Christian 3 Credit Bureau
There are Christian 3 credit bureaus that generate peoples' credit reports as well as their financial score. The names of these particular businesses are Equifax, TransUnion and Experian. These institutions are the places where lenders such as banks or other financial agencies, charge card companies, and even landlords get financial information about credit history. The personal data stored at any of the companies will be evaluated and then given a score. That score received from any one of the 3 credit bureaus will tell a lender if someone is a new borrower, if he has an excellent standing, if one has a bad standing or if they are in the repossession process of a loan. The information from these agencies is so important because if people have a poor financial history and therefore a poor financial score, they will have difficulty getting a mortgage, a car loan, and possibly even renting an apartment.
One's information regarding their financial history can be seen by any of the 3 credit bureau. There are sites online that offer a free financial report for consumers. People have the right to see their financial report but there is one word of caution: no one should repeatedly run financial reports from all the agencies. Some lenders see this as negative behavior and it may reduce one's financial score. If people decide to run a report, and they find some inaccurate information, one can contact all 3 credit bureau agencies through their dispute departments. This is important because there have been times that people with exceptional repayment habits and honorable loan schedules have a poor financial score. This is most often because of false information showing up on an individual report. When this action is taken, all of these companies will address these issues promptly.
People can get more than their own credit information when they contact the 3 credit bureau agencies. A person can find out who has run a financial report on themselves in the last twelve months, and they can know the source of whoever has added information to their report. If people are denied a loan because of the results of a report produced by these companies, one has the right to see a copy of the report and then to dispute the unsatisfactory elements of the report. To find information on any of these institutions, a person can either search online by their individual names, or run a search for all 3 credit bureaus. This way people will get a clearer understanding of the importance of having an excellent financial report and how you are in word and deed as expressed in Proverbs 25:11, "A word fitly spoken is like apples of gold in pictures of silver."
The 3 major credit bureaus provide consumer financial information to all the other sub-companies that offer the same service. If a person has a local service, they can bet that they get their information from one of these in the country. One source is Equifax that provides online and phone assistance to anyone requiring financial information. Two other companies used regularly by consumers and businesses are Trans-Union and Experian reporting bureaus. Any particular source offers a toll free, 800 phone number as well as an online request format.
It is estimated that sometimes as much as 40% of a consumer's financial history can be incorrect through at least one of the sources. It is much easier to accumulate mistakes on a report than it is to remove them, so as soon as a mistake is detected, contact each of the sources that have the misinformation. Having a good history indicated through the 3 major credit bureaus is important in receiving low rate mortgages, car loans, and other secured or unsecured loans. Several states including Georgia, Vermont, Colorado and New Jersey are required to offer a free report to its citizens. "For the Son of man is come to save that which is lost." (Matthew 18:11)
These companies provide all the information from which all other reporting companies glean their consumer information. So if a company checking on financial history and score receives any information, it is always coming from this type of source. That is why it is important for anyone to keep tabs on what any one of the sources is reporting about financial history. Do not assume that all 3 major credit bureaus have accumulated the same information and are reporting the same scores as the others. Leviticus 25:35-38 says "And if thy brother be waxen poor, and fallen in decay with thee; then thou shalt relieve him: yea, though he be a stranger, or a sojourner; that he may live with thee. Take thou no usury of him, or increase: but fear thy God; that thy brother may live with thee. Thou shalt not give him thy money upon usury, nor lend him thy victuals for increase. I am the Lord your God, which brought you forth out of the land of Egypt, to give you the land of Canaan, and to be your God."
This source may receive information from different companies, banks and lending institutions. A source may also not have access, for one reason or other, to a particular piece of information that can significantly alter the score either positively or negatively. So, it is best to periodically run a financial check with all 3 major credit bureaus in order to compare reports and to look for any discrepancies. It is also highly probable that at least once in life a person will find at least one reporting error within one, if not in all of them.
Christian 3 in 1 Credit ReportA 3 in 1 credit report is a single document that contains a consumers credit information from each of the three major reporting agencies: Equifax, TransUnion, and Experian. This personal financial information is compiled into a record that is easy to understand, so the individual can review the information that each bureau is reporting. A person can receive this record or most credit reports online, allowing easy access to the information the bureaus are reporting.
The three major national reporting bureaus do not share information between each other. Consumers should review each of the bureau's credit reports online. A 3 in 1 credit report can give the individual a full picture, making comparisons simpler. There are some creditors that might not report to each bureau, so a side-by-side evaluation, is crucial when determining if data is correct. Getting credit reports online can save the consumer time, giving instant access to information that before, would take weeks to obtain and evaluate. Most can be downloaded and then printed within minutes. This quick and convenient online information will give consumers the ability to monitor their history, look for errors and to see what lenders are considering before making decisions about offering financial assistance. The ability to receive a 3 in 1 credit report has truly allowed consumers to take charge of their financial records and closely watch for mistakes on reports.
These records will include a wide array of information on the individual. They will list personal information such as the consumers name, address, date of birth, and Social Security Number. A 3 in 1 credit report also includes historical data such as previous addresses, current and previous employers, and other records like bankruptcies, tax liens, or judgments. This will also contain the individuals account, mortgage, and loan payment history that is reported to all three agencies.
By law, any consumer has the right to know what is in his or her financial records. Credit reports online can put this information in the hands of the individual so they can dispute and correct any mistakes or errors that may be included. If a person has been denied financing in the past, they can and should contact the bureau supplying the information, and request a free copy of this record. Under the federal Fair and Accurate Credit Transactions Act of 2003 (FACT Act), by September 2005 all consumers will be entitled to one free disclosure once a year. Using the information provided through these records will allow the individual to take control of his or her financial life. This information, along with faith in God, will provide anyone with the means and ability to turn a negative financial past into a positive future. "I have fought a good fight, I have finished my course, I have kept the faith" (2 Timothy 4:7).
Credit score reports can be obtained from the three major credit reporting bureaus that provide official scores from FICO. The Fair Isaac Company (FICO) historically devised a way to determine what a consumer's payment history is within a system that uses ratings based on numbers. Anyone's credit score report is based on a 3-digit number that provides financial institutions with a rating score determined by FICO as to what a consumer's payment history shows. It's important for consumers to track their scores in order to insure that accurate information is being gathered that could directly affect their credit.
When financial institutions request reports on consumers, over 70% of them use FICO's established rating system to help them make a lending determination. Not only can having a poor credit score report hurt a consumer in receiving a loan, but it can also determine what type of rates and loans a consumer qualifies for. A good score can end up saving consumers money by securing lower interest rates and better loan terms. Credit score reports not only affect mortgage rates and terms, but they also influence car loans and how much a consumer will pay for insurance.
There seems to be no end to the degree that a poor score can affect lives of consumers. They can even be the influencing factor on whether or not a consumer gets a certain loan. It is a serious matter to keep watch on credit score reports. It is suggested that consumers obtain at least one report a year from all three reporting agencies in order to compare and correct any questionable information. It may be a good idea to do this before submitting any major loan applications or activating job searches in order to circumvent any unforeseen problems. If there is any a problem on a report, consumers can write a letter to the agencies with any corrections that are needed.
It is advised to send the correction letter registered mail with return receipt requested to make sure that it is received. Not only should Christian consumers keep a watchful eye on what is being reported but they should also be careful to do the small things that maintain a good credit score report. It is wise to pay attention to such things as paying bills on time, maintaining a zero balance on accounts and not running credit up to the maximum limit. For more information regarding credit score reports, check with several online sources. "A false balance is abomination to the Lord: but a just weight is his delight." (Proverbs 13:1)