Home     About Us    Contact Us     Contribute     Privacy
Investing
Stocks
Bonds
Mutual Funds
Biz
Credit
Career
College
Economics
Tax
More
 
 
Marketplace
Related Articles
Related Categories
Tip of the Day

Tip of the Day Make Your Home More Energy Efficient

Make Your Home More Energy Efficient - There are many ways to save money around your home. These can range anywhere from insulating your hot water tank to prevent...

read entire tip

Recently Added
Other Great Sites
 

Check Credit Form

When you are heading out to buy that dream house, car or looking to apply for a home equity or mortgage loan, the lender will perform a credit check.

The Credit Check Form authorizes the potential lender to access financial records pertaining to the consumer and what the consumer is looking to purchase or secure for personal or business needs. Consumers must consent to this before making a purchase.

Credit is checked against three different sources (called "Consumer Reporting Agencies"): Equifax, Experian and TransUnion. These agencies fall under the auspices of the Fair Credit Reporting Act( FCRA). The FCRA is the watchdog for financial information being used in consumer reports (mainly credit check reports). This act is part of the Federal Trade Commission.

Many lenders utilize credit collection agencies to access information about consumers. The credit collection agencies are always outside third party sources. The agencies notify Equifax, Experian and TransUnion about the credit history of the consumer.

The information used to determine someone's credibility for purchases and securities is based on several factors: the amount that is currently owed-examples: mortgage, car payments, other loan payments (student, personal), any evidence of delinquency on payment history, current available funds in banks and other financial institutions and employment history.

If there is more than one individual applying for credit, then the other individual will also receive a credit check as well.

Recently, the process of using a Credit Check Form has come under scrutiny

because it raises the issue of fraud activity. Some lenders have hired credit collection agencies that have gained personal financial information illegally. Once they have obtained this information, the agencies use pressure tactics to influence people to pay off bad debts. It has been reported that agencies using information obtained illegally are in direct violation of the Fair Credit Reporting Act. New changes to the Fair Credit Reporting Act have been mandated to

protect the rights of the consumers.

Since the credit check process has come under fire, Experian has instituted

"software as a service" to thwart any illegal practices. The software combines

new technology while protecting the personal rights of consumers.

Discuss It!
Most Popular Articles
Most Popular Definitions
 
Daily Definition

Definition of the Day Asset Allocation Fund

Asset allocation fund - An associate allocation fund is actually a single mutual fund trying to reach the goals of asset allocation. Asset allocation means that investments would be diversified in order to achieve maximum profits. This type of fund will require the investments...

read entire definition

 
 

 

 

Home     About Us    Contact Us     Contribute     Sitemap

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

Copyright © 2009 TeenAnalyst.com