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Q and A

Obviously the concept of credit is based on a consumer’s reputation in remitting bills in a timely fashion. The way a consumer has demonstrated the remittance of debt, determines the consumer’s ability to qualify for approval for future financing or material goods. For instance, most consumers put their credit in exercise to obtain a vehicle loan, apartment leasing agreement, or student loan to pay for make a payment.

Does credit vary from one credit reporting agency to the next?

Short and simple, the answer is an unequivocal - yes. As many national lending institutions convey consumer credit data to all credit reporting agencies, certain smaller credit grantors or financing firms may report credit to only one agency. As a result, a credit report may vary from one credit bureau to the next.

On the other side of the spectrum, if a consumer employs credit daily, there may be certain number of unanswered questions about the way the credit industry works. Review the most frequently asked questions regarding credit reporting and tracking systems.

Precisely, what is a credit report?

In essence, a consumer credit report is verisimilar to a credit report card – per se. It contains an individual's financial credit payment history. By law, financial institutions are authorized to review credit report to decide whether or not to grant credit.

What data, details and information is contained in the credit report?

Basically, a consumer’s credit report includes four categories of information: the consumer’s identifying data, credit information/history, inquiries and public record information.

Specifically, what is the purpose of a credit bureau and how do they profit reporting consumer’s credit behavior?

Most credit reporting agencies or bureaus collect, sustain, and sell consumer information and credit history. The financial information is compiled regarding a consumer’s payment patterns from finance companies, banks, savings and loans, credit unions, retailers and others. Credit reports are sold by the agencies to lending institutions or creditors determining to grant credit approval.