Credit Rating Agency
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Credit rating agencies offer reports to American consumers, financial institutions, and employers that request information about an individual's credit history. They can be found online or in a person's local area. Any company, that offers financial reports, receives information from one of the three main credit reporting agencies in the US. Equifax, Trans-Union, and Experian are the three major reporting groups and provide uniformity in information among other subsidiary bureaus or credit rating agencies.
All of these companies are for-profit institutions and can receive their services for a fee. A credit rating agency offers reports to consumers online within a few minutes of application. If for some reason, a borrower needs to know what his credit report is showing, it is simple and easy to get that information very quickly. These firms can provide a financial score. It is always good to obtain all three reports in order to compare information.
It has been estimated that almost 40 percent of an individual's financial history can be inaccurate, at one time or another, no matter which credit rating agency a borrower chooses. All three of the major credit rating agencies do not receive their information from exactly the same sources. There can be times that one company may receive information on a past due account when actually the borrower has paid it in full several months ago. Sometimes a bureau stores information without updating it according to loans paid off, bankruptcy issues erased, and a multitude of other smaller issues that can cause credit problems.
It is advised that consumers obtain their reports from these bureaus at least once a year in order to correct any mistaken information. If a borrower does not request a report from a credit rating agency in advance of applying for loans or jobs, he may not know there is a problem until he is denied a loan or employment. It can be costly for consumers when there is a mistake, so be diligent in periodically contacting these bureaus in order to determine where your financial history stands. If a person finds a discrepancy, he doesn't need to despair. Our first line of defense is God. Proverbs tells us to "trust in the Lord with all thine heart; and lean not unto thine own understanding. In all thy ways acknowledge him, and he shall direct thy paths" (Proverbs 3:5-6). Any financial problem can be overcome through God's strength and wisdom.
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