How is the information in a Credit Report compiled?
You have knowledge about the credit report and what it contains, you might wonder where all this information comes from, and how the information in the credit report is complied.
We are now going to explain the answers for the above questions.
The details primarily come from lenders, creditors and collection agencies. Every month lenders, creditors and collection agencies will report details about you to one, two or all the four bureaus/credit reporting agencies. It is mandatory for Credit Institutions (banks) to be a member of any one bureau as per The Credit Information Companies (Regulation) Act, 2005.
Once the Credit Bureau gets data from lending institutions, your credit report and credit score will then be updated. Although it is possible that no new information will be added during any given month, which means you need to bring it to the attention of the credit bureau and banks, in case there is any change. In general, your credit report is updated frequently, as new information is reported by the lenders. However, it’s important to also keep in mind that most lenders report changes in account status, such as payments you have made or if you have fallen behind, on a monthly basis. If you make a payment in one of your accounts, it is possible that the payment won’t appear on your credit report for up to 30 days.
You may have a question– why do lending institutions have to be a member of the credit bureau? The answer is very simple, protection. Banks and other financial institutions share information to protect themselves from debtors who won’t pay as promised.
Lenders rely upon credit reports and scores to help them predict the risk of doing business with new credit applicants. The more complete and accurate credit reports become, the better they are at helping lenders predict credit risk.
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Apoorvaa Foundation came into existence to ensure credit healthy and wealthy life to each and every one. We support our clients in terms of upgrading credit score, to clear problematic credit history and to those who have no history or zero history at the same time we support banks to clear out NPA accounts.
How do we help you? Our Certified Credit Counselor looks into your matter to provide you free counseling that further enables you to get a Credit Information Report and Score to identify any discrepancy. Our Certified Credit Counselor additionally creates a roadmap for you to take necessary actions to resolve discrepancy with best possible solutions in minimum time. At Apoorvaa we focus on transparency and confidentiality to serve you and protect your data with utmost care and will neither share your data nor sell it. This is our business ethic that makes Apoorvaa the best credit rectification brand. We stand by you on each and every path to uplift your credit life. Our 100000+ Satisfied Clients are the best recognition and that make us satisfied.
Apoorvaa Foundation is India’s 1st Credit Rectification Organization and pioneer in this unique concept which is working independently and neither works as collection agent nor commission agent.