Question: What is the purpose of a credit reporting agency?

Credit reporting companies, also known as credit bureaus or consumer reporting agencies, are companies that compile and sell credit reports. Credit reporting companies collect credit account information about your borrowing and repayment history including: The original amount of a loan. The credit limit on a credit ...

What is the main purpose of a credit report?

Lenders use these reports to help them decide if they will loan you money, what interest rates they will offer you. Lenders also use your credit report to determine whether you continue to meet the terms of an existing credit account.

What credit report is the most important?

Which credit score matters the most? While theres no exact answer to which credit score matters most, lenders have a clear favorite: FICO® Scores are used in over 90% of lending decisions.

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