Credit Reporting Agencies Collect Data From Lenders

Credit reports are constantly updated with new information; most banks report new customer data every 30 days

. It is voluntary for banks and creditors report to the credit bureaus. They are utilized to authenticate all information given during the application, most importantly, the amount of unsettled debt and specific number of creditors. Because majority of the applicants usually forget and overlook all exact details, discrepancies in storing information may occur.

Credit reports are used by lenders to determine if an applicant for credit with their institution is credit worthy. They use these reports to make a decision whether or not to lend money to a particular individual based on a raw score of their overall credit rating.

Credit reports are also saved within a clients portfolio. The credit report portfolio is the area where the all the information the client has purchased on target companies is stored. Credit reports are separate even after marriage, and getting married in itself should not affect your credit report. Each spouse will continue to have their own report that includes their individual items of credit as well as the credit they have incurred jointly with others.

Credit reports are a good indication of how a person handles his or her finances. Creditors report late payments, delinquent payments and even satisfactory payments to credit reporting agencies so companies can determine if the person is worthy of more credit.

Credit reports are thus a great resource for lenders who might want to inquire about you in future and are complied by an agency that collects credit histories. Then the data is distributed to credit grantors and the public. The credit reporting agency collects data from lenders, utility companies, collection agencies, landlords and court houses.

So, always remember that your credit report is always updated with new data and most banks report new customer data every month. It is also voluntary for banks and creditors report to the credit bureaus.

by: Karri Owens

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