Credit Bureaus - What they do and how they operate.
Credit reporting agencies or credit bureaus, collect information about consumers' financial affairs and sell that information to their business members, such as credit grantors, employers and insurance companies. The credit bureaus charge annual fees as well as a fee for each credit report requested by members.
Most national and international creditors, such as banks and department stores, are registered with all bureaus, so the chances are good that whatever shows up on one credit report will also appear on the others. This makes it simple for you to check your history. You really need to check only one bureau's records.
Credit Rating Scores
R0 Too new to rate; approved but not used.
The FICO® score
The FICO® score, developed by Fair, Isaac (the pioneer in credit scoring) is a number between 300 and 850 that lenders use to determine your credit rating. A FICO® score is a snapshot of your credit rating at a particular point in time. The higher your credit score the more likely you are to be approved for loans and receive favorable rates.
The Credit Bureau's policy regarding bankruptcy information
Multiple Bankruptcies: If the consumer declares several bankruptcies, the system will keep each bankruptcy for fourteen (14) years from the date of each discharge. All accounts included in a bankruptcy remain on file indicating �included in bankruptcy and will be removed 6 years from the date of last activity.
Proposals: Will automatically purged 3 years from the date paid.
Credit Counselling Debt Repayment Plans:
Ask a Trustee
After Bankruptcy Lenders: