A Credit Report Agency Plays an Important Part in Consumer Credit
Contributed by Melanie Vannuys
A Credit Report Agency Plays An Important Part In Consumer Credit.
A credit report agency plays an important part in consumer credit. Because of their efforts, accurate and timely decisions can now be made in just minutes, not hours or days.
The credit report agency monitors your credit report - which is the record of all of your credit activities, your credit card accounts, any loans you have and the balances of everything. It will also tell a potential creditor if anyone has had to file a judgment against you for not paying.
What Type Of Information Does A Credit Report Agency Put On My Credit Report And Who Can See It?
There are four basic elements that a credit report agency will put on your consumer credit report:
1. Your personal identifying information - name, address, telephone number, current and past employers, social security number and birth date;
2. Credit information - a list of all of your current credit cards and loans (even if they are closed) and their payment history. It will tell a potential creditor the date the account was opened and closed and your credit limits, too;
3. Public Record Information - any state and county records that you're involved with (i.e. bankruptcy, tax liens, judgments);
4. Recent inquiries - any time you apply for credit, the potential creditor pulls a copy of your credit report. Too many recent inquiries can put up a red flag to the potential creditor that you may be in financial straits.
