Credit bureau

The existence of credit bureaus has for goal to sell our informations to institutions, ourselves, and insurance companies.

Our credit bureau is based on our marital status, our work history, our age, religion and any other information that these agencies may consider necessary.

At first, these agencies have started as little non governmental businesses, but as time passed, it was necessary to regulate these institutions so to control a little bit more the transmission of the informations contained in the credit bureau and to be able to contest when we consider the informations as incorrect.

But the delay of treatment is slow and the people in charge don't seem to understand the urgency of the situation.

That's how the credit bureau may be built upon lies. We have spoken earlier about the pointing system used by credit bureaus to measure the consumer's risk of delinquance, well it's those agencies who take care of calculating this score and sell it to creditor institutions. At the same time, these institutions transmit also informations to the credit information agencies about how ponctual we are to pay, and these informations will be added to our credit bureau.

An engagement therefore exists between the agencies and other insitutions to transmit the informations concerning our credit bureau, but with particulars there is no such type of commitment, and that is why it's difficult for us to contact the credit bureau agencies to correct the informations that they sell about us.

The approval or refusal of credit is based on four important factors:

The Beacon Score
Stability of employment and residence
Maximum of 40% of debt
Positive Liabilities and equities