A lot of credit reporting bureaus or agencies gathers information on the subject of the debtor's credit history or files from reliable private and public sources. They also collect data from the creditors who extended the loan to the debtor.
Your credit score is used to evaluate your credit worthiness and determines the amount of the loan (credit) that you receive and the interest rate of that loan. The average credit score in the U.S. is around 678-750, but the average American is also more than Eight Thousand dollars in debt. While a credit score of 678 won’t keep you from getting a loan, it won’t necessarily guarantee you the best interest rate either.
Credit bureaus track consumers’ credit history: making sure they pay their bills, aren’t late on those bills and how much debt they carry. There are many credit bureaus but big three are Experian, TransUnion, and Equifax. When you try to borrow money from a lender the lender pulls your credit report from one or more [...]