There are many credit rating bureau or credit rating agencies. Amongst them, there are three credit rating agencies, which are very prominent.
The three most recognized credit rating or consumer rating agencies are as follows:
Trans union credit bureau
Equifax credit bureau
Experian credit bureau
Trans union credit report is provided on a monthly basis. Trans union credit report is chargeable, the charges of which are negligible as compared to the services offered by the Trans union credit rating company.
A Trans Union credit report does not rate consumers for credit because standards followed by creditors as well as lenders differs widely.
Role played by the trans union credit bureau:
Accepting applications for loan or credit denials do not fall within the purview of the Trans union credit bureau. A trans union credit report does not rate an individual or generate numerical scores. The trans union credit report, worked out by trans union credit bureau, only assists the creditors in getting complete information about the consumer. With the help of the information contained in the trans union credit report, the lenders are in a position to assess the consumers repayment habits and take a decision with regard to the individual’s credit accounts.
The trans union credit report contains information pertaining to the consumer’s identifying details, names of individuals or institutions who have demanded the credit report of the individual, data denoting the credit history of the borrower.
In other words, the trans union credit report furnishes details on the following:
Credit report requests
Credit account history
Here, public history is the information collected from people with regard to the consumer’s creditworthiness as well as the credibility. It also includes information verification of the consumer. All these details are taken into account because, whenever a lender is lending credit to any individual, the lender always stands a chance of facing non repayment.
The trans union credit report can be checked at regular intervals by the consumer. The data contained in the credit report of trans union credit bureau is regularly up dated and keeps changing. So, one may as well avail of a free trans union credit report to edit any incorrect information. Identity theft can also be prevented, if the credit report is monitored on a regular basis.
In the event, when an individual wants to avail of a loan in future, after setting records straight( if the individual has a bad credit history), the target credit amount can also be ascertained by keeping a trace of the credit report. Accordingly, rate of interest can also be decided up on by the lender. The consumer will also be allowed to rent premises, get employed in a place of the individual’s choice and enjoy a low rate of interest for any credit account.
Repairing credit reports is also allowed. There are several ways, by which a bad credit report can be repaired. The companies assisting individuals in repairing credit reports are expected to abide by certain laws. These laws have been implemented in order to protect the borrowers from being cheated or from being ill treated.