Have you been wondering as to how you didn't get approved for that credit you applied for? All your records were correct your financial standing with the institution clean, and so you have been wondering what criteria the institution used in turning you down on your request.
My question to you is how much do you know about Consumer credit report agencies? Well these are companies that keep every record of your credit report, infact they have your up to date records in their centralized database.
You may ask how do they work? Well these credit bureaus have been mandated by the Government to collect information on every consumer that has ever walked in any financial institution to secure for a loans or credit. Working together with these institution they exchange consumer information, for example you need a loan you walk in a bank, you will be given application to fill your personal details any other accounts you have with other banking institution, if or not you have loans or credit at those institution, well you may think that you are only dealing with these bank but behind the scene the bank will send the information you have sent to the credit bureaus for verification, and your credit score ratings, your ratings are what will determine whether the loan will be extended to you or not. Inquiries to consumer credit reports are not limited to financial institution alone but also employers, landlords, courts.
Agency credit Reporting has been there since 19th century, lenders have been buying credit rate reports purpose of assessing credit consumer's credit worthiness, credit ratings will determine how much a consumer is going to be offered and at what interest rate.
In the United states the reporting Agency mandated by law to perform these operations, they give or sell information to institution upon request, the most used are Equifax, Experian, and TransUnion, they are known as the big three.
You may feel as though the Government system has been out to taunt you by displaying your information any institution you approach for service, well its not until 2001 when Fair and accurate credit transaction act was enacted in the US, This law gives the consumer a right for a free copy of credit report the report contains your personal information ,credit ratings, loans or credit you are servicing, any defaults and charge offs, it also indicates which institutions have inquired about your credit report, Its provided in the law for one to request an annual free credit report at any time, a consumer is also given the right to dispute any wrong information.
You can order your onetime free report from the only authorized site annualcreditreport.com.