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All financial institutions review credit reports. Whether it is business credit reports, like Dun & Bradstreet, or personal credit reports, like Equifax, Experian or Trans Union, information is obtained each and every time you apply for credit. Even business trade accounts review some of these reports in order to set your company up with billing terms. Understanding your credit reports and monitoring the information contained on those reports is your own responsibility. Obtaining copies of your reports on a regular basis and reviewing the accuracy of the information contained on those reports is pretty simple. It is also very critical to the financial well-being of your business. You can obtain copies of your reports to review by contacting each agency. For further information regarding these credit agencies and their policies on obtaining copies of your own report, visit their web sites as follows;
When underwriting a credit request, depending on the financial institution, there are several indicators that could be focused on. Credit scoring, home ownership, employment status, amount of inquiries, amount of debt and recent debt and the amount of credit currently available to you are just some of the indicators financial institutions look at. Even within each of these indicators, financial institutions may have different ideas on what they want to see. It just makes good business sense to understand what your credit report says and what kind of information will be presented to a potential creditor when they review your credit. If your credit has been denied, you do have specific legal rights. The Fair Credit Reporting Act (FCRA) gives you specific protections when the credit denial is based, in whole or in part, on information contained in a personal credit report. The company denying the credit request must tell you the name and address of the credit reporting agencies that supplied them with information about you. Additionally, you have the right to a free copy of their credit report on you if you request one within 60 days of the date you were declined. If you find erroneous information contained on your credit file, you have the right to dispute its validity and the credit agency must investigate the item within a reasonable timeframe. |
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