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Keep An Eye On Consumer Reporting Agency Financial Reports

By Faye Mergel
Published: Wednesday, June 9th, 2010

CULTRF-00012386-001Consumer Reporting Agencies are institutions being hired in order to investigate about the financial obligations of people. These are legitimate businesses that are tasked to collect credit and spending information of various people. They collect inormation first hand from court decisions (for bankcruptcy), lenders (for auto or house loans), and other informal lenders in the neighborhood.

The information they collected is compiled into individual records and is in turn being sold to credit bureaus such as Experian, Equifax and TransUnion. These three bureaus are also the source of your credit reports and thus there is a big chance that your consumer reports will have the same information as your credit reports. This is problematic especially if the consumer reporting agency placed wrong information under your consumer report and sold it to any of the three credit bureaus.

That is why when employers view your credit report and finds some bad records, you must check it right away and see if it is consistent with the credit report. Since the credit bureaus buy the information, most likely wrong information from credit reporting agencies will be rflected on your credit report that are being issue by the credit brueaus.

Without regularly checking credit information, consumers are subjected to being given subprime rates and getting denied loan applications. Bad records of a namesake might find its way to another consumer’s records so there is a need to check the records regularly. You might also be a victim of identity theft without even knowing it.

Employment firms can also make use of consumer reports in order to assess the people that are being considered for employment. Insurance firms are also hiring agents to know more about a consumer’s fianncial status. This is done in order to gauge the possibility of that person for filing a claim. The higher the possibility, the higher the premium will be. And it is also dependent on the credit score.

Remember that these consumer reporting agencies are manned by professionals in the field. However, it does not eerase the fast that typographical errors might have occurred somewhere in the process of filing information under a creditor’s name. While you are entitled to have the records corrected, it is still best to preempt this from happening and order your reports regularly. The law enetitled each consumer to a free credit report annually—one from each credit bureau. Make the most out of this and stay out of credit trouble.

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