Credit Reporting Agencies are NOT Government Agencies
Credit Reporting Agencies (CRA) or Credit Bureaus are businesses like any other business.
Credit Reporting Agencies are in business to make a buck.
I have met many people that have believed that the Credit Reporting Agencies (CRA) are
government entities.
That somehow they have the power to grant someone credit.
Nothing could be further from the truth.
Credit Reporting Agencies (CRA) are credit information warehouses. They are a central
location for creditors to report a person’s credit activity.
The CRA then compiles and evaluates the information.
Based on a formula that only the CRA understands, they determine and assign a credit score.
Other creditors pay a fee to have access to these credit reports. Based on the information
that is on a person’s credit report, the creditor makes the decision to either approve or
disapprove a credit applicant.
If you apply for credit BEFORE you know what is on your credit report, you will certainly be in
a major disadvantage. You will not be in a leveraged position to negotiate the best price or
the best interest rate.
Credit Reporting Agencies are in business to make a buck.
I have met many people that have believed that the Credit Reporting Agencies (CRA) are
government entities.
That somehow they have the power to grant someone credit.
Nothing could be further from the truth.
Credit Reporting Agencies (CRA) are credit information warehouses. They are a central
location for creditors to report a person’s credit activity.
The CRA then compiles and evaluates the information.
Based on a formula that only the CRA understands, they determine and assign a credit score.
Other creditors pay a fee to have access to these credit reports. Based on the information
that is on a person’s credit report, the creditor makes the decision to either approve or
disapprove a credit applicant.
If you apply for credit BEFORE you know what is on your credit report, you will certainly be in
a major disadvantage. You will not be in a leveraged position to negotiate the best price or
the best interest rate.
Debt Solutions to help you improve your credit score!
Creditors make money by selling you
their product or service. However,
they also make money on the amount
of interest that you agree to pay for
your line of credit.
I have known of people that have a
700 credit score or better and were
suckered into believing that the best
interest rate the creditor could offer
was 10 percent.
If your credit score is 700 or above,
you should qualify for the
best interest rates available.
I have had the pleasure of meeting
some very helpful, considerate and
honest sales people that have been
their product or service. However,
they also make money on the amount
of interest that you agree to pay for
your line of credit.
I have known of people that have a
700 credit score or better and were
suckered into believing that the best
interest rate the creditor could offer
was 10 percent.
If your credit score is 700 or above,
you should qualify for the
best interest rates available.
I have had the pleasure of meeting
some very helpful, considerate and
honest sales people that have been
able to save me tons of money by not sticking it to me with a high interest rate. To those
salespeople I say, Bless You and Thank You.
However, believe me when I say that there are wolves in sheep’s clothing out there. If they
get a chance to lure you into their trap, you will be susceptible to some bad credit sales
tactics.
If you do not know your credit score or if you do not know what is on your credit report
BEFORE you apply for credit, some creditors and some lenders will be prone to take
advantage of you.
They could easily convince you to agree to HIGH INTEREST FINANCING that you do not
deserve and will eventually bury you knee deep in debt.
Creditors and lenders may very well tell you that the HIGH INTEREST RATE that they are
offering you is the best deal that you are going to get based on the information on your
credit report.
Many people who believe they have bad credit have never even seen what is on their credit
report.
Taking the word of someone that makes money based on how much interest that you are
charged is foolhardy.
By knowing what is on your credit report BEFORE you apply for credit will put you in a
position of strength.
Better able to negotiate the best interest rate.
In addition, you will have the confidence to walk-away from an interest rate offer that you
know is unreasonable, based on the information that you know is on your credit report.
There are three major credit reporting agencies.
They are EQIFAX, Experian and Trans-Union.
The law permits you to receive one free copy of your credit report in a twelve-month period.
You can request a FREE copy of you credit report from each of the major credit reporting
agencies by logging on to: www.annualcreditreport.com.
If you have not seen your credit report or have not seen it in over one year, I urge you to
get a copy of your credit report now.
Not knowing what is on your credit report could be costing you lots of money.
salespeople I say, Bless You and Thank You.
However, believe me when I say that there are wolves in sheep’s clothing out there. If they
get a chance to lure you into their trap, you will be susceptible to some bad credit sales
tactics.
If you do not know your credit score or if you do not know what is on your credit report
BEFORE you apply for credit, some creditors and some lenders will be prone to take
advantage of you.
They could easily convince you to agree to HIGH INTEREST FINANCING that you do not
deserve and will eventually bury you knee deep in debt.
Creditors and lenders may very well tell you that the HIGH INTEREST RATE that they are
offering you is the best deal that you are going to get based on the information on your
credit report.
Many people who believe they have bad credit have never even seen what is on their credit
report.
Taking the word of someone that makes money based on how much interest that you are
charged is foolhardy.
By knowing what is on your credit report BEFORE you apply for credit will put you in a
position of strength.
Better able to negotiate the best interest rate.
In addition, you will have the confidence to walk-away from an interest rate offer that you
know is unreasonable, based on the information that you know is on your credit report.
There are three major credit reporting agencies.
They are EQIFAX, Experian and Trans-Union.
The law permits you to receive one free copy of your credit report in a twelve-month period.
You can request a FREE copy of you credit report from each of the major credit reporting
agencies by logging on to: www.annualcreditreport.com.
If you have not seen your credit report or have not seen it in over one year, I urge you to
get a copy of your credit report now.
Not knowing what is on your credit report could be costing you lots of money.
Debt Credit Learning Center