How the Credit System Works:
Good credit is a combination of three things.
- Capacity to repay the debt (source of income)
- Collateral (something of value to pledge for the loan)
- Character (good credit references)
Today most lenders use a credit report supplied by one or more credit reporting agencies. This report contains information, which the credit-reporting agency believes is an indication of your ability to handle credit.
Your credit history is maintained by one or more credit reporting agencies. There are three major credit reporting agencies with maintain national credit files, and several hundred local agencies which maintain local or regional files.
The National Credit Reporting Agencies are listed below:
Trans-Union Credit Information (TU)
1561 E. Orange Thorpe Avenue, Fullerton, CA 92831
Experian Information Solutions (formally TRW)
701, Experian Parkway, P.O. Box 2002, Allen, TX 75013, (888) 397-3742, www.experian.com
CBI/Equifax (Credit Bureau Incorporated)
1600 Peachtree Street NW, Atlanta GA 30309, www.credit.equifax.com
Questions?
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