The credit report prepared by Experian credit bureau is referred to as an Experian credit report. Experian credit bureau was formerly known as TRW credit bureau. There are three main credit bureaus, which are known to extend quality service to its clients. Experian credit bureau is one of them. The other two include Trans Union credit bureau and Equifax credit bureau.
Importance of Experian credit report:
A credit report, slated by a credit bureau has all the information, which may be required by a lender to decide, whether a loan account application should be entertained or not. The lending companies or institutions make use of the credit report to evaluate the payment history of the customer or the borrower.
An Experian credit report provides the following information about the borrower:
Contact details, which may include telephone numbers, fax numbers, email.
Source of income
Number of Credit accounts
Type of credit account.
In addition, to the above listed details, a credit report may also have other related information, as may be deemed necessary. Experian credit report assists a lender to be aware of a consumer’s payment tendencies. The report also evaluates, if the loan amount will be repaid by the consumer. This is done, because whenever, a lender sanctions a loan amount to any individual, the lender always stands a chance, of the money not being paid back within the specified period of time.
Experian credit report rating:
Many aspects are looked into, while rating the Experian credit report, identical to the process followed while rating other credit reports. Rating is usually done to calculate the rating score of a particular credit account belonging to a consumer. After rating is done, a value is obtained, which is numerical in nature. Depending on the range, the financial status of the borrower is known.
Experian credit report repair:
Several people debate, whether a credit report can be repaired or not. But the fact is it can be repaired. And still better, if the credit report repair is done by the consumer himself. The question of paying the credit score repair company, will not arise and not all companies, indulging in credit report repairs are authentic in nature and in the services they offer.
Safeguarding the rights of consumers:
If an Experian credit report is found to have mistakes, incorrect information, theft of identity, bad credit history, the report needs to be repaired. However, in this context the consumers may be tricked into fraudulent methods of report repair. To prevent this, several laws have been introduced.
Fair Credit Reporting Act
Equal Credit Opportunity Act
Fair Credit Billing Act
Fair Debt Collection Practices Act.
Reviewing an Experian credit report is essential to avoid many hassles like declaring bankruptcy and being drawn into debt settlement process. By tracing every transaction and keeping an eye on ones expenditure, a healthy credit report rating score can be maintained.