Reporting Agencies Collect Data Of Your Credit Record
The three major credit report agencies collect data about your credit record from the lenders throughout the country. There is little chance of any of your transactions escaping their notice. The lenders on their part, whether they are private lenders, credit unions, or banks, provide the information to all the three leading credit score agencies in the country, Equifax, Experian, and Trans Union.
Each of these reporting agencies or credit bureaus have massive database containing information on lenders and the borrowers. On the basis of the information they have or procure about you, they prepare your credit report. Remember, these credit bureaus themselves do not approve or reject your loan proposal. They only provide the lender with an overview of your status as the prospective borrower.
At the same time such report is important for you to obtain any loan since the credit score estimator shall rely largely on such reports to determine your eligibility for any loans to be granted. Their estimations on turn will enable the lenders to decide whether they will grant loans for you or not.
The credit report so generated basing on your past credit record is the ground zero for any of the lenders either public or private. It offers a comprehensive detail as well as the analysis of your credit history. Other data apart from the credit check that come along with such report are your social security number, your residential addresses with changes if any, tax liens and all the recent enquiries made on your credit.
Your credit report does not remain online for more than seven years. Check up the expiry date carefully.
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