Your credit report is information about your borrowing and repayment history. It is put together using facts provided by your creditors and from public records such as court documents. Credit bureaus compile the data for potential creditors, employers, and others who can show they have a legitimate business reason to ask for it. Credit bureaus do not approve or reject you as a credit risk. An annual survey published by Trans Union shows that most consumers feel the benefits of credit reports outweigh concerns about privacy.
Businesses know that they can count on the information provided by the credit bureau.
They can approve loans faster, for more borrowers, with less risk. They have fewer defaulted loans, which lets them keep their costs down, and they are able to extend credit without always requiring the loans be secured. Debt Counseling Facts D ebt counseling, Consolidate all your credit cards, personal loans, medical bills, utility bills, and debts owed to the IRS into one reduced monthly payment. Most creditors will reduce or eliminate interest rate charges while you are making payments through our Debt Management Program. This can have a very positive effect on your credit rating.