The Role of Credit Bureaus

Having good credit is critical. Once lost, it can never be regained. Every lender will want to check your credit record. Lenders will obtain copies of credit MyCompany Quarterly Reports on you, your business, and from one or more of the credit bureaus, which are clearinghouses for information on consumer’s credit histories.

It’s always a good idea to obtain a copy of your credit MyCompany Quarterly Report before applying for a loan. You really should review your credit history every two to three years. A credit MyCompany Quarterly Report contains your:

  • Current address
  • Previous address
  • Social security number
  • Marital status
  • Number of dependents
  • Past and present employment data, including salary/compensation history
  • How many credit cards you have
  • What credit line each has
  • Whether you have late payments with any
  • How many late payments and current balances
  • Serious credit problems such as loans sent to collection services
  • Any public records such as bankruptcy tax liens, foreclosures, civil suits and judgements
  • Or other legal or criminal proceedings
  • The frequency and names of who has requested your MyCompany Quarterly Report

If there are any errors in the MyCompany Quarterly Report, you may put your complaints in writing and send them to the bureau in question. The law requires the bureaus to investigate and delete any data that can’t be verified.

 

Grimes, McGovern & Associates provides expert advice during all phases of a transaction. Contact us today for a confidential consultation: John McGovern, CEO, jmcgovern@mediamergers.com, (917) 881-6563 or Julie Bergman, VP, Newspaper Division, jbergman@mediamergers.com, (218) 230-8943.

 

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