Three Credit AgenciesThere are three credit agencies
When you have requested a loan from a creditor and have been rejected, it may be worthwhile to choose a creditor who works with another one. In the following chart you can see which credit bureau each creditor uses when applying for credit. Spreadsheets have been ordered by different kinds of credits.
As a MoneySaving novice, please review this along with the Credit Scores articles explaining the entire system. We asked the creditors which agencies they audit.
What the three main British credit bureaus do
This paper examines the roles of Experian, Equifax and Callcredit and how they work. A number of misconceptions exist about how credit bureaus (or rating agencies) work. Therefore, this paper will explain how they work and the important roles they have in the finance world. How would it be to live without credit bureaus?
Though you may be worried about the thought that agencies that store information about you are playing a critical part. In the absence of these, the bank would have to carry out its own credit assessment for each credit request. This would not only decelerate your use, but also that it is not so thorough and precise.
Based on this finance story, credit bureaus can determine how great the risks are that you would present if they lent you money. What is more, credit bureaus can help you to make the right decisions. Rating agencies (such as Experian, Equifax and Callcredit) are separate entities and do not possess this information about you. Possibly the information stored about you by the three major agencies is slightly different.
Doing so may affect your credit request. What is the similarity of the information provided by the rating agencies? Creditors should pass on their information to all 3 credit agencies. As you will see, the information stored about you by the 3 major agencies is slightly different. Creditors do not always use the same agencies when performing a credit assessment.
You should know this before applying for a new loan. What kind of powers do rating agencies have? A further thing to keep in minds is that rating agencies do not have a person's ax to sharpen. It is the creditor alone who decides whether to grant approval for your request. Provided they make sure that the information we hold about them is correct and up-to-date, it can be used to expedite loan requests and encourage accountable credit.