Credit Reporting FAQs

A credit bureau is an agency that collects, maintains, and manages credit information on individuals and businesses. Credit reports and scores are generated by the credit bureau to reflect the financial history of individuals and businesses.

The name of the Credit Bureau in the ECCU is EveryData ECCU Limited.

A credit report is a record that shows your personal information and detailed history of your debts and creditors.

Credit reporting helps lenders assess how responsible you are with debt repayments and improves your access to credit.

Your credit report includes information such as your types of credit, payment history, outstanding debts, and any inquiries made into your credit report. This information is obtained from Credit Information Providers (CIPs).

When available, your credit score can be accessed through the credit bureau’s website or app.

A credit score is a number that summarizes your credit history based on your credit report. It helps lenders predict how likely you are to repay a loan or make payments on time.

Your credit score can be negatively impacted by late payments on loans and bills, and taking on too much debt. On the other hand, timely payment of loans and bills and proper management of overall debt, could improve your credit score.

You can improve your credit score by:
• Paying your bills on time.
• Reducing credit balances.
• Maintaining low credit card balances.
• Checking your credit report for errors and addressing them.
• Being financially responsible.

Having a low credit score does not mean you cannot access credit, but it may make it harder to get loans or credit cards, and you may have to pay higher interest rates.

Missing a loan payment could result in late fees, and additional interest charges, and would therefore negatively impact your credit score.

Any errors identified in your credit report should be disputed by contacting the credit report bureau and providing evidence to support your claim.

The legal requirement is for information to be maintained in your credit report for seven years.

No, your credit report can only be seen by yourself and any lenders who have permission to obtain your credit report.