct and understand what could be affecting your score.

To find out your options for viewing your Experian Credit Score or Experian Credit Report, see which product is right for you.

Your personal details are in good hands

Experian takes data security very seriously and we are always reviewing and improving our measures to keep your information safe. Experian is unaffected by the recent Equifax data breach.

We have lots of resources to help you look after your personal details – here’s information on protecting yourself and spotting the warning signs of identity fraud.

Credit agencies

Credit agencies Credit agencies Credit agencies Credit agencies

*A monthly fee of ВЈ14.99 applies after your free trial. You may cancel during your 30-day free trial without charge. New customers only. Free trial period starts on registration – further ID verification may be required to access full service which may take up to 5 days.

Experian acts as a credit broker and not a lender in the provision of its credit cards and personal, car finance and guarantor loans matching services, meaning it will show you products offered by lenders and other brokers.

Experian acts independently and although CreditMatcher shows products for a range of lenders and other brokers it does not cover the whole of the market, meaning other products may be available to you. CreditMatcher services are provided free however we will receive commission payments from lenders or brokers we introduce you to. Information about the commission we receive from brokers for mortgages and secured loans can be found in our help section.

Eligibility Ratings are available for credit cards and personal loans only.

‡‘Most trusted’ based on 61% of 1057 respondents, ICM Unlimited survey June 2017.

CreditMatcher and CreditExpert are provided by Experian Ltd (Registered number 653331). Experian Ltd is authorised and regulated by the Financial Conduct Authority (firm reference number 738097). Experian Ltd is registered in England and Wales with registered office at The Sir John Peace Building, Experian Way, NG2 Business Park, Nottingham, NG80 1ZZ. The web monitoring feature and its alerts within CreditExpert is not FCA regulated activity.

Copyright 2017, Experian Ltd. All rights reserved.

Credit agencies





Here – s Why I Hate Credit Reporting Agencies, three credit reporting agencies.#Three #credit #reporting #agencies

Here s Why I Hate Credit Reporting Agencies — And Why You Should Too

A few days ago, Equifax, one of the Big Three credit reporting agencies, admitted that the personal data of 143 million consumers had been compromised. This is not the biggest data breach ever, but it might be the worst. After all, Equifax is not just any company. It s a company whose main job is collecting masses of private financial data—and it does this even though it has neither a business relationship nor explicit permission from the people it monitors. This is a massive and unprecedented FUBAR.

(For more on why the Equifax breach is even worse than you think, Michael Hiltzik explains here.)

Three credit reporting agencies

I am no fan of the credit reporting business, one of the most arrogant and anti-consumer industries imaginable. Twelve years ago I wrote about them for the Washington Monthly, and it s startling how little has changed since then. I could republish the story today with only the most cursory changes.

For example, part of my piece was devoted to credit freezes, something you may have heard a lot about lately. This is an action you can take to protect yourself in case of identify theft: if you ask for your account to be frozen, credit agencies will furnish a credit report only after they ve confirmed that it really is you who applied for credit. This stops identity thieves in their tracks: if they apply for a credit card in your name, the credit agency will call you first. When you tell them you never applied for the card, it doesn t get issued.

But this really shouldn t be an option you have to request. It should be routine for all credit transactions. The reason it isn t is because it s inconvenient for the credit reporting agencies, who have fought regulation on this topic tooth and nail. It s also because they literally make money on identify theft—no, that s not a typo—and therefore don t have much incentive to do anything about it.

Still, as much as I think all accounts should be frozen by default, my solution to the problem of identity theft isn t to force the credit reporting agencies to freeze or unfreeze accounts—or to force them to do anything else. It s to make them responsible for all damages related to identity theft and then let them figure out the best solution. Here s what I wrote in my Monthly piece:

There is a successful precedent for this type of approach. In 1968, Congress passed the Truth in Lending Act, which imposed a variety of regulations on the lending industry. One notably simple provision was that consumers could be held liable for no more than $50 if their credit cards were stolen and used without their authorization. For anything above that, it was the credit-card issuer who had to pay. The result was predictable: Credit-card companies have since taken it upon themselves to develop a wide range ofeffective anti-fraud programs. Congress didn t tell them to do it, or even how. It just made them responsible for the losses, and the card issuers did the rest themselves.

The same method should be used for identity theft. There s no need to create mountains of regulations, which are uniformly despised by the credit industry. Instead, simply make the industry itself—and any institution that handles personal data—liable for the losses in both time and money currently borne by consumers. The responsible parties will do the rest themselves.

There s more to say about this, but sadly, my piece is no longer available at the Monthly site. The great linkrot plague has devoured it. Luckily, I m a magazine packrat and I still have a dead-tree copy. So I scanned it and turned it into a PDF. Click here to read it—and to find out just why I hate the credit reporting agencies so intensely. It s worth your time, especially considering how little has been done about this over the past decade. It represents one of the all-time abject surrenders to Big Finance, and it s something the Elizabeth Warren wing of the Democratic Party should be all over. The time for small-bore proposals is over. It s time to make the credit agencies—and others—pay for their flagrantly careless behavior. When they allow someone to steal your identity, they re the ones who should pay the price, not you.

UPDATE: The Wayback Machine also has a copy of my article. I shoulda checked! Click here to see it.

Get the scoop, straight from Mother Jones.
  • Previous: American Hospitals are Ungodly Expensive
  • Next: Chart of the Day: Household Income Finally Beats 1999 Record
  • Three credit reporting agencies





3 Bureau Credit Reports and Scores from Experian, three credit reporting agencies.#Three #credit #reporting #agencies

3-Bureau Credit Report and FICO Scores 1

One-time cost of $39.95

1 Credit score calculated based on FICO Score 8 model. Your lender or insurer may use a different FICO Score than FICO Score 8, or another type of credit score altogether. Learn More.

Product features:

3-bureau Credit Report

See how you compare across all 3-bureau Credit Reports with views into your personal information, the accounts reported to each bureau, overall credit usage and debt summary, what hard inquiries there are, and if there are any collections or public records reported.

3-bureau FICO Scores

See what factors are impacting each of your 3-bureau FICO Scores, including payment history, recent credit card usage, your length of credit history, any derogatory items, and credit account types such as installment loans.

Live customer support

Get insight into the factors that may be impacting your credit risk level, and learn the details about the items that appear in your Experian Credit Report. Support is available toll-free 7 days a week.

3-bureau credit resources

How to Resolve Disputes with Credit Bureaus

When you dispute information on your Credit Report, Experian contacts the company that reported the information and notifies them of your dispute.

Debt Bureau Reports Not Part of Experian Credit Report

Debit bureaus specialize in collecting information on accounts held at banking institutions, such as checking and savings accounts, and the information collected by debit bureaus do not appear in an Experian Credit Report.

Do you have to place a fraud alert with each credit reporting company?

When you request a fraud alert or security alert be added with any of the three major credit reporting companies, the company you contacted will notify the other two and alerts will be added with those agencies as well.

Credit basics

Why can Credit Scores be different for each of the 3 bureaus?

If the scores vary based on the same scoring model, then Credit Report information could be different at each of the 3 bureaus. For example, one bureau may have 6 hard inquiries on its credit report, another may have 2, and the last bureau may have 4. Since the number of hard inquiries is a factor in calculating your Credit Score, this could produce different score numbers, even though it is based on the same scoring model.

Why should I check all 3 bureau Credit Reports and Credit Scores?

Information reported to each of the 3 bureaus can be different and the individual creditors furnishing data may also be different, meaning one creditor may only report to one or only two of the three bureaus. Lenders, such as mortgage companies are not required by law to report account information to each of the 3 bureaus. Checking each of your 3 Credit Reports gives you a comprehensive view so that you can easily identify differences that could impact your credit standing.

Get your 3-bureau Credit Report and FICO Scores

One time cost of $39.95

  • Products Products
  • Free Credit Report
  • Credit Score
  • Experian CreditLock
  • Credit Monitoring
  • 3-Bureau Credit Report and Scores
  • Identity Theft Protection
  • Credit Cards Loans
  • Support Support
  • Disputes
  • Security Freeze
  • Fraud Alert
  • Identity Theft Victim Assistance
  • Document Upload Service
  • View All
  • Education and Advice Education and Advice
  • What is a Good Credit Score
  • Improve Your Credit Score
  • FICO Score Ranges
  • Credit Repair
  • How to Build Credit
  • Understanding Credit Scores

Get the Free Experian app:

Experian Global Sites

FICO Scores are developed by Fair Isaac Corporation. The FICO Score provided by ConsumerInfo.com, Inc., also referred to as Experian Consumer Services (“ECS”), in Experian CreditWorks SM , Credit Tracker SM and/or your free Experian membership (as applicable) is based on FICO Score 8, unless otherwise noted. Many but not all lenders use FICO Score 8.

In addition to the FICO Score 8, ECS may offer and provide other base or industry-specific FICO Scores (such as FICO Auto Scores and FICO Bankcard Scores). The other FICO Scores made available are calculated from versions of the base and industry-specific FICO Score models. There are many different credit scoring models that can give a different assessment of your credit rating and relative risk (risk of default) for the same credit report. Your lender or insurer may use a different FICO Score than FICO Score 8 or such other base or industry-specific FICO Score, or another type of credit score altogether. Just remember that your credit rating is often the same even if the number is not.

For some consumers, however, the credit rating of FICO Score 8 (or other FICO Score) could vary from the score used by your lender. The statements that “90% of top lenders use FICO Scores” and “FICO Scores are used in 90% of credit decisions” are based on a third-party study of all versions of FICO Scores sold to lenders, including but not limited to scores based on FICO Score 8. Base FICO Scores (including the FICO Score 8) range from 300 to 850. Industry-specific FICO Scores range from 250-900. Higher scores represent a greater likelihood that you’ll pay back your debts so you are viewed as being a lower credit risk to lenders. A lower FICO Score indicates to lenders that you may be a higher credit risk.

There are three different major credit reporting agencies — the Experian credit bureau, TransUnion ® and Equifax ® — that maintain a record of your credit history known as your credit report. Your FICO Score is based on the information in your credit report at the time it is requested. Your credit report information can vary from agency to agency because some lenders report your credit history to only one or two of the agencies. So your FICO Score can vary if the information they have on file for you is different. Since the information in your report can change over time, your FICO Score may also change.





Getting Credit Reports From Specialty Consumer Reporting Agencies, three credit reporting agencies.#Three #credit #reporting #agencies

Getting Credit Reports From Specialty Consumer Reporting Agencies

Besides the three nationwide credit reporting agencies, there are also a number of nationwide specialty credit reporting agencies (also called specialty consumer reporting agencies). Getting your report from one of these agencies involves a different process than if you are requesting a report from Equifax, Experian, or Transunion.

(To learn more about credit reports and scores, and how to get them, see Credit Reports Credit Scores.)

What Is a Specialty Consumer Reporting Agency?

A specialty consumer reporting agency keeps records on particular types of transactions, such as

  • tenant histories
  • insurance claims
  • medical records or payments
  • employment histories, or
  • check writing.

How to Get a Report From a Specialty Consumer Reporting Agency

In addition to your yearly free credit report from each of the regular nationwide credit reporting agencies, you are also entitled to a free credit report each year from each of the nationwide specialty credit reporting agencies.

To get your report, you must contact each agency individually you may even need to call different phone numbers for different types of reports from the same agency. Unfortunately, you may not know which reporting agency a landlord, employer, or insurance company uses.

Major Nationwide Specialty Credit Reporting Agencies

Here are some of the main nationwide specialty credit reporting agencies and their contact information:

Lexis Nexis Personal Reports. For a tenant history report, call 877-448-5732, for an insurance claims report, call 866-312-8076, and for an employment history report, call 866-312-8075. To get all the information the agency has on you, mail in the request form available on its website at https://personalreports.lexisnexis.com.

Medical Information Bureau. For a medical history report if you have private health insurance, go to www.mib.com, or call 866-692-6901.

ISO. For an insurance claims report, go to www.iso.com, and search for “A-PLUS loss-history report, or call 800-627-3487.

Telecheck. For a check writing report go to www.firstdata.com or call 1-800-366-2425.

ChexSystems. For a check writing report go to www.consumerdebit.com or call 800-428-9623.

Certegy. For a check writing report go to www.askcertegy.com or call 866-543-6315.

In addition, you can find a list of most credit reporting agencies in the country and their contact information, divided by type (medical, employment, tenant, insurance, and the like), on the Consumer Financial Protection Bureau s website at www.consumerfinance.gov. Search for how many consumer reporting companies are there, and follow the link to the list. (Not all of the companies on the list provide free reports. If a company, such as a nationwide credit reporting agency or a specialty credit reporting agency, does provide one free report per year, the list will say so.)

This is an excerpt from Credit Repair , by Margaret Reiter and Robin Leonard (Nolo).





Three Credit Bureaus Agencies, three credit reporting agencies.#Three #credit #reporting #agencies

Information on the 3 National Credit Reporting Agencies or Credit Bureaus

The 3 national credit reporting agencies in the United States are Equifax, Experian, and Trans Union. Experian was formerly known as TRW. A fourth national credit reporting agency named Innovis exists, but does not currently seem to factor into decisions for denials of credit, insurance or employment. It is more in a development stage.

To contact the 3 national credit reporting agencies:

The three national credit agencies may be contacted directly at:

Equifax

TransUnion

Experian

Atlanta, GA 30374

Chester, PA 19022

These national credit agencies are for-profit companies owned by their shareholders. They are not government entities or funded by the government. There are also independent, non-national, local credit bureaus throughout the country that are generally affiliated with one of the 3 national credit reporting agencies. Local bureaus are sometimes for-profit companies and sometimes non-profit associations of lender/members in a particular geographical area.

The 3 national credit reporting agencies are competitors of each other, and they do not normally share their credit information except in special cases. That is why it is important to order a credit report from all three.

Credit agencies or bureaus gather their consumer credit information by soliciting creditors such as credit card companies, banks, and lenders to join their systems and contribute their credit experience on consumers to the systems. In return for submitting information to the systems, creditor members may use the system to obtain credit information on consumers to approve credit decisions or review existing consumer accounts.

Credit agencies are generally regulated by the Fair Credit Reporting Act (FCRA), which is the Federal law generally covering consumer reporting agencies including credit reporting in this country. Individual states may also have their own versions of the law.

Under Federal law credit reporting companies known as CRAs (consumer reporting agencies) have numerous responsibilities to protect consumers and their credit information. A Summary of the FCRA is at http://www.creditreporting.com/fair-credit-reporting-act/index.html .

Opt Out Number For List Sales by the National Credit Reporting Agencies

IN COMPLIANCE WITH THE FAIR CREDIT REPORTING ACT OF 1996.

The credit reporting industry has designated a single toll free number that will allow consumers to opt out of promotional mailing lists sold by credit reporting agencies. The system is an interactive voice mail that requests information necessary to opt out of such lists.

Consumers should call (888) 5 OPT OUT and follow the voice prompt. Once the information is recorded, an e-mail is sent to the three bureaus daily and posted to consumer files. The number is available 24 hours a day.





Credit reports available online for all consumers, credit reports agencies.#Credit #reports #agencies

Credit reports available online for all consumers

This was published under the 2010 to 2015 Conservative and Liberal Democrat coalition government

An agreement between the Department for Business, Innovation and Skills and the industry means consumers will now have easier access to their…

Credit reports agencies

An agreement between the Department for Business, Innovation and Skills and the industry means consumers will now have easier access to their credit reports. Continued free access to credit reports for victims of ID fraud and the financially vulnerable has also been secured by the government.

Credit reference agencies and consumer groups have committed to work together to raise awareness of the importance of checking credit records.

Consumer Minister Edward Davey said:

“These are highly beneficial changes. All consumers now have easier access to their £2 statutory credit reports, with victims of ID fraud and the financially vulnerable receiving free access to their reports. These significant improvements will help consumers take better control of their finances.”

Credit reports allow consumers to monitor their financial commitments by viewing, for example, what credit commitments they have outstanding and any late payments they have made. It is important as the information held on their credit reports may affect their ability to access further credit or get the best deals in the future.

Previously, statutory credit reports for £2 were only available by post, which could take seven days to arrive.

Peter Vicary-Smith, Which? Chief Executive said:

‘This should provide a quicker and more convenient access for consumers to their credit file, and could encourage more people to check their file more regularly. This is a welcome initiative in the battle against fraud and the elimination of faulty data.’

1) Consumers have a statutory right to access a copy of their credit report under the terms of the Consumer Credit Act 1974. The charge under the statutory scheme for consumers to access their credit report is £2. This covers a proportion of the administration costs.

2) In the July 2009 Consumer White Paper the Government committed to working with the credit reference agencies (CRAs) to improve peoples’ access to understanding of their credit reports.

3) A case study from the credit report agency Equifax, which has been offering £2 statutory reports online since February 2010 can be found below. Both case studies are available for interview and can be contacted via Louise Fowler at Harrison Sadler on 020 8977 9132.

4) Free reports will be offered to those referred by debt advice agencies, which Experian has done since 1996.

5) The three credit reference agencies are online at:

6) BIS’ online newsroom contains the latest press notices, speeches, as well as video and images for download. It also features an up to date list of BIS press office contacts. See http://www.bis.gov.uk/newsroom for more information.

John lives in South East London and obtained a copy of his £2 statutory credit report online after fraudsters managed to open a bank account in his name and subsequently used this to set up mobile phone contracts, defrauding the mobile phone companies out of thousands of pounds.

“Becoming involved in this sort of fraud was a real shock, you never expect it will happen to you. As I could look at my credit report instantly online it provided me with the reassurance and peace of mind that no other fraudulent activity was happening in my name. I certainly found the process of ordering my statutory report from Equifax’s website straightforward and convenient.”**

A local government worker, John Lynch, from Walton, Surrey was thinking about getting finance for some home improvements. He was already aware of the role of credit information in the application process and had previously obtained a copy of his statutory credit report by post. He was, therefore, really pleased to see that Equifax was now offering access to his £2 statutory report online instantly – so he could check that all the information held on him was correct straight away and then get on with making applications for new finance.

“It was so easy and convenient to access my credit report online for just £2. In the past I had ordered my statutory report through the post and whilst it only took 7 days that’s still a bit of a delay when you just want to get on with making an application for new finance. So being able to do the whole thing online – including accessing the report so that I could check that all the details about my current credit status were correct – was great!”

Notes to Editors

Contact Information

Name BIS Press Office Job Title

Division COI Phone

Name Olivia Campbell Job Title

Division Department for Business, Innovation and Skills Phone 020 7215 5363 Fax





Credit Reports – Credit Scores, credit reports agencies.#Credit #reports #agencies

Credit Reports Credit Scores

Your credit report is a detailed record of how you’ve managed your credit over time. Lenders use your credit report — or the credit score that results from the data in it — to help them decide whether to grant you credit and, if so, under what terms.

Understanding what is, and isn’t, in your credit report will help you maintain good credit, and rebuild it when your credit is not so good. It’s also important to frequently review your credit report, so that you can find errors, information you might dispute, or even signs of identity theft. Understanding what a credit score is and how it affects your credit is also key to good financial health.

Below you’ll find articles on credit reports, credit scores, and how to get them.

The Basics of Credit Reports Credit Scores

A credit freeze or security freeze seals your credit report so that a thief cannot open accounts in your name.

Learn what a credit report is and what information it contains.

Learn about Experian, Equifax, and TransUnion – the three nationwide credit bureaus.

Learn what your credit score is and how to improve it.

Find out what people, businesses, and entities are allowed to order your credit report.

Investigative reports are consumer reports that contain personal information about you.

Less than 40% of Americans have FICO scores of more than 750 — which is considered to be a very good score.

VantageScore is a credit score produced by Experian, Equifax, and TransUnion. Learn how it is calculated and how to improve it.

The new FICO mortgage credit score may change your ability to get a home loan.

New credit reporting practice tracks rent delinquencies and non-payment of rent.

Although closely interrelated, credit reports and credit scores are different.

Don t pay for a credit report or give out personal information when applying for Craigslist jobs.

Getting Your Credit Report Credit Score

In certain situations, you can get more than one free credit report within a 12-month period.

Every 12 months, you can get one free credit report from each of the credit reporting agencies.

Here s how to get your credit report from the other credit bureaus.

If you have already gotten your free yearly credit report, you can buy another for a small fee.

It s often not worth the money to pay for your credit score. Here s why.

In certain situations, the creditor must provide you with a free credit score.

Questions About Credit Reports and Scores

Learn what a tradeline is and what is means for your credit report.

Find the answer here.

Learn what a tradeline is and what is means for your credit report.

Related Products

Credit reports agencies

Credit reports agencies

Credit reports agencies

Credit reports agencies





Getting Credit Reports From Specialty Consumer Reporting Agencies, credit reports agencies.#Credit #reports #agencies

Getting Credit Reports From Specialty Consumer Reporting Agencies

Besides the three nationwide credit reporting agencies, there are also a number of nationwide specialty credit reporting agencies (also called specialty consumer reporting agencies). Getting your report from one of these agencies involves a different process than if you are requesting a report from Equifax, Experian, or Transunion.

(To learn more about credit reports and scores, and how to get them, see Credit Reports Credit Scores.)

What Is a Specialty Consumer Reporting Agency?

A specialty consumer reporting agency keeps records on particular types of transactions, such as

  • tenant histories
  • insurance claims
  • medical records or payments
  • employment histories, or
  • check writing.

How to Get a Report From a Specialty Consumer Reporting Agency

In addition to your yearly free credit report from each of the regular nationwide credit reporting agencies, you are also entitled to a free credit report each year from each of the nationwide specialty credit reporting agencies.

To get your report, you must contact each agency individually you may even need to call different phone numbers for different types of reports from the same agency. Unfortunately, you may not know which reporting agency a landlord, employer, or insurance company uses.

Major Nationwide Specialty Credit Reporting Agencies

Here are some of the main nationwide specialty credit reporting agencies and their contact information:

Lexis Nexis Personal Reports. For a tenant history report, call 877-448-5732, for an insurance claims report, call 866-312-8076, and for an employment history report, call 866-312-8075. To get all the information the agency has on you, mail in the request form available on its website at https://personalreports.lexisnexis.com.

Medical Information Bureau. For a medical history report if you have private health insurance, go to www.mib.com, or call 866-692-6901.

ISO. For an insurance claims report, go to www.iso.com, and search for “A-PLUS loss-history report, or call 800-627-3487.

Telecheck. For a check writing report go to www.firstdata.com or call 1-800-366-2425.

ChexSystems. For a check writing report go to www.consumerdebit.com or call 800-428-9623.

Certegy. For a check writing report go to www.askcertegy.com or call 866-543-6315.

In addition, you can find a list of most credit reporting agencies in the country and their contact information, divided by type (medical, employment, tenant, insurance, and the like), on the Consumer Financial Protection Bureau s website at www.consumerfinance.gov. Search for how many consumer reporting companies are there, and follow the link to the list. (Not all of the companies on the list provide free reports. If a company, such as a nationwide credit reporting agency or a specialty credit reporting agency, does provide one free report per year, the list will say so.)

This is an excerpt from Credit Repair , by Margaret Reiter and Robin Leonard (Nolo).





Who Are the Three Major Credit Bureaus, three credit report agencies.#Three #credit #report #agencies

Who Are the Three Major Credit Bureaus?

Three credit report agencies

Credit bureaus, also called credit reporting agencies, are companies that collect and maintain consumer credit information then resell it to other businesses in the form of a credit report.

There are many credit bureaus in the United States, but most people are familiar with the big three: Equifax, Experian, and TransUnion. These bureaus are all publicly-traded, for-profit companies who are not owned by the government.

The government does, however, have legislation, the Fair Credit Reporting Act, regarding how these and other credit bureaus should operate.

Credit bureaus have business relationships with many banks, credit card issuers, and other businesses that you may have an account with. Because of this connection, your account history will appear on one or all three of your credit reports with these bureaus.

You have a right to view your credit report and you can order a free credit report from each of the three major credit bureaus each year through AnnualCreditReport.com. You can also purchase a credit report directly from any of the credit bureaus at any time. Two of the credit bureaus, Equifax and Experian, offer 3-bureau credit reports which include all three major credit reports in a single document.

You may also need to contact a credit bureau directly to dispute inaccurate information in your credit report, purchase a credit score, or to place a fraud alert or security freeze on your credit report.

Otherwise, you generally wouldn t interact with a credit bureau, even though they play a major role in your financial life.

Contact Information For the Three Credit Bureaus

Atlanta, GA 30374-0241

Allen, TX 75013-0949

Chester, PA 19022

What the Three Bureaus Do and Don t Do

The major credit bureaus receive credit-related information from companies that you do business with. They may also pull relevant public records, like tax lien or bankruptcy, and include that information in your credit report.

The major credit bureaus sell your credit information to businesses who have a legally valid need for viewing your credit information. Your information is also sold to companies who may prescreen you for their products and services. For example, a company who you ve applied for credit with would have a valid need for looking at your credit report.

The major credit bureaus only provide the information or other analytical tools to help businesses make decisions about which customers to accept and the price they should charge. The bureaus themselves do not make the decision.

Credit Bureau Differences

These three credit bureaus, like all other credit bureaus, are separate entities and operate independently of each other. They generally do not share your account information with each other.

Your creditors may report to all three of the major credit bureaus or just one of them.

Because of that, the information in your credit file may be different between the three credit bureaus.

When potential creditors and lenders check your credit, they may only pull one bureau s credit report, rather than viewing all three. (It s often less expensive for businesses to check just one credit report.)

Because your credit reports may be different from each other, it s important that you review your reports from all three bureaus.

FICO Is Not a Credit Bureau

FICO is another major company in the credit industry. FICO developed and maintains the FICO credit score, but it is not a credit bureau. While they compile your credit score based on data from the major credit bureaus, they do not collect credit report data on their own.





Three Credit Bureaus Agencies, three credit report agencies.#Three #credit #report #agencies

Information on the 3 National Credit Reporting Agencies or Credit Bureaus

The 3 national credit reporting agencies in the United States are Equifax, Experian, and Trans Union. Experian was formerly known as TRW. A fourth national credit reporting agency named Innovis exists, but does not currently seem to factor into decisions for denials of credit, insurance or employment. It is more in a development stage.

To contact the 3 national credit reporting agencies:

The three national credit agencies may be contacted directly at:

Equifax

TransUnion

Experian

Atlanta, GA 30374

Chester, PA 19022

These national credit agencies are for-profit companies owned by their shareholders. They are not government entities or funded by the government. There are also independent, non-national, local credit bureaus throughout the country that are generally affiliated with one of the 3 national credit reporting agencies. Local bureaus are sometimes for-profit companies and sometimes non-profit associations of lender/members in a particular geographical area.

The 3 national credit reporting agencies are competitors of each other, and they do not normally share their credit information except in special cases. That is why it is important to order a credit report from all three.

Credit agencies or bureaus gather their consumer credit information by soliciting creditors such as credit card companies, banks, and lenders to join their systems and contribute their credit experience on consumers to the systems. In return for submitting information to the systems, creditor members may use the system to obtain credit information on consumers to approve credit decisions or review existing consumer accounts.

Credit agencies are generally regulated by the Fair Credit Reporting Act (FCRA), which is the Federal law generally covering consumer reporting agencies including credit reporting in this country. Individual states may also have their own versions of the law.

Under Federal law credit reporting companies known as CRAs (consumer reporting agencies) have numerous responsibilities to protect consumers and their credit information. A Summary of the FCRA is at http://www.creditreporting.com/fair-credit-reporting-act/index.html .

Opt Out Number For List Sales by the National Credit Reporting Agencies

IN COMPLIANCE WITH THE FAIR CREDIT REPORTING ACT OF 1996.

The credit reporting industry has designated a single toll free number that will allow consumers to opt out of promotional mailing lists sold by credit reporting agencies. The system is an interactive voice mail that requests information necessary to opt out of such lists.

Consumers should call (888) 5 OPT OUT and follow the voice prompt. Once the information is recorded, an e-mail is sent to the three bureaus daily and posted to consumer files. The number is available 24 hours a day.





Credit report: Check your credit score for free, credit report agencies.#Credit #report #agencies

Check your credit report for free

Get Our Free Money Tips Email!

For all the latest deals, guides and loopholes – join the 12m who get it. Don’t miss out

Credit report agencies

Updated August 2017

Checking your credit report is in good shape is important if you want to get a mortgage, credit card, loan and more. The big credit reference agencies try to lure you in with free month-long trials, but as you can now see all your credit reports for free, there’s no need to pay at all.

This guide explains how you can check your credit reports for free or even how to get paid to check them. Plus, we’ve launched our revolutionary free MoneySavingExpert.com Credit Club which allows you to check your Experian Credit Report for free.

In this guide.

Why you should check and what you should check

There are three credit reference agencies, Equifax, Experian and CallCredit, and they all hold information on you which lenders use. Even small errors can cause problems, so it’s important you check through your credit report. Most of this is explained in detail in our How to Boost Your Credit Rating guide, but below is a quick checklist.

3. If you no longer have joint accounts with someone, ensure you financially delink (ie, separate).

4. Always check your credit reports after rejection. Read why here.

5. Cancel unused credit and store cards. Find out why unused cards can count against you.

Should I check all three credit reports?

If you’re doing a specific application for a company and you know which credit reference agency it uses, it’s obviously a priority to check that one. But as a general housekeeping rule we suggest you check all three credit reports at least once a year, because they all have an impact.

Don’t worry about over-checking your credit report. It’s not recorded on it, and it’s something that only you and the credit reference agency will know about. Check EVERY detail and do it regularly. PLUS always check before making any big applications to minimise your risk of rejection. It can all be done online, it’s quick and easy.

However, if time is short and you can only use one, then choose Experian (the biggest) or CheckMyFile (checks Equifax and Callcredit). It’s a good idea to do a check-up roughly every 12 to 18 months. Always do one in good time before making any important applications.

Your right to check your file (costs Ј2)

The most important thing to tell you is that you have a legal right to check your credit report. This is because it’s important you know the information that companies have on you. Here’s how to check, however before you read it please see our information on how to check for free and how to get paid to do it.

The checks are all done online so they’re quick and easy to do (and are much more efficient than the old mail-only method).

The statutory report contains your personal details, info on financial links to other people, whether you’re on the electoral roll, the credit accounts you have, any missed payments or defaults, and a list of other recent searches of your credit report (though these only stay on your file for a maximum of one year). All three credit reference agencies will provide you with a statutory report:

Get Our Free Money Tips Email!

For all the latest deals, guides and loopholes – join the 10m who get it. Don’t miss out

The MSE Credit Club – now includes Experian Credit Report

Credit report agencies

We’ve launched our revolutionary, FREE MoneySavingExpert.com Credit Club – a brand new way for you to keep track of your credit record. You can sign up here – please give us feedback on it. Here are the six things it does:

  • We’ve launched the ability to get your full Experian Credit Report for FREE within Credit Club. See below for full details on how this will work.
  • You’ll get a free Experian Credit Score. This gives you an indicator of how lenders see you when assessing you for credit applications.
  • Our unique Affordability Score. This clever tool helps you work out how much you can afford to borrow, using calculations based on your income and estimated spending.
  • Our unique Credit Hit Rate – this shows your chances of success, as a percentage, of grabbing our top cards and loans.
  • Eligibility tool to show your best credit deals. It reveals the likelihood of you getting top credit cards or loans.
  • Your credit profile explained. It shows the key factors affecting your score and how to improve them.

How to check your full credit report for FREE

Credit report agencies

Credit reference agencies used to make all their money from selling data to lenders. The idea was to help lenders predict your behaviour, which allowed them to assess whether or not you were a good person to lend to.

Then some bright spark at the credit reference agencies realised they could generate a business called “consumer credit management”. It meant they could start to sell you monitoring products and all the other sorts of data, including your “credit score”, for the first time. You may ask why they sell it to you? Well, it makes them money, and sometimes up to Ј180 a year.

It used to be that the only way you could check your score for free was to sign up to 30-day free trials of these services, and then cancel before the time’s up so you don’t get charged. Yet, now, you can check your report on all three agencies for free every month – though they’ll make money if you apply for credit cards and loans through them.

Which way you choose to check your report will depend on what’s most important to you – a full monitoring service free for 30 days, or a more basic, but free-for-life service. Here’s how to do it, broken down by agency.

Get Our Free Money Tips Email!

For all the latest deals, guides and loopholes – join the 10m who get it. Don’t miss out





New York governor wants credit-reporting firms to follow cyber rules, Reuters, the three credit reporting agencies.#The #three #credit #reporting #agencies

New York governor wants credit-reporting firms to follow cyber rules

WASHINGTON/NEW YORK (Reuters) – New York Governor Andrew Cuomo said on Monday that he wants credit-reporting firms to comply with the state s cyber-security regulations, the latest government official to crack down on the industry in the wake of the massive Equifax hack.

Also on Monday, Bloomberg News reported that federal authorities have opened a criminal probe into stock sales by three Equifax Inc ( EFX.N ) executives before the company disclosed the massive data breach, news that has weighed heavily on the stock price.

The company has said the executives were unaware of the hack when they sold the stock for $1.8 million.

Equifax s legal woes worsened as the U.S Attorney s office in Atlanta issued a statement saying it was working with the FBI on a criminal investigation into the breach and theft of personal information.

Equifax shares rose 1.5 percent on Monday after losing about a third of their value since the hack was announced. The Equifax breach discovered on July 29 exposed sensitive data like Social Security numbers of up to 143 million people.

Cuomo said he planned to require all credit-reporting agencies to register with the state and comply with its cyber-security rules.

The proposed regulation would take effect in February, Cuomo said in a statement. If the companies do not register, they risk being barred from doing business with financial companies regulated by New York state.

The state would be able to bar credit-reporting agencies, including TransUnion ( TRU.N ) and Experian Plc ( EXPN.L ), as well as Equifax, from doing business in New York if the state found they engaged in unfair, deceptive or predatory practices, Cuomo said.

The Equifax breach was a wake-up call, Cuomo said. And with this action, New York is raising the bar for consumer protections that we hope will be replicated across the nation.

Proposed regulations are typically subject to a period for public comment before they become final.

A New York state cyber-security regulation, the first of its kind in the United States, took effect on March 1. It requires financial firms to take measures to protect networks and customer data from hackers and disclose cyber events to regulators.

Maine is the only U.S. state that requires credit agencies to register, said William Lund, superintendent of the Maine Bureau of Consumer Credit Protection. But its law does not cover cyber security, an issue the bureau will have to consider, Lund said.

Maine, which has been registering credit-reporting agencies since the 1990s, has 30 such agencies on its roster, ranging from the largest to those dealing with everything from check approval to tenants rental histories, he added.

The three credit-reporting agencies did not respond to requests for comment on Cuomo s plan.

Bloomberg reported on Monday that the U.S. Justice Department is investigating whether Equifax s chief financial officer, John Gamble, and two other executives broke insider-trading rules by selling stock after the breach was discovered in July and weeks before it was disclosed this month.

Reuters was not able to confirm the Bloomberg report.

Separately, the company issued a statement saying a second Bloomberg report late on Monday about a second cyber attack in March referred to a breach at Equifax payroll unit that was previously reported to regulators, customers and consumers and also been covered by the press.

Equifax complied fully with all consumer notification requirements related to the March incident. The two events are not related, the statement said.

Reporting by Diane Bartz and Suzanne Barlyn; Additional reporting by Sarah N. Lynch, David Shepardson and Dustin Volz; Editing by Jim Finkle, Leslie Adler and Michael Perry





Agency Locator, NFCC, credit counseling agencies.#Credit #counseling #agencies

How Can We Help You?

Make an appointment for an in-person or phone financial review and counseling session now.

Comprehensive counseling.

Where would you like to start?

Exploring my options.

Ways NFCC can help:

Access to financial education and tools

Talk to an NFCC Certified Credit Counselor

Schedule Financial Review

Search for member agency by ZIP Code

I’m ready to schedule a financial review with an

NFCC Certified Credit Counselor.

1.2 million

total clients served by NFCC

member agencies in 2015.

of NFCC clients pay back their

debt more consistently. *

* NFCC Sharpen Your Financial Focus evaluation of counseling clients after six quarters.

$17,000

average decrease in debt

experienced by NFCC clients. *

* NFCC Sharpen Your Financial Focus evaluation of counseling clients after six quarters.

Contact

  • Credit counseling agencies
  • Credit counseling agencies
  • Credit counseling agencies
  • Credit counseling agencies
  • Credit counseling agencies
  • Credit counseling agencies

About the NFCC

Founded in 1951, the National Foundation for Credit Counseling (NFCC ) is the nation’s first and largest nonprofit dedicated to improving people’s financial well-being. With nearly 600 member offices serving 50 states and Puerto Rico, our NFCC Certified Credit Counselors are financial advocates, empowering millions of consumers to take charge of their finances through one-on-one financial reviews that address credit card debt, student loans, housing decisions and overall money management. Make one of the best financial decisions of your life. For expert guidance and advice, call (800) 388-2227.





UK Credit Cards For Those With Bad Credit, credit reference agencies uk.#Credit #reference #agencies #uk

UK Credit Cards For Those With Bad Credit

Do You Need A UK MasterCard / Visa Credit Card? Do You Have Bad Credit?

There are three possibilities for those with some form of bad credit:

(1) Unsecured Cards

(1) Unsecured (Bad Credit History) Cards

Some credit card issuers offer unsecured cards to people who have had previous credit

problems. These Visa or MasterCard credit cards are only issued after the card issuer

has done a check on your credit history by looking at your credit report. These cards

aren’t guaranteed but are your best hope if your credit history is limited or impaired.

If you have some form of bad credit history and it is quite old, say at least 18 months,

then you could consider applying to these credit card issuers.

Credit limits for these cards will normally be low and the interest rate high (usually 25%),

as the card issuer is taking a greater risk than usual. However, these unsecured credit cards

will help you to build your empty or rebuild your poor credit history.

We have put together what is probably the most comprehensive list of unsecured

credit cards in the UK that are available to those with some form of bad credit history.

The UK Adverse Credit Unsecured Visa MasterCard Credit Card List:

(card information last checked updated 22nd April 2014)

This UK Visa credit card comes with an initial credit limit from Ј150 to Ј1000. There is the possibility of a credit limit increase on your fourth statement and further increases every four months up to Ј3000. There are no annual or monthly fees for this card.

Credit reference agencies uk

Purchase annual interest rate 59.94% (variable)

Amount of credit Ј1000

Representative 59.9% APR (variable).

This Visa credit card is designed for those with a less than perfect credit history.

There is a monthly fee of Ј15 for each Ј100 borrowed or part thereof. There is also a Ј3.50 monthly fee if the balance is Ј0.00. i.e. if card is unused.

You must also repay a minimum of 10% of your outstanding balance each month.

The initial credit limit, if successful with the application, is Ј300.

You must also have a debit card to apply for this card as the debit card will be used to make the monthly repayments.

Credit reference agencies uk

If you spent Ј300 on a purchase

transaction at the start of your agreement, incurred total monthly charges of Ј540 over a period of 20 months and made repayments in accordance with your Terms Conditions, your APR would be 627% APR representative (variable).

Granite Visa Credit Card

This card is from Vanquis Bank and is essentially the same as their standard Visa card below but with a slightly lower advertised APR of 34.9%.

Not available at present.

Credit reference agencies uk

You may not have heard of the Vanquis credit card.

The parent company is the International financial

group, Provident Financial. They have helped over 1 million people in the UK.

The APRs for the Vanquis Visa credit cards go up to 39.9%.

Credit reference agencies uk

Purchase annual interest rate 39.94% (variable).

Amount of credit Ј1000.

Representative 39.9% APR (variable)

The e-Platinum Plus card is the shopping card you have been waiting for. With guaranteed approval and a credit line of up to Ј2500, you’ll be able to buy the things you want AND the things you need. There is no credit check, your credit line can be increased upon request and we report to a major credit reference agency. All adverse credit is welcome.

Credit reference agencies uk

This credit card from Vanquis is designed to improve your credit rating. The initial credit limit can be up to Ј1000 which can be potentially increased to Ј3000 with the limit being increased every 4 months provided you run your account responsibly. The credit limit increase is not guaranteed and depends on a number of factors. The card can be managed online or by SMS.

Credit reference agencies uk

Representative 29.8% APR (variable)

Capital One are the biggest providers of unsecured credit cards in the UK for those a bad credit and / or those who wish to build or rebuild their credit history. Credit limits for these credit cards start at Ј200 but provided you use your card regularly and keep within your limit then this can be increased. What’s important, though, is that they report your, hopefully, good credit history to the credit reference agencies (both Experian and Equifax) on a monthly basis. We definitely know of one client who used this credit card to build an empty (though clean) credit history from scratch. You need the Capital One Classic Card.

Credit reference agencies uk

34.9% APR representative variable

34.94% p.a. variable on purchase

Ј1,200 credit limit

Barclaycard are one of the major issuers of credit

cards in the UK. Their Initial Visa card is designed

for those who want their first credit card but have

no credit history. It has a relatively high APR of

29.9% with a minimum credit limit of Ј250.

Credit reference agencies uk

Representative 29.9% APR (variable)

There are now very few card issuers that offer cards aimed specifically at those with little or bad credit histories. A tough economic climate and general consolidation have combined to reduce the number to just a handful.

Cards aimed at this market which have disappeared within the last decade include those from Accucard Morethan, Beneficial, Monument (formerly Providian), Citicards (formerly the Associates) and the Universa MasterCard (Style Financial Services).

All Egg credit cards have now moved to Barclaycard. We had several reports of Egg cards being issued to those with no credit history and also cards being granted after the initial application was declined, but on appeal (usually by phone) the vast majority of times they overturned their decision and give you a credit card, albeit with a lower credit limit. It would make sense that Barclaycard would be interested in this market sector.

We also had reports of people receiving many of these bad credit history cards without actually being on the electoral register but simply being able to prove their identity.

In the past MBNA credit cards were an interesting case. Though not specifically credit cards for those with a poor credit history, we had reports of people obtaining these cards with high limits with very little positive credit history. There were also reports of people obtaining credit cards from them on a purely spurious basis, even if their card application was unsuitable (poor history / low credit score). This was some time ago, though. Things have probably changed.

Secured credit cards look and work just like any other credit cards. The only difference

is that before a card issuer will give you one you must pay them a security deposit

upfront. This deposit protects them should you fail to make repayments. It is only

returned after any balance is settled and the card account closed. The credit limit

on the card is set as a proportion of the secured funds, sometimes even up to 100%

of the total amount surrendered.

In the US there are literally dozens of secured credit cards. However, the fees and charges

for these secured cards can be astronomical. Unfortunately, as these cards require you to

have a US address plus US Social Security number then they are not available to UK

There are no longer any secured cards issued by a UK card issuer (Capital One used to do

one) but there are some offshore / European secured options for UK and International

customers. Take a look at our secured credit card page where you will find some of the

secured cards that are available to such people.

If none of the above adverse credit history UK unsecured credit cards are available to you

and you’re unwilling or unable to provide a security deposit to an offshore or non-UK bank

but you still need a MasterCard or Visa card account then the only solutions open to you

are prepaid credit cards and the Visa cards that now come with some bank accounts.

These card accounts are specifically designed for those who have bad credit and / or

cannot get (or do not want) a Visa or MasterCard card account from anywhere else or

who need a low risk Internet or private second credit card account. See our prepaid card

page for details about this type of prepaid debit card in the UK plus a list of some of the

prepaid card accounts that are available to those in the UK, Europe and Internationally.





What is a Good Credit Score UK – What is a Good Credit Rating UK, credit reference agencies uk.#Credit #reference #agencies #uk

What is a Good Credit Score?

We often get asked things like, is 600 a good credit score?” To answer that, consider this; 600 with Equifax is not bad at all but with Experian, it is considered poor. This article covers the credit rating ranges from the top credit reference agencies. You will need access to your free credit report to see your actual credit score, so sign-up and get cracking.

Before we get going on the detail, it is worth pointing out that no lender gives away their cash on the basis of a credit score alone. There are many other factors that often come into play, including: your own history with that lender, wages, other debts, and time with current employer. So don t stress out too much with where you are at right now, just start to take responsibility for the way you are represented.

What is a Good Experian Credit Score? Answer = 881 or above (see below for Equifax)

Credit reference agencies uk

To view your Experian Credit Score, you will need to Sign-up to Credit Expert here . The average Experian credit score is 783 in the UK. Experian is the largest of the three credit reference agencies and it s pay-monthly credit monitoring service is called Credit Expert. The top score with Credit Expert is 999 and the credit score definitions are below:

961-999 = Excellent

This whopper is at the top end of the Experian scale, and most lenders would regard people in this category to be very low risk. This is because they would expect very few people with credit scores in this region to have problems making repayments.

881-960 = Good

People that have a score of between 881 and 960 would most likely be viewed as low risk by lenders. This is because lenders would expect few people in this category to be experiencing serious issues with repaying their credit.

721-880 = Fair

This is a slight improvement on the previous two scoring bands, as lenders would expect people that have scores of between 721 and 880 to be a moderate risk. This is because they would expect a small number of people in this category to experience severe problems with repaying their credit.

561-720 = Poor

Those with a credit score of between 561 and 720 would still be classed as high risk by lenders. This is because lenders would expect a large number of people that fall into this category to have severe problems with repaying their credit.

0-560 = Very Poor

These scores are at the lowest end of the table and people that have a credit score of between 0-560 are likely to be classed as very high risk by lenders. This is because lenders would expect those falling into this category to have severe problems with repaying credit.

What is a Good Equifax Score? Answer = 467 or Above

Credit reference agencies uk

Equifax is the second largest of the three credit reference agencies and its top score when it comes to credit scoring is 467 or above (classified as excellent). The average Equifax credit score in the UK is 430. If you haven t already you can sign-up to Equifax here, to see your credit score. The Equifax credit scoring guidelines are as follows:

467 (and above) = Excellent

This score is at the top end of the Equifax scale, and most lenders would regard people in this category to be very low risk. This is because they would expect very few people with credit scores in this region to have issues with repayment of any debt.

420-466 = Good

People that have a score of between 420 and 466 would most likely be viewed as low risk by lenders. This is because lenders would expect few people in this category to be experiencing serious issues with repaying any debt owed.

367- 419 = Okay

This is a slight improvement on the previous two scoring bands, as lenders would expect people that have scores of between 367 and 419 to be a moderate risk. This is because they would expect a small number of people in this category to experience serious problems with repaying any debt they owe.

279 – 366 = Poor

Those with a credit score of between 279 and 366 would still be classed as high risk by financial providers. This is because lenders would expect a large number of people that fall into this category to have severe problems with repaying their debt obligations.

0-278 = Very Poor

These scores are at the lowest end of the table and people that have a credit score of between 0-278 are likely to be classed as very high risk by lenders. This is because lenders would expect those falling into this category to have severe problems with repaying debts.

How to Access Your Credit Score

Access to your scores isn t possible via the statutory report, but you can get your credit score from any of the three credit reference agencies when you join a monthly monitoring service via a free trial. Start here with your free online credit report trial.

Got a question about your Credit Score? Leave a comment below or ask a question in our forum by registering now.





Who Are the Three Major Credit Bureaus, credit reference agencies.#Credit #reference #agencies

Who Are the Three Major Credit Bureaus?

Credit reference agencies

Credit bureaus, also called credit reporting agencies, are companies that collect and maintain consumer credit information then resell it to other businesses in the form of a credit report.

There are many credit bureaus in the United States, but most people are familiar with the big three: Equifax, Experian, and TransUnion. These bureaus are all publicly-traded, for-profit companies who are not owned by the government.

The government does, however, have legislation, the Fair Credit Reporting Act, regarding how these and other credit bureaus should operate.

Credit bureaus have business relationships with many banks, credit card issuers, and other businesses that you may have an account with. Because of this connection, your account history will appear on one or all three of your credit reports with these bureaus.

You have a right to view your credit report and you can order a free credit report from each of the three major credit bureaus each year through AnnualCreditReport.com. You can also purchase a credit report directly from any of the credit bureaus at any time. Two of the credit bureaus, Equifax and Experian, offer 3-bureau credit reports which include all three major credit reports in a single document.

You may also need to contact a credit bureau directly to dispute inaccurate information in your credit report, purchase a credit score, or to place a fraud alert or security freeze on your credit report.

Otherwise, you generally wouldn t interact with a credit bureau, even though they play a major role in your financial life.

Contact Information For the Three Credit Bureaus

Atlanta, GA 30374-0241

Allen, TX 75013-0949

Chester, PA 19022

What the Three Bureaus Do and Don t Do

The major credit bureaus receive credit-related information from companies that you do business with. They may also pull relevant public records, like tax lien or bankruptcy, and include that information in your credit report.

The major credit bureaus sell your credit information to businesses who have a legally valid need for viewing your credit information. Your information is also sold to companies who may prescreen you for their products and services. For example, a company who you ve applied for credit with would have a valid need for looking at your credit report.

The major credit bureaus only provide the information or other analytical tools to help businesses make decisions about which customers to accept and the price they should charge. The bureaus themselves do not make the decision.

Credit Bureau Differences

These three credit bureaus, like all other credit bureaus, are separate entities and operate independently of each other. They generally do not share your account information with each other.

Your creditors may report to all three of the major credit bureaus or just one of them.

Because of that, the information in your credit file may be different between the three credit bureaus.

When potential creditors and lenders check your credit, they may only pull one bureau s credit report, rather than viewing all three. (It s often less expensive for businesses to check just one credit report.)

Because your credit reports may be different from each other, it s important that you review your reports from all three bureaus.

FICO Is Not a Credit Bureau

FICO is another major company in the credit industry. FICO developed and maintains the FICO credit score, but it is not a credit bureau. While they compile your credit score based on data from the major credit bureaus, they do not collect credit report data on their own.





Big three in credit ratings still dominate business, Reuters, three credit agencies.#Three #credit #agencies

Big three in credit ratings still dominate business

NEW YORK, May 4 (IFR) – US regulators have largely failed to loosen the grip that the big three credit rating agencies have on the bond rating business, even after reforms put in place in the wake of the last financial crisis.

Moody s Investors Service, S As a smaller agency trying to win a share of the business, we don t expect the cavalry to arrive and help us, DBRS Chief Executive Officer Daniel Curry told IFR.

It is a gradual process of converting people, and it will take a very long time.

MARKET CONFIDENCE

One reason, market participants say, is that many investors remain wedded to the idea that a rating from the big three is an assurance of quality.

A broker calls you up and says: Do you want to buy this bond? one prominent fixed-income investor told IFR.

That confidence sometimes seems unshakable, even after the agencies come under fire.

Moody s, for example, was widely criticized after stripping 19 energy companies of their investment-grade ratings in February and March as oil prices were collapsing.

The downgrades, some as many as five rating notches, added fuel to a sell-off that caused many investors to suffer big losses in their portfolios.

Many market participants thought the agency was overreacting to the oil price swing without accounting for the ultimate ability of the companies to weather the storm.

The companies bonds, after declining in price on the downgrade decision, traded back up as oil prices started to recover.

Moreover, Moody s has been reported to be under investigation by the US Department of Justice over its handling of mortgage bonds in the run-up to the last crash.

S Editing by Marc Carnegie





3 Bureau Credit Reports and Scores from Experian, three credit agencies.#Three #credit #agencies

3-Bureau Credit Report and FICO Scores 1

One-time cost of $39.95

1 Credit score calculated based on FICO Score 8 model. Your lender or insurer may use a different FICO Score than FICO Score 8, or another type of credit score altogether. Learn More.

Product features:

3-bureau Credit Report

See how you compare across all 3-bureau Credit Reports with views into your personal information, the accounts reported to each bureau, overall credit usage and debt summary, what hard inquiries there are, and if there are any collections or public records reported.

3-bureau FICO Scores

See what factors are impacting each of your 3-bureau FICO Scores, including payment history, recent credit card usage, your length of credit history, any derogatory items, and credit account types such as installment loans.

Live customer support

Get insight into the factors that may be impacting your credit risk level, and learn the details about the items that appear in your Experian Credit Report. Support is available toll-free 7 days a week.

3-bureau credit resources

How to Resolve Disputes with Credit Bureaus

When you dispute information on your Credit Report, Experian contacts the company that reported the information and notifies them of your dispute.

Debt Bureau Reports Not Part of Experian Credit Report

Debit bureaus specialize in collecting information on accounts held at banking institutions, such as checking and savings accounts, and the information collected by debit bureaus do not appear in an Experian Credit Report.

Do you have to place a fraud alert with each credit reporting company?

When you request a fraud alert or security alert be added with any of the three major credit reporting companies, the company you contacted will notify the other two and alerts will be added with those agencies as well.

Credit basics

Why can Credit Scores be different for each of the 3 bureaus?

If the scores vary based on the same scoring model, then Credit Report information could be different at each of the 3 bureaus. For example, one bureau may have 6 hard inquiries on its credit report, another may have 2, and the last bureau may have 4. Since the number of hard inquiries is a factor in calculating your Credit Score, this could produce different score numbers, even though it is based on the same scoring model.

Why should I check all 3 bureau Credit Reports and Credit Scores?

Information reported to each of the 3 bureaus can be different and the individual creditors furnishing data may also be different, meaning one creditor may only report to one or only two of the three bureaus. Lenders, such as mortgage companies are not required by law to report account information to each of the 3 bureaus. Checking each of your 3 Credit Reports gives you a comprehensive view so that you can easily identify differences that could impact your credit standing.

Get your 3-bureau Credit Report and FICO Scores

One time cost of $39.95

  • Products Products
  • Free Credit Report
  • Credit Score
  • Experian CreditLock
  • Credit Monitoring
  • 3-Bureau Credit Report and Scores
  • Identity Theft Protection
  • Credit Cards Loans
  • Support Support
  • Disputes
  • Security Freeze
  • Fraud Alert
  • Identity Theft Victim Assistance
  • Document Upload Service
  • View All
  • Education and Advice Education and Advice
  • What is a Good Credit Score
  • Improve Your Credit Score
  • FICO Score Ranges
  • Credit Repair
  • How to Build Credit
  • Understanding Credit Scores

Get the Free Experian app:

Experian Global Sites

FICO Scores are developed by Fair Isaac Corporation. The FICO Score provided by ConsumerInfo.com, Inc., also referred to as Experian Consumer Services (“ECS”), in Experian CreditWorks SM , Credit Tracker SM and/or your free Experian membership (as applicable) is based on FICO Score 8, unless otherwise noted. Many but not all lenders use FICO Score 8.

In addition to the FICO Score 8, ECS may offer and provide other base or industry-specific FICO Scores (such as FICO Auto Scores and FICO Bankcard Scores). The other FICO Scores made available are calculated from versions of the base and industry-specific FICO Score models. There are many different credit scoring models that can give a different assessment of your credit rating and relative risk (risk of default) for the same credit report. Your lender or insurer may use a different FICO Score than FICO Score 8 or such other base or industry-specific FICO Score, or another type of credit score altogether. Just remember that your credit rating is often the same even if the number is not.

For some consumers, however, the credit rating of FICO Score 8 (or other FICO Score) could vary from the score used by your lender. The statements that “90% of top lenders use FICO Scores” and “FICO Scores are used in 90% of credit decisions” are based on a third-party study of all versions of FICO Scores sold to lenders, including but not limited to scores based on FICO Score 8. Base FICO Scores (including the FICO Score 8) range from 300 to 850. Industry-specific FICO Scores range from 250-900. Higher scores represent a greater likelihood that you’ll pay back your debts so you are viewed as being a lower credit risk to lenders. A lower FICO Score indicates to lenders that you may be a higher credit risk.

There are three different major credit reporting agencies — the Experian credit bureau, TransUnion ® and Equifax ® — that maintain a record of your credit history known as your credit report. Your FICO Score is based on the information in your credit report at the time it is requested. Your credit report information can vary from agency to agency because some lenders report your credit history to only one or two of the agencies. So your FICO Score can vary if the information they have on file for you is different. Since the information in your report can change over time, your FICO Score may also change.





What are credit ratings agencies? BBC News, three credit agencies.#Three #credit #agencies

What are credit ratings agencies?

Share this with Facebook

  • Share this with Twitter

  • Share this with Messenger

  • Share this with Messenger

  • Share this with

    These are external links and will open in a new window

    Share this with Facebook

  • Share this with Messenger

  • Share this with Messenger

  • Share this with Twitter

  • Share this with Pinterest

  • Share this with WhatsApp

  • Share this with LinkedIn

  • These are external links and will open in a new window

    Close share panel

    Three credit agencies

    Credit rating agencies, in essence, rate a country on the strength of its economy.

    More specifically, they score governments (or large companies) on how likely they are to pay back their debt.

    A rating affects how much it costs governments to borrow money in the international financial markets. In theory, a high credit rating means a lower interest rate (and vice versa).

    This is because of concerns at the impact that leaving the European Union may have on the UK economy. Moody’s warned that the referendum result may have “negative implications for the country’s medium-term growth outlook”.

    Who are the credit rating agencies?

    In addition to Moody’s, the other two main credit rating agencies are Standard Poor’s and Fitch Ratings.

    All three are private companies, not government agencies. Moody’s and Standard Poor’s both have their headquarters in New York, while Fitch has two official HQs, one in New York and the other in London.

    What are their scoring systems?

    Each agency gives countries around the world a specific credit rating score. These range from a top mark of “AAA”, which stands for “prime”, down to the lowest reading of “D”, which stands for “in default”.

    In between there are scores such as “BBB” or “CC”. Moody’s has at total of 21 ratings.

    The agencies also give outlook-assessments. These are either “positive”, “stable”, or “negative”. They indicate whether the agency in question thinks it may soon raise its rating (positive), downgrade it (negative), or leave it the same (stable) for the country in question.

    In the case of Moody’s and the UK, the agency currently scores the UK at “Aa1”, the second highest rating on its scale, which stands for “high grade”.

    Yet, while Moody’s previously saw no change to that Aa1 rating, it has now warned that it may lower it.

    A country’s credit rating can affect how much it costs a governments to borrow money on the global markets.

    More specifically, the worse a nation’s credit rating, the more likely it is that the country in question has to offer a higher rate of return on its bonds in other to persuade people and financial institutions to buy them.

    This is because the lower a country’s credit rating, the more the agencies are concerned about its economy, and in turn the taxes that the government in question can raise. Ratings can be a warning system for potential investors, and make it more expensive for poorly-rated nations to borrow money.

    Although Moody’s is the first of the big three ratings agencies to make an official change to its position on the UK post-referendum, the Financial Times reported on Friday that Standard Poor’s considers its current top rating for the UK as “no longer tenable”.

    Currently S P rates the UK as AAA (negative), while Fitch Ratings’ score is AA+ (stable). For Fitch, AA+ is its second-highest score.

    How do the agencies form their judgements?

    They have committees of experts who determine the actually rating for each country or large company. S P says its committees typically consist of between five and eight people.

    They base their assessment on a range of financial and business factors that may influence a government or company’s ability to repay its debt, such as the UK voting to leave the European Union, or a business announcing a huge loss.

    When were they formed?

    Standard Poor’s is the oldest. It traces its history back to 1860 when financial analyst Henry Poor wrote a history of the finances of railroads and canals in the US as a guide for investors.

    He then formed a business called HV and HW Poor.

    Meanwhile, the Standard Statistics Bureau was set up in 1906 to examine the finances of non-railroad companies.

    The two businesses joined forces in 1940 when S P was formed.

    Moody’s was started in 1909 by John Moody, who published an analysis of the tangled and uncertain world of railway finances, grading the value of its stocks and bonds.

    Fitch, with another eponymous founder, John Fitch, was set up in 1913.

    Why are they the “big three”?

    There are hosts of other ratings agencies, but S P, Moody’s and Fitch have about 95% of the global market.

    S P and Moody’s have about 40% each, while Fitch has around 15%.

    They are so dominant because they were the first to be officially endorsed by the US financial watchdog, the Securities and Exchange Commission (SEC).

    In 1975, the SEC acknowledged the three as “Nationally Recognised Statistical Organisations”.

    So a rating from any of the three is considered to be the gold standard.

    How do the credit rating agencies make their money?

    They charge companies for their ratings – it’s as simple as that.

    This has led to critics suggesting that the agencies are tempted to give firms over-generous scores in order to win repeat business, something they all strenuously deny.

    Weren’t they criticised during the financial crisis of 2007-08?

    They were indeed, for giving top AAA ratings to debt packages that turned out to include billions of dollars of bad US mortgages.

    When the US homeowners in question started to default on their repayments it sparked the financial crisis.

    The credit rating agencies were heavily criticised by politicians, and had to settle a number of lawsuits.





    Federal Register, three credit agencies.#Three #credit #agencies

    Dodd-Frank Wall Steet Reform

    250 documents in the last year

    Government Contracts

    38 documents in the last year

    Stock Commodities Trading

    478 documents in the last year

    Economic Sanctions Foreign Assets Control

    603 documents in the last year

    Rehoboth Beach, DE

    Three credit agencies

    Endangered Threatened Species

    802 documents in the last year

    Fishery Management

    1444 documents in the last year

    Taking of Marine Mammals

    276 documents in the last year

    Parks Recreation

    857 documents in the last year

    Cuban Assets Control Regulations

    Three credit agencies

    Immigration Border Control

    230 documents in the last year

    Cultural Objects Imported for Exhibition

    100 documents in the last year

    International Trade (Anti-Dumping)

    864 documents in the last year

    Controlled Exports (CCL USML)

    46 documents in the last year

    NASA Advisory Council

    Three credit agencies

    Broadband Policy

    166 documents in the last year

    Patent, Trademark, and Copyright

    1268 documents in the last year

    Energy Efficiency Renewable Resources

    275 documents in the last year

    Climate Change

    272 documents in the last year

    Civilian Acquisition Workforce Personnel Demonstration Project

    Three credit agencies

    Automobile Safety Fuel Economy

    50 documents in the last year

    Oil and Gas Leasing

    29 documents in the last year

    Air Travel

    79 documents in the last year

    Trade Adjustment Assistance

    72 documents in the last year

    Evaluating Drug Effects on the Ability To Operate a Motor Vehicle

    Three credit agencies

    Health Care Reform

    147 documents in the last year

    Veterans Educational Benefits

    0 documents in the last year

    Veterans Employment Training

    38 documents in the last year

    Disaster Declarations Assistance

    932 documents in the last year

    Explore Agencies

    Explore Topics (CFR Indexing Terms)

    Current Issue 470 Pages

    • 112 documents from 41 agencies
    • 91 Notices
    • 1 Presidential Document
    • 5 Proposed Rules
    • 15 Rules
    • 1 Significant Document

    Go to a specific date

    Explore

    The Public Inspection page on FederalRegister.gov offers a preview of documents scheduled to appear in the next day’s Federal Register issue. The Public Inspection page may also include documents scheduled for later issues, at the request of the issuing agency.

    Special Filing
    • 5 Notices
    • 1 Presidential Document
    • 1 Proposed Rule
    • 8 Rules
    Regular Filing
    • 90 Notices
    • 5 Proposed Rules
    • 12 Rules

    Go to a specific date

    Explore

    Donald Trump

    1. EO 13815: Resuming the United States Refugee Admissions Program With Enhanced Vetting Capabilities
    2. EO 13814: Amending Executive Order 13223
    3. EO 13813: Promoting Healthcare Choice and Competition Across the United States
    1. 2017: 51

    Barack Obama

    1. 2017: 7
    2. 2016: 41
    3. 2015: 29
    4. 2014: 31
    5. 2013: 21
    6. 2012: 38
    7. 2011: 34
    8. 2010: 37
    9. 2009: 37

    George W. Bush

    1. 2009: 3
    2. 2008: 30
    3. 2007: 33
    4. 2006: 26
    5. 2005: 27
    6. 2004: 46
    7. 2003: 40
    8. 2002: 33
    9. 2001: 51

    William J. Clinton

    1. 2001: 7
    2. 2000: 39
    3. 1999: 35
    4. 1998: 38
    5. 1997: 38
    6. 1996: 50
    7. 1995: 40
    8. 1994: 51

    The Federal Register

    The Daily Journal of the United States Government

    Legal Status
    Legal Status

    Agency

    Three credit agencies National Credit Union Administration

    The National Credit Union Administration (NCUA) was established by act of March 10, 1970 (12 U.S.C. 1752), and reorganized by act of November 10, 1978 (12 U.S.C. 226), as an independent agency in the executive branch of the Federal Government. It regulates and insures all Federal credit unions and insures State-chartered credit unions that apply and qualify for share insurance.

    The National Credit Union Administration is responsible for chartering, insuring, supervising, and examining Federal credit unions and administering the National Credit Union Share Insurance Fund. The Administration also administers the Community Development Revolving Loan Fund and manages the Central Liquidity Facility, a mixed-ownership Government corporation whose purpose is to supply emergency loans to member credit unions.

    On this Page

    Pending Publication Documents on Public Inspection

    Showing 1-1 of 1 result since 1994.

    Meetings; Sunshine Act

    Listing of Significant Documents

    Showing 1-5 of 48 results since 1994. View 43 more results.

    Loans in Areas Having Special Flood Hazards-Private Flood Insurance

    The Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System (Board), the Federal Deposit Insurance Corporation (FDIC), the Farm Credit Administration (FCA), and the National Credit Union Administration (NCUA) are issuing a new proposal to amend their regulations regarding loans in areas having.

    Incentive-Based Compensation Arrangements

    The OCC, Board, FDIC, FHFA, NCUA, and SEC (the Agencies) are seeking comment on a joint proposed rule (the proposed rule) to revise the proposed rule the Agencies published in the Federal Register on April 14, 2011, and to implement section 956 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). Section 956.

    Risk-Based Capital

    The NCUA Board (Board) is amending NCUA s current regulations regarding prompt corrective action (PCA) to require that credit unions taking certain risks hold capital commensurate with those risks. The risk-based capital provisions of this final rule apply only to federally insured, natural-person credit unions with assets over $100 million. The.

    Loans in Areas Having Special Flood Hazards

    The Office of the Comptroller of the Currency (OCC), Board of Governors of the Federal Reserve System (Board), Federal Deposit Insurance Corporation (FDIC), the Farm Credit Administration (FCA), and the National Credit Union Administration (NCUA) (collectively, the Agencies) are amending their regulations regarding loans in areas having special.

    Risk-Based Capital

    The NCUA Board (Board) is seeking comment on a second proposed rule that would amend NCUA s current regulations regarding prompt corrective action (PCA) to require that credit unions taking certain risks hold capital commensurate with those risks. The proposal would restructure NCUA s PCA regulations and make various revisions, including.





    Cuomo Proposes Stricter Regulations for Credit Reporting Agencies – The New York Times, credit reporting agencies.#Credit #reporting #agencies

    Cuomo Proposes Stricter Regulations for Credit Reporting Agencies

    Credit reporting agencies

    Gov. Andrew M. Cuomo, responding to the massive security breach at Equifax, will propose regulations on Monday that subject credit reporting agencies to the same rules as banks and insurances companies in order to protect consumers.

    The proposal would require companies like Equifax, Experian and TransUnion to register with the state’s Department of Financial Services, whose superintendent will have broad powers to deny or revoke their authorization to do business in the state, or to sue, if a company fails to comply or engages in prohibited practices deemed unfair, deceptive or predatory. Senior administration officials said the proposed regulations would, in effect, make it illegal for unregistered credit reporting agencies to compile reports on consumers in New York or to collect fees from banks for their services.

    The move comes after Equifax, based in Atlanta, announced last week that hackers had gained access to sensitive personal information for 143 million consumers and made off with over 200,000 credit card numbers. The episode highlighted gaps in regulation that allow credit reporting agencies to warehouse consumer information like names, addresses and Social Security numbers without rigorous oversight for how that data is collected, protected and used.

    Mr. Cuomo said in a statement that the breach was “a wake-up call,” and added that he hoped the regulations will be replicated nationwide.

    “A person’s credit history affects virtually every part of their lives and we will not sit idly by while New Yorkers remain unprotected from cyber attacks due to lax security,” he said. “Oversight of credit reporting agencies will help ensure that personal information is less vulnerable to cyberattacks and other nefarious acts in the new frontier of a rapidly changing digital world.”

    Under the regulations, credit reporting agencies must register by Feb. 1 each year, using forms that require them to list all officers who will be responsible for compliance. The companies will also be required to comply with cybersecurity regulations that went into effect this spring for financial services providers.

    The cybersecurity regulations require financial institutions to implement a program for protecting consumer data. The companies must also appoint or designate a chief information security officer and report breaches, attempted or successful, to the regulator.

    Newsletter Sign Up

    Thank you for subscribing.

    An error has occurred. Please try again later.

    You are already subscribed to this email.

    • See Sample
    • Manage Email Preferences
    • Not you?
    • Privacy Policy
    • Opt out or contact us anytime

    Administration officials said they expected the proposal to be adopted within 60 days, after a public comment period has ended.

    The information that credit reporting agencies collect hold the keys to Americans’ bank accounts and medical histories. Although the companies sit on a wealth of information, they are not subject to the kind of constant monitoring and auditing that the government uses to secure banks and insurance companies.

    The risks were highlighted by the Equifax breach, which led two senior executives responsible for security in information technology to retire on Friday. The company is investigating the scope and cause of the intrusion.

    The hackers, who have not been identified, exploited a known security loophole in software that Equifax uses on its website, prompting questions about why the company did not make a fix that could have prevented the attack.

    Equifax is facing legal threats and backlash from consumers, investors and policy makers. Attorney General Eric T. Schneiderman is investigating the breach, and at least two class-action lawsuits are pending against the company, whose shares have tumbled 35 percent since Sept. 7.

    A version of this article appears in print on September 18, 2017, on Page A21 of the New York edition with the headline: Cuomo Offers Stricter Rules For Credit Reporting Firms. Order Reprints | Today’s Paper | Subscribe

    We re interested in your feedback on this page. Tell us what you think.





    Here – s Why I Hate Credit Reporting Agencies, credit reporting agencies.#Credit #reporting #agencies

    Here s Why I Hate Credit Reporting Agencies — And Why You Should Too

    A few days ago, Equifax, one of the Big Three credit reporting agencies, admitted that the personal data of 143 million consumers had been compromised. This is not the biggest data breach ever, but it might be the worst. After all, Equifax is not just any company. It s a company whose main job is collecting masses of private financial data—and it does this even though it has neither a business relationship nor explicit permission from the people it monitors. This is a massive and unprecedented FUBAR.

    (For more on why the Equifax breach is even worse than you think, Michael Hiltzik explains here.)

    Credit reporting agencies

    I am no fan of the credit reporting business, one of the most arrogant and anti-consumer industries imaginable. Twelve years ago I wrote about them for the Washington Monthly, and it s startling how little has changed since then. I could republish the story today with only the most cursory changes.

    For example, part of my piece was devoted to credit freezes, something you may have heard a lot about lately. This is an action you can take to protect yourself in case of identify theft: if you ask for your account to be frozen, credit agencies will furnish a credit report only after they ve confirmed that it really is you who applied for credit. This stops identity thieves in their tracks: if they apply for a credit card in your name, the credit agency will call you first. When you tell them you never applied for the card, it doesn t get issued.

    But this really shouldn t be an option you have to request. It should be routine for all credit transactions. The reason it isn t is because it s inconvenient for the credit reporting agencies, who have fought regulation on this topic tooth and nail. It s also because they literally make money on identify theft—no, that s not a typo—and therefore don t have much incentive to do anything about it.

    Still, as much as I think all accounts should be frozen by default, my solution to the problem of identity theft isn t to force the credit reporting agencies to freeze or unfreeze accounts—or to force them to do anything else. It s to make them responsible for all damages related to identity theft and then let them figure out the best solution. Here s what I wrote in my Monthly piece:

    There is a successful precedent for this type of approach. In 1968, Congress passed the Truth in Lending Act, which imposed a variety of regulations on the lending industry. One notably simple provision was that consumers could be held liable for no more than $50 if their credit cards were stolen and used without their authorization. For anything above that, it was the credit-card issuer who had to pay. The result was predictable: Credit-card companies have since taken it upon themselves to develop a wide range ofeffective anti-fraud programs. Congress didn t tell them to do it, or even how. It just made them responsible for the losses, and the card issuers did the rest themselves.

    The same method should be used for identity theft. There s no need to create mountains of regulations, which are uniformly despised by the credit industry. Instead, simply make the industry itself—and any institution that handles personal data—liable for the losses in both time and money currently borne by consumers. The responsible parties will do the rest themselves.

    There s more to say about this, but sadly, my piece is no longer available at the Monthly site. The great linkrot plague has devoured it. Luckily, I m a magazine packrat and I still have a dead-tree copy. So I scanned it and turned it into a PDF. Click here to read it—and to find out just why I hate the credit reporting agencies so intensely. It s worth your time, especially considering how little has been done about this over the past decade. It represents one of the all-time abject surrenders to Big Finance, and it s something the Elizabeth Warren wing of the Democratic Party should be all over. The time for small-bore proposals is over. It s time to make the credit agencies—and others—pay for their flagrantly careless behavior. When they allow someone to steal your identity, they re the ones who should pay the price, not you.

    UPDATE: The Wayback Machine also has a copy of my article. I shoulda checked! Click here to see it.

    Get the scoop, straight from Mother Jones.
    • Previous: American Hospitals are Ungodly Expensive
    • Next: Chart of the Day: Household Income Finally Beats 1999 Record
    • Credit reporting agencies





    Medical debt? Big changes are coming to the way credit agencies report it – Jul, credit agencies.#Credit #agencies

    Medical debt? Big changes are coming to the way credit agencies report it

    Credit agencies

    For many consumers, an unexpected health care calamity can quickly burgeon into a financial calamity. Just over half of all the debt that appears on credit reports is related to medical expenses, and consumers may find that their credit score gets as banged up as their body.

    Changes in the way credit agencies report and evaluate medical debt are in the works that should reduce some of the painful financial consequences of having a health care problem.

    Starting September 15, the three major credit reporting agencies — Experian, Equifax and TransUnion — will set a 180-day waiting period before including medical debt on a consumer’s credit report. The six-month period is intended to ensure there’s enough time to resolve disputes with insurers and delays in payment.

    In addition, the credit bureaus will remove medical debt from consumers’ credit reports once it’s paid by an insurer. (Some credit scoring models don’t penalize paid medical debt from any source.)

    The changes grew out of two efforts by states to aid consumers: a 2015 settlement negotiated by New York Attorney General Eric Schneiderman and the three credit reporting agencies and an agreement shortly afterward between the agencies and 31 state attorneys general. The changes will be instituted nationwide.

    The 180-day waiting period is “a big step forward toward a more equitable process,” said Julie Kalkowski, executive director of the Financial Hope Collaborative at Creighton University in Omaha, Nebraska, which provides financial education and coaching to low-income, single mothers.

    Rather than attempting to collect past-due medical bills themselves, hospitals and doctors’ offices typically engage collection agencies to dun patients. But the timing on when providers take that step varies widely.

    “Without a standardized process, some bills get sent to collections because they’re 30 or 60 days past due as opposed to six months,” Kalkowski said.

    Kalkowski said several of the women who went through the Creighton program had doctor bills that were sent to collections before they were 60 days past due. The total amount owed in most cases was under $150, she said.

    Some 43 million Americans have medical debt in collections that’s adversely affecting their credit, according to a 2014 report by the federal Consumer Financial Protection Bureau, the bureau’s most recent data. The average amount of medical debt in collections was $579, compared with $1,000 for non-medical debt. For 15 million consumers, medical debt was the only blemish on their credit report, the study found.

    Perhaps this isn’t surprising given the growth in the number of people with high-deductible health plans and significant out-of-pocket financial responsibilities for health care, said Chad Mulvany, policy director at the Healthcare Financial Management Association, a membership organization for finance professionals.

    “More people who typically would have been a good credit risk are now saddled with big bills,” he said.

    Lenders use credit reports and credit scores to evaluate the risk that someone won’t repay a loan. The credit-scoring companies build algorithms that use the data in people’s credit reports to assign a three-digit credit score, typically between 300 and 850, that summarizes someone’s credit risk based on the information in a credit report at that time. Higher scores indicate lower risk.

    Credit-scoring companies like FICO and VantageScore that develop these models have been adjusting their formulas to account for the fact that medical debt isn’t necessarily an accurate predictor of whether someone is a good credit risk.

    “Those with medical accounts are less likely to default on their accounts than non-medical accounts,” said Ethan Dornhelm, vice president of scores and analytics at FICO.

    To address this issue, newer FICO and VantageScore models differentiate between medical and non-medical debt. People with medical debt in collections receive a smaller penalty than those with non-medical collections, said Sarah Davies, senior vice president at VantageScore Solutions.

    The change can make a difference in people’s credit scores.

    Under FICO9, the newest model, someone whose only major credit blot is one or more medical collections would see their median score increase roughly 25 points over older versions, said FICO’s Dornhelm.

    But there’s a catch: Many banks and other lenders haven’t yet adopted the newer versions of the credit-scoring models. So even though medical debt shouldn’t have as strong an impact on someone’s credit score now, in many cases nothing may have changed.

    What’s a consumer to do? You can’t control which scoring model a lender uses, but you can check your credit report regularly to make sure it’s accurate. Consumers are entitled to a free credit report from each credit reporting company annually.

    “If there’s medical debt that’s been paid, it should be removed going forward, and if it’s less than six months old, find out when it’s going to be removed,” advises VantageScore’s Davies.

    Kaiser Health News, a nonprofit health newsroom whose stories appear in news outlets nationwide, is an editorially independent part of the Kaiser Family Foundation.





    New York governor wants credit-reporting firms to follow cyber rules, Reuters, three credit reporting agencies.#Three #credit #reporting #agencies

    New York governor wants credit-reporting firms to follow cyber rules

    WASHINGTON/NEW YORK (Reuters) – New York Governor Andrew Cuomo said on Monday that he wants credit-reporting firms to comply with the state s cyber-security regulations, the latest government official to crack down on the industry in the wake of the massive Equifax hack.

    Also on Monday, Bloomberg News reported that federal authorities have opened a criminal probe into stock sales by three Equifax Inc ( EFX.N ) executives before the company disclosed the massive data breach, news that has weighed heavily on the stock price.

    The company has said the executives were unaware of the hack when they sold the stock for $1.8 million.

    Equifax s legal woes worsened as the U.S Attorney s office in Atlanta issued a statement saying it was working with the FBI on a criminal investigation into the breach and theft of personal information.

    Equifax shares rose 1.5 percent on Monday after losing about a third of their value since the hack was announced. The Equifax breach discovered on July 29 exposed sensitive data like Social Security numbers of up to 143 million people.

    Cuomo said he planned to require all credit-reporting agencies to register with the state and comply with its cyber-security rules.

    The proposed regulation would take effect in February, Cuomo said in a statement. If the companies do not register, they risk being barred from doing business with financial companies regulated by New York state.

    The state would be able to bar credit-reporting agencies, including TransUnion ( TRU.N ) and Experian Plc ( EXPN.L ), as well as Equifax, from doing business in New York if the state found they engaged in unfair, deceptive or predatory practices, Cuomo said.

    The Equifax breach was a wake-up call, Cuomo said. And with this action, New York is raising the bar for consumer protections that we hope will be replicated across the nation.

    Proposed regulations are typically subject to a period for public comment before they become final.

    A New York state cyber-security regulation, the first of its kind in the United States, took effect on March 1. It requires financial firms to take measures to protect networks and customer data from hackers and disclose cyber events to regulators.

    Maine is the only U.S. state that requires credit agencies to register, said William Lund, superintendent of the Maine Bureau of Consumer Credit Protection. But its law does not cover cyber security, an issue the bureau will have to consider, Lund said.

    Maine, which has been registering credit-reporting agencies since the 1990s, has 30 such agencies on its roster, ranging from the largest to those dealing with everything from check approval to tenants rental histories, he added.

    The three credit-reporting agencies did not respond to requests for comment on Cuomo s plan.

    Bloomberg reported on Monday that the U.S. Justice Department is investigating whether Equifax s chief financial officer, John Gamble, and two other executives broke insider-trading rules by selling stock after the breach was discovered in July and weeks before it was disclosed this month.

    Reuters was not able to confirm the Bloomberg report.

    Separately, the company issued a statement saying a second Bloomberg report late on Monday about a second cyber attack in March referred to a breach at Equifax payroll unit that was previously reported to regulators, customers and consumers and also been covered by the press.

    Equifax complied fully with all consumer notification requirements related to the March incident. The two events are not related, the statement said.

    Reporting by Diane Bartz and Suzanne Barlyn; Additional reporting by Sarah N. Lynch, David Shepardson and Dustin Volz; Editing by Jim Finkle, Leslie Adler and Michael Perry





    Here – s Why I Hate Credit Reporting Agencies, three credit reporting agencies.#Three #credit #reporting #agencies

    Here s Why I Hate Credit Reporting Agencies — And Why You Should Too

    A few days ago, Equifax, one of the Big Three credit reporting agencies, admitted that the personal data of 143 million consumers had been compromised. This is not the biggest data breach ever, but it might be the worst. After all, Equifax is not just any company. It s a company whose main job is collecting masses of private financial data—and it does this even though it has neither a business relationship nor explicit permission from the people it monitors. This is a massive and unprecedented FUBAR.

    (For more on why the Equifax breach is even worse than you think, Michael Hiltzik explains here.)

    Three credit reporting agencies

    I am no fan of the credit reporting business, one of the most arrogant and anti-consumer industries imaginable. Twelve years ago I wrote about them for the Washington Monthly, and it s startling how little has changed since then. I could republish the story today with only the most cursory changes.

    For example, part of my piece was devoted to credit freezes, something you may have heard a lot about lately. This is an action you can take to protect yourself in case of identify theft: if you ask for your account to be frozen, credit agencies will furnish a credit report only after they ve confirmed that it really is you who applied for credit. This stops identity thieves in their tracks: if they apply for a credit card in your name, the credit agency will call you first. When you tell them you never applied for the card, it doesn t get issued.

    But this really shouldn t be an option you have to request. It should be routine for all credit transactions. The reason it isn t is because it s inconvenient for the credit reporting agencies, who have fought regulation on this topic tooth and nail. It s also because they literally make money on identify theft—no, that s not a typo—and therefore don t have much incentive to do anything about it.

    Still, as much as I think all accounts should be frozen by default, my solution to the problem of identity theft isn t to force the credit reporting agencies to freeze or unfreeze accounts—or to force them to do anything else. It s to make them responsible for all damages related to identity theft and then let them figure out the best solution. Here s what I wrote in my Monthly piece:

    There is a successful precedent for this type of approach. In 1968, Congress passed the Truth in Lending Act, which imposed a variety of regulations on the lending industry. One notably simple provision was that consumers could be held liable for no more than $50 if their credit cards were stolen and used without their authorization. For anything above that, it was the credit-card issuer who had to pay. The result was predictable: Credit-card companies have since taken it upon themselves to develop a wide range ofeffective anti-fraud programs. Congress didn t tell them to do it, or even how. It just made them responsible for the losses, and the card issuers did the rest themselves.

    The same method should be used for identity theft. There s no need to create mountains of regulations, which are uniformly despised by the credit industry. Instead, simply make the industry itself—and any institution that handles personal data—liable for the losses in both time and money currently borne by consumers. The responsible parties will do the rest themselves.

    There s more to say about this, but sadly, my piece is no longer available at the Monthly site. The great linkrot plague has devoured it. Luckily, I m a magazine packrat and I still have a dead-tree copy. So I scanned it and turned it into a PDF. Click here to read it—and to find out just why I hate the credit reporting agencies so intensely. It s worth your time, especially considering how little has been done about this over the past decade. It represents one of the all-time abject surrenders to Big Finance, and it s something the Elizabeth Warren wing of the Democratic Party should be all over. The time for small-bore proposals is over. It s time to make the credit agencies—and others—pay for their flagrantly careless behavior. When they allow someone to steal your identity, they re the ones who should pay the price, not you.

    UPDATE: The Wayback Machine also has a copy of my article. I shoulda checked! Click here to see it.

    Get the scoop, straight from Mother Jones.
    • Previous: American Hospitals are Ungodly Expensive
    • Next: Chart of the Day: Household Income Finally Beats 1999 Record
    • Three credit reporting agencies





    Who Are the Three Major Credit Bureaus, three credit report agencies.#Three #credit #report #agencies

    Who Are the Three Major Credit Bureaus?

    Three credit report agencies

    Credit bureaus, also called credit reporting agencies, are companies that collect and maintain consumer credit information then resell it to other businesses in the form of a credit report.

    There are many credit bureaus in the United States, but most people are familiar with the big three: Equifax, Experian, and TransUnion. These bureaus are all publicly-traded, for-profit companies who are not owned by the government.

    The government does, however, have legislation, the Fair Credit Reporting Act, regarding how these and other credit bureaus should operate.

    Credit bureaus have business relationships with many banks, credit card issuers, and other businesses that you may have an account with. Because of this connection, your account history will appear on one or all three of your credit reports with these bureaus.

    You have a right to view your credit report and you can order a free credit report from each of the three major credit bureaus each year through AnnualCreditReport.com. You can also purchase a credit report directly from any of the credit bureaus at any time. Two of the credit bureaus, Equifax and Experian, offer 3-bureau credit reports which include all three major credit reports in a single document.

    You may also need to contact a credit bureau directly to dispute inaccurate information in your credit report, purchase a credit score, or to place a fraud alert or security freeze on your credit report.

    Otherwise, you generally wouldn t interact with a credit bureau, even though they play a major role in your financial life.

    Contact Information For the Three Credit Bureaus

    Atlanta, GA 30374-0241

    Allen, TX 75013-0949

    Chester, PA 19022

    What the Three Bureaus Do and Don t Do

    The major credit bureaus receive credit-related information from companies that you do business with. They may also pull relevant public records, like tax lien or bankruptcy, and include that information in your credit report.

    The major credit bureaus sell your credit information to businesses who have a legally valid need for viewing your credit information. Your information is also sold to companies who may prescreen you for their products and services. For example, a company who you ve applied for credit with would have a valid need for looking at your credit report.

    The major credit bureaus only provide the information or other analytical tools to help businesses make decisions about which customers to accept and the price they should charge. The bureaus themselves do not make the decision.

    Credit Bureau Differences

    These three credit bureaus, like all other credit bureaus, are separate entities and operate independently of each other. They generally do not share your account information with each other.

    Your creditors may report to all three of the major credit bureaus or just one of them.

    Because of that, the information in your credit file may be different between the three credit bureaus.

    When potential creditors and lenders check your credit, they may only pull one bureau s credit report, rather than viewing all three. (It s often less expensive for businesses to check just one credit report.)

    Because your credit reports may be different from each other, it s important that you review your reports from all three bureaus.

    FICO Is Not a Credit Bureau

    FICO is another major company in the credit industry. FICO developed and maintains the FICO credit score, but it is not a credit bureau. While they compile your credit score based on data from the major credit bureaus, they do not collect credit report data on their own.





    Free Credit Report, credit report agencies.#Credit #report #agencies

    Free Credit Report

    No credit card required

    Includes a new free Credit Report from Experian every 30 days on sign in. This offer does not include a free Credit Score.

    Why get your free Credit Report from Experian?

    See your latest credit information

    See the same type of information that lenders see when requesting your credit.

    Your Credit Report captures financial information that lenders use to determine your creditworthiness. This includes the type of credit accounts, current balances, payment history, and any derogatory items you may have. You will also get a summary of your account totals, total debt, and personal information.

    Stay up-to-date

    Get an updated Experian Credit Report every 30 days when you sign into your account.

    Information in your Credit Report is frequently being added, updated or deleted. Account information is typically updated every month, and each account may be updated on different days. If a public record is filed — a civil judgment, tax lien, or bankruptcy — a record of the filing may take a month or more to appear.

    Free credit monitoring

    Monitor your Experian Credit Report daily with alert notifications when key changes occur.

    Credit monitoring can help you detect possible identity fraud sooner, and can help prevent surprises when you apply for credit. Get notified when new inquiries, new accounts, public records, fraud alerts, and personal information updates are detected on your Experian Credit Report.

    Live customer support

    Learn what a Credit Report is, and how it plays a valuable role in your financial life.

    You’ll gain access to valuable resources like toll-free customer support available seven days a week, educational articles to help you learn about credit, and helpful credit offers tailored to your profile, so that if you’re looking to take your credit to the next level, you can proceed with confidence.

    Credit Report resources

    Understanding your Experian Credit Report

    Learn what can appear in your Credit Report and what those items can mean, with additional resources on the most commonly asked questions.

    How long does something stay on my Credit Report?

    Information stays visible on your Experian Credit Report for certain amounts of time depending on the type of activity reported.

    What happens when you pay off delinquent debt?

    Every account entry in your Credit Report has a status description. Once it is brought current, the account status and current balance will be updated.

    Credit Report basics

    Why is my Credit Report important?

    Your Credit Report provides information for lenders and others about how you make payments, your current and past credit mix, and whether your accounts are (or have been) in good standing. This information can help determine the terms you’re offered when you seek out new or more credit.

    How often is my Credit Report updated?

    In general, creditors send information to the credit reporting agencies on a monthly basis, but the day of the month that the organization sends its updates varies. Different creditors submit information throughout the month, which then shows on your Credit Report.





    Getting Credit Reports From Specialty Consumer Reporting Agencies, free credit reporting agencies.#Free #credit #reporting #agencies

    Getting Credit Reports From Specialty Consumer Reporting Agencies

    Besides the three nationwide credit reporting agencies, there are also a number of nationwide specialty credit reporting agencies (also called specialty consumer reporting agencies). Getting your report from one of these agencies involves a different process than if you are requesting a report from Equifax, Experian, or Transunion.

    (To learn more about credit reports and scores, and how to get them, see Credit Reports Credit Scores.)

    What Is a Specialty Consumer Reporting Agency?

    A specialty consumer reporting agency keeps records on particular types of transactions, such as

    • tenant histories
    • insurance claims
    • medical records or payments
    • employment histories, or
    • check writing.

    How to Get a Report From a Specialty Consumer Reporting Agency

    In addition to your yearly free credit report from each of the regular nationwide credit reporting agencies, you are also entitled to a free credit report each year from each of the nationwide specialty credit reporting agencies.

    To get your report, you must contact each agency individually you may even need to call different phone numbers for different types of reports from the same agency. Unfortunately, you may not know which reporting agency a landlord, employer, or insurance company uses.

    Major Nationwide Specialty Credit Reporting Agencies

    Here are some of the main nationwide specialty credit reporting agencies and their contact information:

    Lexis Nexis Personal Reports. For a tenant history report, call 877-448-5732, for an insurance claims report, call 866-312-8076, and for an employment history report, call 866-312-8075. To get all the information the agency has on you, mail in the request form available on its website at https://personalreports.lexisnexis.com.

    Medical Information Bureau. For a medical history report if you have private health insurance, go to www.mib.com, or call 866-692-6901.

    ISO. For an insurance claims report, go to www.iso.com, and search for “A-PLUS loss-history report, or call 800-627-3487.

    Telecheck. For a check writing report go to www.firstdata.com or call 1-800-366-2425.

    ChexSystems. For a check writing report go to www.consumerdebit.com or call 800-428-9623.

    Certegy. For a check writing report go to www.askcertegy.com or call 866-543-6315.

    In addition, you can find a list of most credit reporting agencies in the country and their contact information, divided by type (medical, employment, tenant, insurance, and the like), on the Consumer Financial Protection Bureau s website at www.consumerfinance.gov. Search for how many consumer reporting companies are there, and follow the link to the list. (Not all of the companies on the list provide free reports. If a company, such as a nationwide credit reporting agency or a specialty credit reporting agency, does provide one free report per year, the list will say so.)

    This is an excerpt from Credit Repair , by Margaret Reiter and Robin Leonard (Nolo).





    Credit Repair Service: Key Credit Repair, credit counseling agencies.#Credit #counseling #agencies

    Negative Credit Scores Affecting Your Life?

    Our #1 Rated Credit Repair Service Will Increase Your Credit Scores Fast With Transunion, Experian and Equifax. Join Our 30,000 Happy Clients Today And Start Living The Life You Want!

    • BBB #1 Rated in the Nation
    • No Contracts or Upfront Fees
    • Results Within The First 30 Days

    Credit counseling agencies

    Key Credit Repair removed all of my negative records and i have only been with them for 2 months.

    • Credit counseling agencies
    • Credit counseling agencies
    • Credit counseling agencies
    • Credit counseling agencies
    • Credit counseling agencies
    • Credit counseling agencies

    A Simple Program To Improve Your Credit Scores

    Improving Your Credit Score With Us Is Easy. Our Comprehensive Approach Means That We Do The Work And You Sit Back And Wait For The Results.

    • Clean Up Unlimited Negative Records
    • Results Within The First 30 Days
    • No Upfront Costs
    • No Contracts or Commitments
    • 24/7 Online Access & Credit Progress Tracking
    • 90+ Point Average Credit Score Increase In The First 90 Days
    • Equifax, Experian and Transunion Credit
    • Customized Action Plans Around Your Goals and Budget

    Credit counseling agencies

    What Our Customers Say

    Marianna, Boston Massachusetts

    Key Credit Repair removed all of my negative records and i have only been with them for 2 months. It’s an easy process as long as you follow the direction. Before Key Credit Repair I couldn’t get a credit card, now i can.

    Credit counseling agencies

    Diondra, Boston Massachusetts

    I was surprised by the results. It happened relatively quick and i never thought that i’d be in the situation where i’d have good credit.

    Credit counseling agencies

    Phillip, Boston Massachusetts

    Their services were incredibly helpful, i appreciated the work, time they spent with me. I appreciated their willing to explain what was happening to me and what steps they were going to take to assist me. We were successful.

    Credit counseling agencies





    Here – s Why I Hate Credit Reporting Agencies, what are the three credit reporting agencies.#What #are #the #three #credit #reporting #agencies

    Here s Why I Hate Credit Reporting Agencies — And Why You Should Too

    A few days ago, Equifax, one of the Big Three credit reporting agencies, admitted that the personal data of 143 million consumers had been compromised. This is not the biggest data breach ever, but it might be the worst. After all, Equifax is not just any company. It s a company whose main job is collecting masses of private financial data—and it does this even though it has neither a business relationship nor explicit permission from the people it monitors. This is a massive and unprecedented FUBAR.

    (For more on why the Equifax breach is even worse than you think, Michael Hiltzik explains here.)

    What are the three credit reporting agencies

    I am no fan of the credit reporting business, one of the most arrogant and anti-consumer industries imaginable. Twelve years ago I wrote about them for the Washington Monthly, and it s startling how little has changed since then. I could republish the story today with only the most cursory changes.

    For example, part of my piece was devoted to credit freezes, something you may have heard a lot about lately. This is an action you can take to protect yourself in case of identify theft: if you ask for your account to be frozen, credit agencies will furnish a credit report only after they ve confirmed that it really is you who applied for credit. This stops identity thieves in their tracks: if they apply for a credit card in your name, the credit agency will call you first. When you tell them you never applied for the card, it doesn t get issued.

    But this really shouldn t be an option you have to request. It should be routine for all credit transactions. The reason it isn t is because it s inconvenient for the credit reporting agencies, who have fought regulation on this topic tooth and nail. It s also because they literally make money on identify theft—no, that s not a typo—and therefore don t have much incentive to do anything about it.

    Still, as much as I think all accounts should be frozen by default, my solution to the problem of identity theft isn t to force the credit reporting agencies to freeze or unfreeze accounts—or to force them to do anything else. It s to make them responsible for all damages related to identity theft and then let them figure out the best solution. Here s what I wrote in my Monthly piece:

    There is a successful precedent for this type of approach. In 1968, Congress passed the Truth in Lending Act, which imposed a variety of regulations on the lending industry. One notably simple provision was that consumers could be held liable for no more than $50 if their credit cards were stolen and used without their authorization. For anything above that, it was the credit-card issuer who had to pay. The result was predictable: Credit-card companies have since taken it upon themselves to develop a wide range ofeffective anti-fraud programs. Congress didn t tell them to do it, or even how. It just made them responsible for the losses, and the card issuers did the rest themselves.

    The same method should be used for identity theft. There s no need to create mountains of regulations, which are uniformly despised by the credit industry. Instead, simply make the industry itself—and any institution that handles personal data—liable for the losses in both time and money currently borne by consumers. The responsible parties will do the rest themselves.

    There s more to say about this, but sadly, my piece is no longer available at the Monthly site. The great linkrot plague has devoured it. Luckily, I m a magazine packrat and I still have a dead-tree copy. So I scanned it and turned it into a PDF. Click here to read it—and to find out just why I hate the credit reporting agencies so intensely. It s worth your time, especially considering how little has been done about this over the past decade. It represents one of the all-time abject surrenders to Big Finance, and it s something the Elizabeth Warren wing of the Democratic Party should be all over. The time for small-bore proposals is over. It s time to make the credit agencies—and others—pay for their flagrantly careless behavior. When they allow someone to steal your identity, they re the ones who should pay the price, not you.

    UPDATE: The Wayback Machine also has a copy of my article. I shoulda checked! Click here to see it.

    Get the scoop, straight from Mother Jones.
    • Previous: American Hospitals are Ungodly Expensive
    • Next: Chart of the Day: Household Income Finally Beats 1999 Record
    • What are the three credit reporting agencies





    Credit Reference Agencies Explained, Experian, credit reference agencies.#Credit #reference #agencies

    Credit referencing and you

    For most people, credit is an important part of their life. There are very few people who do not have some type of credit agreement, such as a car loan, a credit card, an overdraft, a mortgage, mail order account or even a mobile phone contract.

    Companies want to be fair and responsible when they decide whether to offer these credit agreements to someone. They also want to make sure they have all the information they need to make the decision relatively quickly, that the applicant can afford to repay any credit offered and they want to guard against fraud, which is a serious and growing problem.

    To help them with all this they use Credit Reference Agencies (CRAs).

    Why do we have Credit Reference Agencies?

    In the UK we have a highly developed credit referencing system that gives people access to affordable credit, in the most efficient way possible.

    CRAs provide information to organisations to help them decide whether to lend you money or give you goods or services on credit.

    • Without CRAs, companies would need to collect information about how you’ve managed credit in the past and other publicly-available information about you themselves every time you made a credit application
    • That would make it a very long, slow process and increase the likelihood of decisions being made without all the necessary information as well as heightening the risk of fraud

    Credit reference agencies

    How does the process work?

    Companies that lend you money and those that provide goods and services before you have to pay for them share information about how each of their customers are managing their credit accounts. These lenders include:

    • Banks and building societies
    • Utility companies
    • Mobile phone operators
    • Social housing providers

    The role of a CRA is to organise this shared information to help make the lending process fair. CRAs don’t own the data, which is simply a copy of the information all the different lenders hold – and they don’t make any decisions based on it.

    This means that when you apply for credit, the lender or service provider can check how reliable you are – looking at how you have repaid other lenders in the recent past and how you are managing your current credit agreements.

    This means that when a lender needs to make a decision on your application, everything they need is in one place.

    Credit reference agencies

    What credit reference agencies don’t do

    • Make the decision if an application is successful or not – the lenders make these
    • Know which applications are successful or declined
    • Know why a person may have been declined credit
    • Hold information about people’s race, religion, sexuality, political beliefs or medical history
    • Have a black list of people or properties to whom lenders won’t give credit

    What credit reference agencies do

    • Hold factual information as provided by lenders and public records
    • Put information they receive through tests to find inconsistencies or obvious mistakes. It’s then regularly tested after that
    • Update the information they hold every four to six weeks when lenders provide updates
    • Work with people to ensure their credit report is accurate and up to date and facilitate the investigation and correction of information that has been queried as inaccurate
    • Store information securely with access in line with the Data Protection Act

    Who can do a credit check on you?

    In the vast majority of cases the only person who can carry out a credit check is yourself and people you give permission to. If you make a credit application, part of the process will include giving the potential lender consent. Credit information is private and you can’t check another person’s credit report.

    There are very limited scenarios in which a credit check can be carried out without consent, e.g. when the police are investigating crimes.

    Credit reference agencies

    How can you look at your own credit report?

    At Experian we offer people two credit monitoring products to meet their needs. The ВЈ2 Statutory Report is designed for those that want to ensure all the information filed on their credit report by third party organisations is accurate and up to date.

    We also offer a membership product called CreditExpert, which is designed for those that actively want to understand, manage and improve their credit rating before they apply for credit.

    Credit reference agencies

    What can you do if you disagree with anything on your credit report?

    • If you disagree with something on your Experian Credit Report, contact us to let us know
    • We will then speak to the lender who provided the information to ask them to investigate and confirm if everything is accurate
    • You can also add a notice of correction of up to 200 words where you can explain the information held about you. This makes sure that any future application for credit is ‘referred’ when it is being processed – in other words, the lender must read and take account of the notice
    • If the lender agrees that the information in question is incorrect, your records will be updated by the lender
    • In the case of a mistake in your credit account information, an amendment has to be authorised by the lender concerned because that lender owns the information
    • If the lender disagrees that the information is incorrect and you cannot come to an agreement, the issue can be referred to the Information Commissioner’s Office who will review the case and make a ruling on the matter

    Credit reference agencies





    Credit Reference Agencies Explained, Experian, credit reference agencies uk.#Credit #reference #agencies #uk

    Credit referencing and you

    For most people, credit is an important part of their life. There are very few people who do not have some type of credit agreement, such as a car loan, a credit card, an overdraft, a mortgage, mail order account or even a mobile phone contract.

    Companies want to be fair and responsible when they decide whether to offer these credit agreements to someone. They also want to make sure they have all the information they need to make the decision relatively quickly, that the applicant can afford to repay any credit offered and they want to guard against fraud, which is a serious and growing problem.

    To help them with all this they use Credit Reference Agencies (CRAs).

    Why do we have Credit Reference Agencies?

    In the UK we have a highly developed credit referencing system that gives people access to affordable credit, in the most efficient way possible.

    CRAs provide information to organisations to help them decide whether to lend you money or give you goods or services on credit.

    • Without CRAs, companies would need to collect information about how you’ve managed credit in the past and other publicly-available information about you themselves every time you made a credit application
    • That would make it a very long, slow process and increase the likelihood of decisions being made without all the necessary information as well as heightening the risk of fraud

    Credit reference agencies uk

    How does the process work?

    Companies that lend you money and those that provide goods and services before you have to pay for them share information about how each of their customers are managing their credit accounts. These lenders include:

    • Banks and building societies
    • Utility companies
    • Mobile phone operators
    • Social housing providers

    The role of a CRA is to organise this shared information to help make the lending process fair. CRAs don’t own the data, which is simply a copy of the information all the different lenders hold – and they don’t make any decisions based on it.

    This means that when you apply for credit, the lender or service provider can check how reliable you are – looking at how you have repaid other lenders in the recent past and how you are managing your current credit agreements.

    This means that when a lender needs to make a decision on your application, everything they need is in one place.

    Credit reference agencies uk

    What credit reference agencies don’t do

    • Make the decision if an application is successful or not – the lenders make these
    • Know which applications are successful or declined
    • Know why a person may have been declined credit
    • Hold information about people’s race, religion, sexuality, political beliefs or medical history
    • Have a black list of people or properties to whom lenders won’t give credit

    What credit reference agencies do

    • Hold factual information as provided by lenders and public records
    • Put information they receive through tests to find inconsistencies or obvious mistakes. It’s then regularly tested after that
    • Update the information they hold every four to six weeks when lenders provide updates
    • Work with people to ensure their credit report is accurate and up to date and facilitate the investigation and correction of information that has been queried as inaccurate
    • Store information securely with access in line with the Data Protection Act

    Who can do a credit check on you?

    In the vast majority of cases the only person who can carry out a credit check is yourself and people you give permission to. If you make a credit application, part of the process will include giving the potential lender consent. Credit information is private and you can’t check another person’s credit report.

    There are very limited scenarios in which a credit check can be carried out without consent, e.g. when the police are investigating crimes.

    Credit reference agencies uk

    How can you look at your own credit report?

    At Experian we offer people two credit monitoring products to meet their needs. The ВЈ2 Statutory Report is designed for those that want to ensure all the information filed on their credit report by third party organisations is accurate and up to date.

    We also offer a membership product called CreditExpert, which is designed for those that actively want to understand, manage and improve their credit rating before they apply for credit.

    Credit reference agencies uk

    What can you do if you disagree with anything on your credit report?

    • If you disagree with something on your Experian Credit Report, contact us to let us know
    • We will then speak to the lender who provided the information to ask them to investigate and confirm if everything is accurate
    • You can also add a notice of correction of up to 200 words where you can explain the information held about you. This makes sure that any future application for credit is ‘referred’ when it is being processed – in other words, the lender must read and take account of the notice
    • If the lender agrees that the information in question is incorrect, your records will be updated by the lender
    • In the case of a mistake in your credit account information, an amendment has to be authorised by the lender concerned because that lender owns the information
    • If the lender disagrees that the information is incorrect and you cannot come to an agreement, the issue can be referred to the Information Commissioner’s Office who will review the case and make a ruling on the matter

    Credit reference agencies uk





    Credit reports available online for all consumers, credit reference agencies uk.#Credit #reference #agencies #uk

    Credit reports available online for all consumers

    This was published under the 2010 to 2015 Conservative and Liberal Democrat coalition government

    An agreement between the Department for Business, Innovation and Skills and the industry means consumers will now have easier access to their…

    Credit reference agencies uk

    An agreement between the Department for Business, Innovation and Skills and the industry means consumers will now have easier access to their credit reports. Continued free access to credit reports for victims of ID fraud and the financially vulnerable has also been secured by the government.

    Credit reference agencies and consumer groups have committed to work together to raise awareness of the importance of checking credit records.

    Consumer Minister Edward Davey said:

    “These are highly beneficial changes. All consumers now have easier access to their £2 statutory credit reports, with victims of ID fraud and the financially vulnerable receiving free access to their reports. These significant improvements will help consumers take better control of their finances.”

    Credit reports allow consumers to monitor their financial commitments by viewing, for example, what credit commitments they have outstanding and any late payments they have made. It is important as the information held on their credit reports may affect their ability to access further credit or get the best deals in the future.

    Previously, statutory credit reports for £2 were only available by post, which could take seven days to arrive.

    Peter Vicary-Smith, Which? Chief Executive said:

    ‘This should provide a quicker and more convenient access for consumers to their credit file, and could encourage more people to check their file more regularly. This is a welcome initiative in the battle against fraud and the elimination of faulty data.’

    1) Consumers have a statutory right to access a copy of their credit report under the terms of the Consumer Credit Act 1974. The charge under the statutory scheme for consumers to access their credit report is £2. This covers a proportion of the administration costs.

    2) In the July 2009 Consumer White Paper the Government committed to working with the credit reference agencies (CRAs) to improve peoples’ access to understanding of their credit reports.

    3) A case study from the credit report agency Equifax, which has been offering £2 statutory reports online since February 2010 can be found below. Both case studies are available for interview and can be contacted via Louise Fowler at Harrison Sadler on 020 8977 9132.

    4) Free reports will be offered to those referred by debt advice agencies, which Experian has done since 1996.

    5) The three credit reference agencies are online at:

    6) BIS’ online newsroom contains the latest press notices, speeches, as well as video and images for download. It also features an up to date list of BIS press office contacts. See http://www.bis.gov.uk/newsroom for more information.

    John lives in South East London and obtained a copy of his £2 statutory credit report online after fraudsters managed to open a bank account in his name and subsequently used this to set up mobile phone contracts, defrauding the mobile phone companies out of thousands of pounds.

    “Becoming involved in this sort of fraud was a real shock, you never expect it will happen to you. As I could look at my credit report instantly online it provided me with the reassurance and peace of mind that no other fraudulent activity was happening in my name. I certainly found the process of ordering my statutory report from Equifax’s website straightforward and convenient.”**

    A local government worker, John Lynch, from Walton, Surrey was thinking about getting finance for some home improvements. He was already aware of the role of credit information in the application process and had previously obtained a copy of his statutory credit report by post. He was, therefore, really pleased to see that Equifax was now offering access to his £2 statutory report online instantly – so he could check that all the information held on him was correct straight away and then get on with making applications for new finance.

    “It was so easy and convenient to access my credit report online for just £2. In the past I had ordered my statutory report through the post and whilst it only took 7 days that’s still a bit of a delay when you just want to get on with making an application for new finance. So being able to do the whole thing online – including accessing the report so that I could check that all the details about my current credit status were correct – was great!”

    Notes to Editors

    Contact Information

    Name BIS Press Office Job Title

    Division COI Phone

    Name Olivia Campbell Job Title

    Division Department for Business, Innovation and Skills Phone 020 7215 5363 Fax





    Security Freeze Procedures, Washington State, three credit agencies.#Three #credit #agencies

    Attorney General

    Security Freeze Procedures

    • Identity Theft Victims: Free (submit valid police report)
    • All Adults 65 and Older: Free
    • Electronic Data Breach Victims (unencrypted personal information stolen or otherwise compromised): Free, for the time being (submit security breach notice)
    • Non-Victims Under 65 years old: $10

    Equifax Security Freeze

    Atlanta, GA 30348

    * AGO recommends certified mail when sending personal information.

    • Name, current and former address, Social Security number, date of birth
    • Proof of current address such as a utility bill
    • Pay by check, money order or credit card. Credit card (Visa, Master Card, American Express or Discover). Give name of card, account number, expiration date, identification number from back of card
    • ID theft victim must include: valid copy of police report, investigative report or complaint filed with other governmental law enforcement agency report (such as DMV report)
    • Online: https://www.freeze.equifax.com
    • Phone: 1-800-685-1111
    • Mail:

    Equifax Security Freeze

    • 10-digit PIN
    • Date range of your lift
    • If making request by mail, also provide proof of identity and current address. See “Request a Freeze.”

    Cost: Free for ID theft victims and those 65 or older; $10 for everyone else.

    • Online: https://www.freeze.equifax.com
    • Phone: 1-800-685-1111
    • Certified Mail:

    Equifax Security Freeze

    Experian

    • Identity Theft Victims: Free (submit valid police report)
    • All Adults 65 and Older: Free
    • Electronic Data Breach Victims (unencrypted personal information stolen or otherwise compromised): $10 unless information has been fraudulently used to commit identity theft
    • Non-Victims Under 65 years old: $10

    Experian Security Freeze

    * AGO recommends certified mail when sending personal information.

    For overnight mail, use this address:

    711 Experian Parkway

    • Full name, with middle initial and Jr./Sr., etc., current address and home addresses for past two years, Social Security number, birth date
    • Proof of government-issued ID card (driver’s license, military, etc.)
    • Proof of current address such as utility bill, bank or insurance statement. (NOT ACCEPTABLE: credit statements, voided checks, lease agreement, magazine subscriptions or postal service forwarding orders)
    • Pay by check, money order or credit card. Credit card: Give name of card, account number and expiration date.
    • ID theft victim must include: valid copy of police report, investigative report or complaint filed with law enforcement agency
    • Online: www.experian.com/freeze
    • Phone: 1-888-EXPERIAN (1-888-397-3742)

    Name, address, birth date, Social Security number

    Cost: Free for ID theft victims; $10 for everyone else.

    • Log on to ww.experian.com/freeze or call 1-888-EXPERIAN (1-888-397-3742), or write to Experian Security Freeze, P.O. Box 9554, Allen, TX 75013
    • Enter you identification information (name, address, birth date, Social Security number)
    • Provide PIN

    Cost: Free for ID theft victims, $10 for everyone else

    Transunion

    • Identity Theft Victims: Free (submit valid police report)
    • All Adults 65 and Older: Free
    • Electronic Data Breach Victims (unencrypted personal information stolen or otherwise compromised): $10 unless information has been fraudulently used to commit identity theft
    • Non-Victims Under 65 years old: $10

    Chester, PA 19016

    * AGO recommends certified mail when sending personal information.

    • Social Security Number, address, date of birth and other documentation, as requested.
    • Proof of address, such as driver’s license or state-issued ID card.
    • Pay by check or credit card.
    • Online: http://www.transunion.com/personal-credit/credit-disputes/credit-freezes.page

    (No fee if request made online.)

  • Phone: 888-909-8872 if you wish to temporarily lift your Security Freeze via telephone.
  • Mail:

    Complete the Lift section of the Security Freeze Form that was sent to you when you requested the freeze.

    • TransUnion file identification number (FIN)
    • Security Freeze PIN
    • Start and end dates. Minimum period is three days, maximum is 30 days.
    • A global lift will allow any third-party with a permissible purpose to receive your credit report. A specific third-party lift will allow only those with a unique access code to receive your credit report. This access code will be provided to you at the time the specific third-party lift is set.
    • Payment by credit card (American Express, Discover, MasterCard, VISA)

    Cost: Free for ID theft victims , those 65 and older and online requests; $10 for everyone else.

    • Online: http://www.transunion.com/personal-credit/credit-disputes/credit-freezes.page

    (No fee if request made online.)

  • Phone: 888-909-8872 if you wish to temporarily lift your Security Freeze via telephone.
  • Mail:

    Complete the Lift section of the Security Freeze Form that was sent to you when you requested the freeze.

  • TransUnion will remove the Security Freeze within three business days and will notify you of the removal

    Cost: Free for ID theft victims, those 65 and older and online requests; $10 for everyone else.

    • Online: http://www.transunion.com/personal-credit/credit-disputes/credit-freezes.page

    (No fee if you know your current PIN)

  • Phone: 888-909-8872
  • Chester, PA 19016

    Include TransUnion file identification number (FIN), Social Security number, birth date, and PIN

    If you lose the PIN that was issued to you when you added the Security Freeze to your credit file, you may request a new one in writing. Provide proof of identification, such as a copy of your driver’s license, passport, birth certificate or other proper identification forms.





    Credit Data Reporting Services for Data Furnishers, Reporting Credit Data to Experian, credit reporting agencies.#Credit #reporting #agencies

    Credit Data Reporting Services

    Customer Management

    For us, it s all about promoting a healthy credit eco-system for everyone.

    Reporting consumer data to credit bureaus is essential for your customers to reach their financial goals and imperative for you to grow your business. By reporting credit data to Experian, you can:

    • Reduce risky lending decisions With access to more comprehensive credit data, lenders have a more accurate picture of a consumer s behavior and can make more informed and less risky decisions.
    • Minimize delinquencies and collections Other credit grantors may offer credit to your customer, not knowing that the customer already has an obligation to you. This may result in your customer getting over-extended and negatively impact their ability to pay you.
    • Increase on-time payments and collect bad debt When customers know that their lenders report, they are more likely to pay on time. You can also encourage late payers to resolve outstanding debts before delinquency affects their credit.
    • Improve your customers experiences and cross-sell By reporting positive data about your customers, you can reward good behavior and extend additional credit for other products and services.
    • Align with regulatory expectations and industry best practices While credit data reporting is voluntary, you can align with regulatory priorities and best practices to help and protect the consumer throughout their financial journey.

    Reporting credit data to Experian is fast, simple and easy and we ll help you every step of the way. Call us: 1 800 831 5614, option 3

    For information on Experian s Business Data Reporting Program, please visit http://www.experian.com/datareportingbusiness

    Credit reporting agencies





    Who Are the Three Major Credit Bureaus, credit reporting agencies.#Credit #reporting #agencies

    Who Are the Three Major Credit Bureaus?

    Credit reporting agencies

    Credit bureaus, also called credit reporting agencies, are companies that collect and maintain consumer credit information then resell it to other businesses in the form of a credit report.

    There are many credit bureaus in the United States, but most people are familiar with the big three: Equifax, Experian, and TransUnion. These bureaus are all publicly-traded, for-profit companies who are not owned by the government.

    The government does, however, have legislation, the Fair Credit Reporting Act, regarding how these and other credit bureaus should operate.

    Credit bureaus have business relationships with many banks, credit card issuers, and other businesses that you may have an account with. Because of this connection, your account history will appear on one or all three of your credit reports with these bureaus.

    You have a right to view your credit report and you can order a free credit report from each of the three major credit bureaus each year through AnnualCreditReport.com. You can also purchase a credit report directly from any of the credit bureaus at any time. Two of the credit bureaus, Equifax and Experian, offer 3-bureau credit reports which include all three major credit reports in a single document.

    You may also need to contact a credit bureau directly to dispute inaccurate information in your credit report, purchase a credit score, or to place a fraud alert or security freeze on your credit report.

    Otherwise, you generally wouldn t interact with a credit bureau, even though they play a major role in your financial life.

    Contact Information For the Three Credit Bureaus

    Atlanta, GA 30374-0241

    Allen, TX 75013-0949

    Chester, PA 19022

    What the Three Bureaus Do and Don t Do

    The major credit bureaus receive credit-related information from companies that you do business with. They may also pull relevant public records, like tax lien or bankruptcy, and include that information in your credit report.

    The major credit bureaus sell your credit information to businesses who have a legally valid need for viewing your credit information. Your information is also sold to companies who may prescreen you for their products and services. For example, a company who you ve applied for credit with would have a valid need for looking at your credit report.

    The major credit bureaus only provide the information or other analytical tools to help businesses make decisions about which customers to accept and the price they should charge. The bureaus themselves do not make the decision.

    Credit Bureau Differences

    These three credit bureaus, like all other credit bureaus, are separate entities and operate independently of each other. They generally do not share your account information with each other.

    Your creditors may report to all three of the major credit bureaus or just one of them.

    Because of that, the information in your credit file may be different between the three credit bureaus.

    When potential creditors and lenders check your credit, they may only pull one bureau s credit report, rather than viewing all three. (It s often less expensive for businesses to check just one credit report.)

    Because your credit reports may be different from each other, it s important that you review your reports from all three bureaus.

    FICO Is Not a Credit Bureau

    FICO is another major company in the credit industry. FICO developed and maintains the FICO credit score, but it is not a credit bureau. While they compile your credit score based on data from the major credit bureaus, they do not collect credit report data on their own.

    Ready to start building wealth? Sign up today to learn how to save for an early retirement, tackle your debt, and grow your net worth.