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What is a Credit Bureau

“What is a Credit Bureau? Most of us are still wondering what it does and why it’s important. Let this article help. Read more now!”

Credit Bureau Definition

Credit Bureau

A credit bureau is an organization that tracks the credit histories and related information of individuals. Whenever someone applies for credit, housing, employment, or anything else that their credit history could have an impact on, their potential creditor, landlord, or employer can check the information on file. If the bureau shows less-than-satisfactory information in its report on the person, it may affect the person’s chances of receiving the credit, lease, or job. A poor credit report can also result in higher interest rates on a loan or credit card.

There are three major US credit reporting agencies: Equifax, Experian, and TransUnion. Although the three companies share information, each maintains its own report and credit score on each individual. When someone applies for a line of credit, housing, or employment, the creditor or employer may look at the report and score from all three. For this reason, if an individual is monitoring his or her credit report for fraud or false information, it is a good idea to request a copy of the report from each agency.

A credit bureau gets the information for their reports from the individuals’ creditors. For example, if someone has a line of credit with his bank, that bank will report information regularly to the credit agency — good or bad. If the individual is always on time with payments, that fact will show on the credit report; however, if the individual has been more than 30 days late on one or more payments, the report is sure to reveal that, as well.

A variety of information gets reported to each agency. They all have personal information for each person who has gotten credit or opened a bank account on file, including their name, date of birth, Social Security number, current and previous addresses, and employment history. All of this information is collected by tracking people via creditor reports and Social Security numbers.

Account information is listed on the report, including the business handling the account, the date the account was opened, the credit line limit, the current balance, and the payment history. Even if an individual closes an account or the account becomes inactive, the report will still show this information for seven to 11 years. The accounts that each bureau includes on a credit report can be anything that is credit related, such as checking and savings accounts, credit cards, loans, and leases.

Each agency also reports any inquiries made into a person’s credit report. The report will show the type of inquiry and who made it. If too many inquiries are made within a certain period of time, the person’s credit rating can be negatively affected.

A credit bureau also includes public records on an individual’s credit report, if they are deemed related to a person’s credit worthiness. For example, if a person has declared bankruptcy, he or she will not be considered reliable, and companies may be hesitant to give him or her a line of credit. Bankruptcies are included on credit reports as a result. Even unpaid child support is considered to pertain to an individual’s dependability. This sort of information typically remains on a credit report for seven years. More at What is a Credit Bureau?

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Top 10 Tips to Show You Ways on How to Pay Off Debt Fast

“Below are the top 10 tips on how to pay off debt fast. Read on as there really is a light at the end of the tunnel!

Debt Relief.. Worry Free..

Debt Relief.. Worry Free..

Trying to pay off a sizable debt is no picnic. It can be discouraging to pay those bills month after month while it seems like the balances are hardly moving.

Top 10 Tips to Show You Ways to Pay Off Debt Fast

  1. It’s usually a good idea to negotiate a lower interest rate on each credit card account. With rates that can reach 30 percent or higher, credit cards can take decades to pay off. The lower the interest rates, the quicker the balances can be paid. Most credit card companies are willing to lower interest rates at least slightly if you just ask.
  2. If asked, credit card issuers will also lower the annual fee on an account, or they may even waive it entirely. This small amount adds up over the years, and you’re better off without it.
  3. Many credit cards come with numerous fees – late payment fees, over limit fees, and cash advance fees – which can pack hundreds of dollars onto your balance each year. It’s first necessary that you become aware of all the potential fees associated with your credit cards and do your best to avoid incurring them.
  4. While cash advance fees are not likely to go away, many credit card issuers will remove late fees and over-the-limit fees if you do not consistently incur these. All you have to do is ask.
  5. If you have gone through a period where you had difficulty paying on a particular account but have since paid at least the minimum due for several consecutive months, a credit card company may be willing to remove all or most of the late fees that were charged. This can reduce your total balance due by a few hundred dollars, depending on the particular situation.
  6. To successfully pay off debt, it’s essential that each credit card is paid on faithfully every month. Each statement will list a minimum amount due, but it’s best to pay more than this each month. Obviously, the more you can pay monthly, the quicker the balance will be paid off entirely.
  7. At the same time, it’s important to avoid taking on new debt. Credit card use should probably be stopped entirely while paying off accumulated balances. You may choose to keep the cards for some future time, or you may need to cut them up to eliminate the temptation.
  8. It can be very helpful to minimize your expenses in other areas and apply the money saved to your credit card payments. For example, you may decide to stop eating at restaurants for the next few months and put the money you would have spent toward paying down a credit card. Expenses like magazine subscriptions, add-ons to your telephone or cell phone service, and automatic car washes can add up quickly. Eliminating these extras for a short time can greatly reduce your credit card balances.
  9. It may be possible to negotiate a lower pay off amount with a credit card company. Many companies will accept around 20 percent less than the total balance due in a lump sum “settlement.”
  10. After paying off a credit card in full, it’s important to take the amount of money you have been paying each month and apply it to another credit card. This approach is sometimes called “snowballing” and will help you pay off the other cards faster….. More at How to Pay Off Debt FastTop 10 Tips to Pay Off Debt Fast

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Fast Instructions on How You Can Build Credit Fast

“Big question is on how you can build credit fast. A number of factors go into evaluating your credit worthiness. Many of these factors are affected by your length of credit history, or how long you have had credit. The more responsible you are with your credit, and the longer your history of responsible borrowing behavior, the better your credit will be. Below are instructions on how you can build credit fast”

Fix Your Credit Fast

Establishing a good credit score has never been as vital as it is in today’s society. Your credit rating will follow you around wherever you go. When you want to buy a home, your credit rating will determine how much interest you pay a month. It will determine how much you can borrow. Employer’s also review your credit score when you apply for a job. For young people, it is important to get on the right road in the beginning.

How to Build Your Credit Fast How To Have a Good Credit Rating Fast Instructions:
1. Check your credit rating for free with one of the free credit report websites. There are three main credit bureaus, Equifax, Trans Union and Experian. You can read my article on how to get your credit history report for free in the resources section. Use FreeCreditReport.com or AnnualCreditReport.com, make sure to delete your account before the trial period is over so you don’t get charged.
2. Second option on how you can build credit fast is to put money into a checking account. People want to see bank account to know that you have some security in your life. Two accounts are a good idea, one checking and one savings. Pick your bank as to which ones have the most ATMs in your area for convenience. Interest earned in the accounts is trivial so it doesn’t really matter.
3. Understand what goes into your credit score. Research how the score is made up and pay attention. Two basic things to remember are that you need to pay your bills on time and don’t overuse your credit. It is better to not use credit than to pile up your bills and pay them off. Establishing good credit is not just about swiping your credit card and then paying it off.
4. Another thing to remember on how you can build credit fast is don’t max out your credit cards. This will not help establish a good credit score. Never charge more than a third of what your credit limit is.
5. Mix up the ways you borrow money. Get a loan for a used car, get a card for the market you go to. Also write checks to pay off your bills. Maybe have one credit card that you put your gas money on and then pay it off on time every month.
6. All in all, try to stay out of debt. If you are in debt, this essentially hurts your credit score. There are many resources for getting out of debt. Pay off your biggest interest rates first….. More at  Build Credit Fast – How to Build Credit Fast
You can also watch this video to know more on how you can build your credit fast:

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