Posted on
February 8, 2010
at
5:51 am
About consumer reporting agencies - also known as the credit reporting bureaus - of which there are three major groups - Equifax, Experian and TransUnion.
Posted on
February 8, 2010
at
5:53 am
What are consumer reporting agencies (credit reporting bureaus) for?
Posted on
February 8, 2010
at
5:58 am
They are all about the record keeping & maintenance of consumer credit files (debts & level of responsibility when it comes to repayment).The bureaus uses the FICO scoring system (generally) that ranges from 300 to 850. It helps lenders decide whether to lend, extend credit, or not. All three credit bureaus are under the Fair Credit Reporting Act.
Posted on
February 8, 2010
at
6:00 am
What about this FICO scoring system that the consumer reporting agencies use? And can consumers challenge the report of these bureaus?
Posted on
February 8, 2010
at
6:04 am
Of course they can challenge the errors! That's the beauty of democracy for you;According to the FCRA consumers can dispute information that they deemed in error in their reports, and the bureaus are given 30 days to verify them, - failure to do so proves the consumer's claim correct & the bureau has to - not only correct the info but also provide the consumer ith an updated copy of the report.
Posted on
February 8, 2010
at
6:10 am
About the FICO score - here's its breakdown:-35% Payment History- 30% Amount Owed-15% Length of Credit History-10% New Credit-10% Types of Credit Used
