What’s in Your Credit File?
It is a common knowledge that credit bureaus keep lots of information, but not everyone knows exactly what information they keep. It’s as complete a record as they can get of your financial history, and they usually try to keep it for a minimum of seven years, and often longer. Here are some of the…
Why The Credit Bureaus LOVE Bad Credit
Your credit profile is made up of data collected by creditors, then reported to the credit bureaus. The bureaus then make a profit by selling this data in reports, leads, and other methods to creditors for the purpose of issuing new credit or soliciting you for credit. For example, when a creditor, such as CHASE,…
Who Are The Credit Bureaus?
The Fair Credit Reporting Act refers to the credit bureaus as Consumer Reporting Agencies or CRAs. The “Big 3” credit bureaus are Trans Union, Equifax, and Experian. There is a fourth reporting CRA known as Innovis, which creditors rarely use. These are private for profit companies who make money by collecting and selling consumer information.…
