Credit Report News, Tips & Advice
Website CertifiedPrivacy Protected
Credit Report News, Tips & Advice « Credit Reports > Credit Report Advice > Credit Report Advice as an Answer to Credit Bureaus

Credit Report Advice as an Answer to Credit Bureaus

By Andy Snyder
Published: Friday, October 23rd, 2009

Credit reports and credit scores are the two most basic assessment tools used by both lending companies and borrowers in looking at the borrower’s current financial situation. These assessments give an overview of the borrower’s credit history that will be used to judge the credit worthiness of the borrower. Credit reports would usually include six parts:

  1. Personal information;
  2. The profile Summary or Overview;
  3. The Account History;
  4. Public information;
  5. Inquiries;
  6. Creditor contacts.

These parts are sometimes too technical for the borrowers to understand; during such situations credit report advice is the best option for the borrower. The nature of this advice is to increase the credit worthiness of the borrower through strengthening his or her strong points of viability as a borrower and disputing his or her financial flaws. The proper balancing of these opposing sides of credit reports can make the borrower relatively better off in getting a loan proposal approved. On the other hand, credit scores must go hand in hand with credit reports and credit report advices. The tandem of these two is not only to strengthen the arguments that they present on the borrower’s credit worthiness, but also for the discrepancies that these assessments may yield.

In the United States there are three main operating credit bureaus which are Equifax, TransUnion, & Experian. They are commonly known as the Big 3. Credit bureaus are corporations that focus their funds and resources in reporting the financial histories, present financial situations, current income sources and other financially related aspects. These companies are the ones responsible on giving out these information regarding the borrowers to companies like lenders, creditors and any other companies with permissible reasons. They also make the credit reports and credit scores. Credit report advice will offer new ways of viewing the credit reports by these credit bureaus. The capabilities of these credit bureaus can only do much and at worse situations their information even get off tracked. As a matter of fact, 79% of the credit reports that individuals and companies get are inaccurate which also makes 79% of the credit scores inaccurate. Even if free credit reports are available to those who want it, the backlogs of using an inaccurate credit report also poses possibilities that the loan proposal will not be approved.

Credit reports both free and paid for can be fully utilized with credit report advice simply because it levels of the ground for both parties. Borrowers are given the chance to dispute the information given through credit reports by proving their dispute more correct as compared to the companies’ assumptions. While doing so, credit report advice also enables the lending companies to find the flaws of the credit bureaus in assessing the credit worthiness of a borrower. The recommendations of a good credit report advising company can make the whole process of loaning and lending relatively easier and more efficient. However, both borrowers and lenders should always bear in mind that the advices on credit reports are only good as the immediacy of disputing the faulty information in the credit report, both free and paid for.

No Comments

No comments yet.

RSS feed for comments on this post.

Sorry, the comment form is closed at this time.