Academic Writing Complete Guide

<a href="#" style="color: #9c99b0 !important; font-size: 16px !important"> <span> Writing Guide</span></a>><a href="#" style="color: #231a37 !important; font-size: 16px !important;"> <span> Credit Report</span></a>

Credit Report

<div class="asd"> <p> This report bears the information about your bill payment history, loans, current debt, and other financial information. It shows where one works, lives, and if there are lawsuits, arrests, or it is a field for reasons of bankruptcy. It helps lenders to decide whether t extend your credit or approve your loan. They are also able to determine the interest rate they are going to charge you. Your credit report is subject to the review of your prospective employer, insurer, and rental property owners. It is recommended that you keep a constant check on your credit report to ensure that your personal information and financial accounts are accurately reported and that there are no fraudulent accounts opened in your name. If there are errors on your credit report, have them corrected immediately. </p></div>

<div class="asd"> <h1> Information cycle for the creating of credit reports </h1> <p> Credit reports, together with the related data value-added services and products are the culmination of the combination of pieces of data. When combined in a structured manner, they provide crucial information that is essential in making lending decisions. The following are the main elements and necessary steps of creating a credit report. </p> <ul> <br> <li><strong>Data collection</strong><br>The information is obtained from every data provider using a specific template or a form that contains all the necessary fields that are needed to elaborate on the credit report. The minimum information contained in this form includes the identification data coupled with the information that is helpful to identify data’s subjects uniquely, variables of interest that concern the credit account information and the history of inquiries related to that account. <br></br> Poor design often interferes with appropriate data collection. For instance, the word ‘NAME’ gives adequate room for any responses like the moniker, official names, titles, no initials and so on. The data format becomes a joint design by users and service providers. Every piece of information is supposed to fall in the appropriate field to make the resultant information more meaningful. <br></br>A timely and systematic data update is very important. Data providers should supply data frequently. The modes of data dissemination include the online electronic data transfer, a dedicated connection, or the delivery of magnetic discs or tapes. Many data providers utilize many ways to ensure that there is a variety if the primary mode of data dissemination fails.<br></br>This makes data security a crucial part of the data collection process because there are many uncertainties that are associated with data handling. If data is mishandled during transfer and ends up in the wrong hands, which presents a big problem. Many of the credit reporting service providers also collect information about that concerns other data sources.<br></br>Credit reports are based on data that comes from diverse sources. Data subjects and creditors contribute to the data that related to the credit account.  </li> <li><strong>Data validation</strong><br>Credit providers apply several te3chniques to ascertain the authenticity and completeness of the data provided. This prevents errors and enhances the quality of the data and the process of gathering it. The techniques they utilize include:<ul> <li>Digit checking</li> <li>Data monitoring</li> <li>Double keying</li> <li>Checking admissible ranges of values for a field</li> <li>Has totals</li> </ul> <p> Credit report service providers, without the help or intervention of the data provider, expedite all these processes unless the file is rejected for: </p> <ul> <li>Discrepancies</li> <li>A large number of inaccuracies</li> <li>Other related reasons</li> </ul> <p> In such a situation, the data providers receive an error file from the credit report service providers describing the inconsistencies that exist in each of their files. They then review the files and send back the correct data. </p></li> <li><strong>Distribution of data<br></strong>Once the data is verified and structured, it is disseminated to the users paying attention to their interests. This data is shown in the form of a credit report that incorporates a summary of the entire subject’s information about the account as well as the history of payment performance in the last two years. Credit reports can be accessed through online electronic data transfers. Some of the credit reporting service providers use all-open access to the credit reporting databases. This depends on the connectivity of the credit report service provider and final user plus the technological capacity of the service provider to process a large number of requests from.</li> </ul></div>

<div style="padding: 15px !important; border: 1px solid #e55fa8"> <table style=" margin-top: 10px; border: 0px !important"> <tr style="border: 0px !important"> <td style="border: 0px !important" width="50%"> <p style="font-size: 24px; color: #e55fa8 !important; font-weight: bold !important"> How to add a 100-word written statement to your credit report </p><br> <div class="asd"> <p> When something is wrong with your credit report, you have the right to add a statement to your file concerning this problem. This will help you to dispute the mistake or provide an insight into your financial problem. These statements give you more voice as you get to tell your side of the story. </p> </div> </td> <td style="border: 0px !important" width="50%"> <center><img style="width: 200px" src="https://isessay.com/wp-content/uploads/2018/09/ddd.png"></center> </td> </tr> </table></div>

<br><p class="title-84">Common credit report pitfalls to look out for</p><br><div class="asd"> <p> When you are reviewing your credit report, ascertain that it contains details that tell only about you. Look for information that is imprecise or incomplete. Some of the common errors to look out for in your credit report include: </p> <h1> Identity error </h1> <p> This can result from errors made to i9n your identity information such as a wrong name, phone number, or address.<br></br>An account that belongs to somebody else who happens to have a similar name. This is referred to as mixed file because it results from mixing up two names of two different consumers. Identity theft can also lead to incorrect accounts. </p><br><h1> Incorrect reporting of account status</h1> <ul> <li>This can be regarded a closed account reported as open</li> <li>You are described as the account owner, but you are just an authorized user</li> <li>Accounts that are inaccurately reported as late or delinquent</li> <li>Wrong dates of last payment, date opened or the first date of delinquency</li> <li>Same debt listed more than once possibly with different names</li></ul><h1> Data management errors</h1><ul> <li>Reinsertion of incorrect information after it was corrected</li> <li>Accounts are appearing multiple times with a list of different creditors. This mostly applies in cases of delinquent accounts or accounts in collections</li></ul><h1> Balance errors</h1><ul> <li>Incorrect balance in accounts</li> <li>Incorrect credit limit</li></ul><p> Effective financial markets contribute to the sustainable and economic growth because they [provide effective ways of evaluating risk and return on investment and later managing the risk. Every financial system must have an effective financial infrastructure to determine the efficiency of the intermediation, and the ability of lenders to evaluate the risk related with consumers to get credit, insurance, and other fiscal products at reasonable terms. This is why credit reporting becomes a vital activity, especially to the public interest. <br></br>It looks into asymmetric information between lenders and borrowers, which is a problem that can lead adversary credit rationing as well as moral hazard problems. This is why credit reports have become essential parts of improved credit risk and the general credit collection management. This enhances the fiscal supervision and the stability of the financial sector as well as a tool for accessing financial credit.<br></br>Credit reports are passed down to borrowers especially in competitive markets in terms of lower capital. This is a positive influence on the productive investments spending. With the enhanced information flow, thanks to credit reports, the foundation for the facts-based and quick credit assessment facilitates access to credit as well as other fiscal products to many borrowers who have an excellent credit history.</p></div>

<br><div class="asd"> <h1> The role of credit reporting system participant </h1> <ul> <li><strong>Data providers must produce accurate reports that are timely and sufficient to the credit reporting service providers</strong><br>This should be done on the grounds of equitability, and the first thing is to ensure that the data collected from the customers is complete and accurate. Data subject should beware of their responsibility to provide information and that it can be passed down to third parties. If it is a requiring in law, data providers must seek consent for collecting, sorting, and disseminating data from data sources.</li> <li><strong>Other sources of data should facilitate the access to their databases to credit reporting service providers.</strong><br>Through systemizing of records, public record agencies have a chance to transform credit-reporting systems to fully-fledged databases that have efficient access to modern technology and tools.</li> <li><strong>Credit g reporting service providers ought to ensure the security of data processing besides the provision of high quality and efficient services</strong><br>The access to this data by users who have a lending or supervisory function must be done under equitable conditions. High quality and efficient services will be a culmination adequate risk management and internal controls. This should give room to appropriate policies that deal with the collection of information, consultation, and dissemination, safe, reliable information technology systems, and other elements.</li> <li><strong>Data subjects ought to provide information that is accurate and truthful to the data providers as well as other sources</strong><br>They ought to know that the information they provide as part of a loan application will be disseminated to other parties. The provision of wrong, incomplete, or inaccurate data will lead to an automatic credit denial. There might be other loads of unintended consequences on other parties like the incorrect association of data with the wrong subject. The mechanisms provide a effective chance of verifying the information that has been provided by data subjects.</li> </ul></div>

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