Why Do Lenders and Financial Information Use Credit Reports?
Most lenders and other financial institutions don’t have time to go for a question/answer round, nor do they have time to hire a third party company to confirm the creditworthiness. What they do is just glance at your credit report and rating to make a judgment. A credit report agency prepares your credit report with the help of certain information sources. Hence, it is in your interest that the basic information these credit report agencies are getting is updated regularly or as and when required. Checking this information at least once a year is recommended. Also, it is suggested to get credit reports from agencies which are governed by the federal law.
