Credit Bureaus: Prize Or A Punishment For The Borrower? Part 2

Borrowers can receive the credit reports easily. For example, in the USA and Canada credit agencies annually dispatch to consumers, whose histories are included in bases, detailed data about change of an estimation of their reliability and also that is especially important, bases for its revision.

Every debtor possesses right to be informed about the credit history, debtors can use it not more often, than once a year, or at change of the agreement with bank. But credit bureaus don’t dispatch to debtors the information on a current condition of their credit reputation – a pier, demand for service isn’t present. What for to us to send to people the data in which they aren’t interested?!” – have reasonably noted in one of credit bureaus.

By the law it is accurately specified that granting the information by the borrower is a voluntary business. However filling of bases of some bureaus occurred to infringement of this rate. One bureau simply downloaded the data about all clients, including even participants of salary projects. Heads of these bureaus were asked if they had consent from debtors to collection and storage similar confidential information. It has appeared that only half of the bureaus had this consent.

Moreover, according to the International league of protection of the rights of citizens, the credit information is being sold to collector companies which look for potential customers – both among citizens, and among creditors. It is illegal, therefore as access to such information is limited only by circle of monetary institutions.

But even if bureaus also work in a legal field, in them it is not enough advantage for borrowers.

First of all it is in the absence of a uniform technique on a history quality evaluation. Today each of five current bureaus forms it after the own fashion and information interchange between bureau as isn’t present that.
In some bureaus there is no division into negative and positive credit histories. The credit history reflects payment behavior of the borrower, accomplishment of the financial liabilities. Occurrence of the information on credit prolongation, a delay in payment and then about repayment of defaulting debt doesn’t make history automatically negative. The estimation of credit history is given by bank at work with the borrower. In credit bureaus for a quality evaluation of credit history the borrower rating is used: from zero to 800 points. Where the zero is a default and 800 is an ideal situation. And more than 50 % of clients from base of credit bureaus have a rating in 300-400 points.

Also at any fault borrower can justify, having added to the file the comment in volume of 100 words. It is possible to resort to such actions in case of re-structuring or change of the schedule of payments under a loan. However many barrowers ignore the chances of the justification.

Can you remember those good times when everybody could take a credit if one needed cash? And just imagine the condition of those who have to bear that burden nowadays when the economy is facing hard times. And for those people having credits the matter of credit monitoring is as urgent now as never before. It is not only about loan control, this also helps save money, time, and nerves and be fast in solving loan related problems. Those who are looking for a spot where to find out about credit report with score, are welcomed to check out this credit report monitoring site – there is lots of information about credit monitoring and how to order that service.

In addition we haven’t forget about possibilities provided to us by modern technologies. The Web network provides us with a really unique opportunity to find what we need or to obtain anything on the best terms which are available on the market.

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