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Credit Report and Score<br>Related Legal Information  

Credit Report and Score
Related Legal Information

To better understand the issues relating to your legal situation or problem, our legal information and other law related facts may be of interest to you


Credit Report types

A Credit Report (credit profile) is a true track of your credit payment history. It's offered to companies and private individuals by Credit bureaus for purposes permitted by law, typically to give you credit. The main reason of a Credit Report is to assist a credit grantor in deciding whether to grant you credit looking at your credit payment history. A Credit Report is a report showing information from your credit file (a database backed by a Credit bureau keeping your credit history). Surprisingly, but more than 205 million people in the United States have a credit card, car loan, mortgage or student loan. It is essential that almost all of them have a Credit Report file. The data in your credit profile is taken directly from the institutions you have credit with, as well as from government institutions such as the Legal court systems.
When you submit application to obtain any type of credit or financing, a copy of Credit Report is generally taken which includes information from at least one of the three major Credit bureaus (Experian, Equifax and Trans Union). Anyway, these are not the only Credit bureaus. There are hundreds of less important Credit bureaus around the country, but the majority of credit grantors will consider information from one of the "Big Three." Here you can see various types of credit profiles available:
- Consumer Credit Profiles
- Property Manager Credit Profiles: These Profiles are generally the same as a standard Consumer credit profile.
- Business Credit Profiles. The major purpose of them is to find out a business's credit worthiness. These reports usually contain information on the primary business activity and SIC code; agency background data besides company statistics such as years in business, number of employees, estimated sales, principal(s) and their titles; standard Consumer-report-type data such as inquiries, accounts and status, public records. Quite often it states payment trends of other institutions by SIC group, depicting how a company is doing in comparison to the industry average.
- Employer Credit Profiles. Besides the data usually included in a Consumer credit profile it may state current and previous employment verification; education verification; address verification; Department of Motor Vehicles record check; and criminal records check.
- Mortgage Broker Credit Profiles. These kinds of reports must meet or exceed all norms stated by HUD, FHA, VA, FMHA, FNHA, FNMA and FHLMC. It includes Consumer credit data nationwide merged from at least two national credit repositories, and contains manually verified name, address and employment history when available, plus public record, trade lines and inquiry data. Risk scoring schemes from the national bureaus can also be stated.
The Credit bureaus raise income by collecting your credit data from credit grantors, showing the information in your credit file, offering it to other credit grantors who want to consider your credit history before they realize whether to lend you money. If you have had any trends to pay late or to default on paying your financial obligations, many credit grantors' computers are programmed to momentarily decline your application.
Credit bureaus gather your personal data from the same lenders who grant you credit through contracts they have signed that make the credit grantor to inform the Credit bureau of everything that happens in your business with the credit grantor. A Credit bureau gathers and maintains data on the majority of Americans, but they are not dealing with the government in any way. You have certain rights and protection through the Fair Credit Reporting Act (FCRA). The Credit bureaus are for-profit corporations and they sell your personal information for money.
For instance, if you are late with a payment, this event is quickly submitted to at least one of the major Credit bureaus and is placed in your credit profile. Credit files not only state how you are managing your credit in this particular moment, but they also show a chain of everything you have performed in the past as far as your credit is affected.
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Equifax's Grip on Mortgage Data Squeezes Smaller Rivals

New York Times
Unlike its competitors, Equifax also charges more for a type of credit report used by housing counselors who work with troubled consumers to get their finances back on track. There are two types of credit reports — a “hard pull” and a “soft pull.” A ...
Equifax's Grip on Mortgage Data Squeezes Smaller Rivals