If you are considering filing for bankruptcy because of your current level of dept or because of your financial status, there are many things that you may need to take into consideration. You also need to know who is going to hold your credit score. Understanding how the US credit bureau operates will help you in the overall process.
In the US, there are many different credit bureaus' that exist all over the US that hold quite a lot of credit information. A credit bureau is defined as a company that holds credit information on many different consumers all across the US. These companies use a range of different sources from all over the country in order to gather as much credit report information about the consumers as possible. These credit bureaus put together all of the information that they receive into a file that is your complete credit history. Currently, there are three main credit bureaus, which are Equifax, Transunion, and Experian (TRW), that have a monopoly over the credit bureau industry in the US.
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Once each of these companies have collected a file, there are many other companies such as lenders and financial institutes that use this file to assess whether or not you are stable and efficient at the credit that you have already been given. They also use this file as a way to determine if you are a risk or not if they were to make a loan to you. In this file, there is information based on whether or not you are on time in paying your bills and there is also information on any existing loans you have. This file will also show how reliable you were at paying back the loans you had already taken.
Along with holding all of your past credit history, the credit bureaus will also hold a credit score on your information. The lower your credit score is, the worse credit history you have and the higher your interest rates will be on any loans you are actually able to get. The higher credit score you have, the more likely it is that you will have lower interest rates and able to get any type of loan you may be in need of. Credit bureaus hold all past and present credit history you have which can be helpful when you are trying to build a better credit history. If you currently don't have any credit history, you will have to start out with smaller things and slowly increase the amount of credit you can get.
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