What Is A Credit Report?
Credit bureaus are non-profit organizations that collect, aggregate, and maintain personal information on you, and sell your information to credit grantors. There are hundreds of credit bureaus around the country. However, virtually every credit bureau is associated with either Equifax, Experian, or TransUnion.
The credit bureaus receive your personal information from companies that have granted you credit and share your information with others interested in granting you credit. The credit grantor is a subscriber to the system, and as such has agreed to inform the individual bureau of any inquiry, account opened or closed, and any history pertaining to the accounts. This collective information, organized under your Social Security number, is your credit report.
Your credit report is your financial report to the world. Protect it. Otherwise, you may soon find that you need credit repair.
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