Credit Basics
What are the three Credit Bureaus and how do they affect my credit?
In the United States, Equifax, Experian, and Trans Union are the three major credit bureaus that provide nationwide coverage of consumer credit information. Many national lenders report consumer credit information to all three. However, smaller banks, most credit unions and other credit grantors may report to only one, or none. Therefore, the information you receive from one credit bureau may not be the same as what you would receive from another credit bureau.
Can anyone get a copy of my credit report?
No, some individuals and businesses are allowed, for business reasons, to obtain credit reports on people other than themselves, but there are strict laws and penalties in place to ensure that this privilege is not abused.
What is credit?
Credit is the reputation you have earned for paying your bills on time that makes it possible for you to receive loans, etc. with the understanding that you will pay for them later.
Does the death of a spouse affect my credit?
If you and your spouse share a checking or savings account, by law a creditor cannot automatically close the account or change the terms because of the death of your spouse. You may, more than likely, be asked to update your application or reapply in your own name. The creditor will then decide whether to continue your credit or change your credit limits.
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