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Credit Bureaus

What are credit bureaus?

Credit bureaus are organizations that provide a number of credit card related services to their customers. For example, in the UK, companies like Equifax provide services like issuing credit to the customers, advising customers on how to prevent identity thefts and credit card frauds and also how to improve your credit rating in case you want a mortgage or a car loan or any other personal type of loan. It is advisable for all British people to subscribe to all the above services only through legal organizations like Equifax. You maybe getting many emails and calls from companies that offer you services like improving your credit report for you. You should never fall in the trap as all these mails are hoaxes.


Different services provided by credit bureaus

 Issuing A Credit Score – There are many companies which provide you with a credit score along with the credit report.  A credit score is a three digit number that summarizes your credit report. If your credit report is good then your credit score tends to be high. You will get a bad score if your credit report is bad. A credit score is based on a mathematical model devised or followed by the company who provides credit score services. The companies will also give you tips on how to improve your credit rating and credit score. There are many fraud companies who claim to improve your credit rating. You are requested not to fall in the trap as these companies will charge money for their services and then simply disappear. 

Credit Reporting Services You can get your credit report online. You just have to subscribe to the service and the company will send your credit report at your residence or by fax. In case you want your credit report online, you can get it online. You can order your credit report for as less as 12 British pounds. A credit report helps you check your credit balances from time to time. The credit report, in addition contains information on your paid and unpaid dues. Also a credit report states the credit score which is a 3 digit number. A credit score is referred to by many loan issuing institutions to decide whether the loan application should be passed or not. You can also take a decision of improving your finances and improving your credit rating after referring to your credit report.

Preventing credit frauds Many credit bureaus provide services like identity fraud detection. Identity fraud is a major crime in which the thief will gain access to vital information on your credit card and then use that information to withdraw funds illegally from your account and then vanish. Credit bureaus can provide you services where you can know within 24 hours of the latest changes in your credit report. As a result you can keep a constant tab on your account and catch thefts quickly. As a result you can prevent fraud and money laundering.

Lending and Tracing Services The bureau may offer lending services and tracing identity thefts to the customer. The bureau may provide you loans at good interest rates and also trace the criminal activities for you quickly. As a result you can detect frauds faster.

Business and Company Information – The credit bureau can help you assess, monitor and manage your business customers with access to credit and financial information on nearly thousands of British companies. Hence you can profile, target and retain your best customers and establish a long term relationship with them.

Hence we see the different types of credit services that credit bureaus offer to us at nominal rates. Again it is very important that you avail of services only from legal companies approved by the British Government to avoid any scams.



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