What is a credit report?
Initially, credit scoring was an attempt to remove issues
like RACE, GENDER, SOCIO-ECONOMIC CLASS, and INCOME from an overall assessment
of every consumer's credit report.
Before the 70's, a credit report would very often include such things as
whether you were black or white, whether you embraced a particular religion
or were atheist, rich or middle-class, whether somebody thought you were an
alcoholic, courtroom quotes from ex-spouses, and whatever else they could
find. Some bankers would even deny you simply because the loan officer
thought you looked strange.
Whenever you apply for any type of credit or financing, a credit report is
pulled from at least one of the three major credit bureaus. While there are
hundreds of smaller credit bureaus around the country, virtually every
credit bureau is affiliated with Experian, Trans Union, or Equifax.
These credit bureaus collect and maintain information on the vast majority
of Americans, but they are not affiliated with the government in any way.
The
credit bureaus are for-profit corporations and they sell your personal
information for money.
The credit bureaus receive your personal information through the same
lenders who grant you credit. They have agreements with each of these
credit grantors that require the credit grantor to inform the credit
bureaus of everything that occurs in your relationship with the credit
grantor. If you make a payment late, the negative credit listing is
quickly reported to at least one of the three major credit bureaus and is
added to your credit history. Credit reports are histories of everything
you are doing with your credit now, and everything you have done in the
past.
The credit bureaus collect this information, list it on your credit report
and then sell it to other credit grantors who wish to see your credit
history before they decide to lend you money. If you have shown any tendency
to pay late, or to disregard your financial commitments in the past, then
the creditors' will immediately reject your application.
Contact our customer service department with
any questions at: customerservice@americandebtnegotiation.com
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