Credit Bureaus

Credit bureaus are paid to keep records, nothing more They are paid by creditors to report your credit history. They record who has given you credit, when it was given, how much was given, and whether or not you paid your balances off on time. As you know when you are seeking approval for just about any kind of financing, the lender will check your credit report to see your history of past credit lines.It is imperative that you realize that Credit Bureaus are only record keepers. They are not owned by the government or any other federal institution. They have no legal authority over you.

Credit Bureaus have computers capable of storing data on every person in the United States, however, their means of storing these infinite amounts of information is laden with problems keeping accurate records. As a result many mistakes are made.

Because of all the errors made recording credit histories the federal government has past laws regarding credit reports. Mainly The Fair Credit Reporting Act.