Good credit is essential in America today, because so
many of the things we want to buy must be financed or
bought on credit. And once you have a bad credit rating, it
is nearly impossible to avoid detection. A vast network of
credit reporting agencies keeps track of every American
who does business or buys on credit. These agencies are
the gatekeepers of credit. Each time you apply for credit
through a bank, store or credit card agency, the
prospective lender typically checks your current credit
rating with one or more of these agencies.
There are three main credit bureaus(experian, equifax,
and transunion) , which process millions of credit reports
each year and have tens of thousands of business
subscribers. Subscribers are the businesses that pay to
obtain the credit information contained in a bureau’s files.
Subscribers believe that the information contained in your
credit file is a good indication of your credit worthiness,
since how you have paid other creditors in the past is an
indication of how you may act in the future. Subscribers
also use your credit file to verify information you have
provided on your credit application.
Unfortunately many times there are errors, outdated
information, inaccurate or incomplete information, and
unverifiable items on your credit report that prevent you
from being approved. Making sure that your credit report
is accurate and up-to-date is the first and best step you
can take to ensure the strength of your credit.
Please look through all of the information contained in the
credit education section of our site. Understanding your
credit is the key to a healthy credit score.
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