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Applying Does NOT Affect Your Credit Score

Credit Bureau

Credit Bureau is an agency that collects and researches credit information of various individuals and sells it in return of a fee to the creditors. Such information from the credit bureaus enable the creditors to take fair decisions while granting loans. The major clients of a credit bureau are banks, credit card companies, mortgage lenders and various other financing companies.

How Do Credit Bureaus Work?

The credit bureaus collect and research some of the usual and common information, such as:

  • The amount of loan
  • Credit limit of your card
  • The balance on your card
  • Payment details, whether you have paid back your loans on time
  • Public records such as court judgments or bankruptcies

Credit bureaus then, summarize the entire credit information of each individual in a comprehensive format known as the credit reports. These reports are then summarized further and represented in a three-digit numeric form named as Credit Scores.

An individual with a higher credit score is offered credits at a lower interest rate compared to the one with a lower credit score.

Regulation of Credit Bureaus

The credit bureaus are regulated by the Fair Credit Reporting Act (FCRA). It is the one that permits credit bureaus to provide credit reports only to the users who are having a permissible purpose listed in the law.

Although, there are many smaller companies providing credit history of individuals; there are three main credit bureaus in the United States – Equifax, TransUnion, and Experian.

References:

1. Investopedia https://www.investopedia.com/terms/c/creditbureau.asp

2. Wikipedia https://en.wikipedia.org/wiki/Credit_bureau

3. Consumerfinance.gov https://www.consumerfinance.gov/ask-cfpb/what-is-a-credit-reporting-company-en-1251/

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Applying Does NOT Affect Your Credit Score

We are registered with Utah's Department of Financial Institution to provide Consumer Credit. If you submit this application via the internet to us, we will receive and process it the same as if you submitted it to us in person thereby making Utah the place of negotiation, execution and performance of all applications and/or agreement. If we approve your application, the funds will be disbursed from our account in Utah. Utah law governing consumer loan agreements may differ from the laws of the state where you reside. Applicant is responsible for complying with all statutory obligations regarding obtaining loans by internet that may exist in their state of residence. This service may or may not be available in your particular state.

CashAmericaToday does not perform any credit checks through the three major credit bureaus Experian, Equifax or TransUnion. We collect required information regarding debtors' creditworthiness from a third party source.

Approval time depends on the authenticity and verifiability of your documents. You might be requested to provide further information if required. Note that we do not approve all the loan requests. On the basis of state laws and your repayment ability, the terms and rates may vary. Any loan requested on Friday after 6:00 PM EST will be processed on the next business day which is usually Monday- unless it is a holiday.

Should you have any doubts, please call our customer support at (855) 840-5688, Monday-Friday: 8:00 AM to 7:00 PM (EST) or email to support@cashamericatoday.com.

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