Credit Reporting Agencies send useful information to all credit provider.
Banks, credit card companies and loan providers use them to evaluate your risk profile as a potential customer.
These reports contain information about your job and income, your residence, any court and/or arrest records; and most important your present and past bills history.
The credit reports agencies aggregates your data that they sell to credit providers. They don’t intervene into any approval process regarding any type of loan or credit request.
The banks and the credit cards companies take their decision based on several credit reports from the main agencies.
Your credit reports will show if you defaulted on any accounts in the past. It will also show if you have a tendency to be late on your payments. The better the reports, the easier you get a positive answer to your credit request
You can request these credit reports from the main agencies. These contain your personals information, and are always available to you upon request.
Experian Transunion and/or Equifax are the major credit reporting agencies prooviders. They sell their data to Banks, loan providers and credit card companies.
It is important that you check your credit reports for any mistakes or errors. The most common mistakes are old account affecting your credit score. You can get them for close to nothing, most of the top agencies provide a trial offer with unlimited reports request included.