The Facts About Credit Report Services

By Kelly Falbo


Almost every one in the United States has applied for a mortgage or loan. Everytime a consumer wishes to apply for these, records of their past and current debts are checked. Their rating serves as a major basis on getting approved for a loan. Those who use credit report services have an advantage over those who do not.

Credit reporting agencies are the ones who keep track of these records. In the U. S., there are 3 major reporting agencies, and one is free to choose which agency to opt for. Consumers get a free copy of their report annually from their chosen agency, as stated by law. Whenever a person applies for a loan or mortgage, financial institutions will need to run a check on the consumers debt history and rating.

The data is collected by the agencies from financial institutions and providers. These data are then supplied to customers, or banks where they have applied for a loan. Although all the agencies are responsible in record keeping and scoring, their methods of score calculation differ.

There are also firms who offer extra services when it comes to an individual's records. Two of the most sought after services are monitoring and resolution. The monitoring feature informs consumers on the important changes on their report. This can help individuals stay abreast on what is on their records. Most of these changes are shown on the member's account online. An email is usually sent to the member incase any changes have occurred.

One of the major advantages of having a resolution specialist is that an individual can verify the accuracy of their records. There are programs which can assist consumers in better understanding how the system works, and how they can improve their current rating. It is imperative for a consumer to know what they can do to better manage their financial standing.

It is important for one to know their current standing prior to applying for a loan or making a major purchase. This way, they would not have to lose points on their score in vain. A good score gone bad may be difficult to regain.

Nowadays, anyone can be a victim of identity theft. Someone else can put in an application for credit card using another person's information, which can cause serious harm to their financial standing. Using the right credit report services such as the monitoring feature can help a consumer track this kind of activity right away.




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