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Typically, when lenders are making credit decisions they will look at a variety of information
which will generally include one or more credit bureau scores. The most frequently used scores
are credit bureau risk scores developed by Fair, Isaac and Company. These are commonly known
as FICO® scores, although they have different names at each of the three national credit
reporting agencies.
A credit score is a number that tells a lender just how likely an individual is to repay a loan,
or to make credit payments in a timely manner. Whenever a lender requests a credit report from
a credit reporting agency, the individual's score is calculated by using a mathematical equation
that evaluates all of the various types of information contained in the individual's credit
report. Scoring has been proven to be quite accurate in identifying the individual's level of
credit risk to the lender.
Many individuals have found that their credit bureau reports have contained errors which have
actually caused their loan application to be turned down. If this should ever occur, the credit
bureau in question will furnish you with a free copy of your credit bureau report providing you
furnish them with a letter of denial within a period of sixty days from the date that your loan
was declined. There are three different credit bureaus and you will need to know how to contact
each if you need to have information on your credit bureau reports corrected.
Click Here for detailed contact
information.
There are several companies that do business on the internet that provide a service that will help you secure
all three of your credit bureau reports and then will help you correct any incorrect information
that you may find on your reports. Usually incorrect information concerning a past or present account can be
corrected within a short period of time. The credit bureau is responsible to correct your
report within thirty days after receiving proof. If they do not correct this information, during
this period of time, they are required by law to remove this information from your report. If you should
find incorrect information on one of your credit bureau reports, it is quite possible that this
same information will be found on the reports from the other two credit bureaus.
The following information is being provided to help you understand exactly what a credit bureau
report is comprised of. If you are unfamiliar with these reports, we would like to suggest that
you review all of the information below since it may affect your credit during your entire
lifetime.
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