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Who Uses Your Credit Report

How Your Credit Reports Are Used

Ok, so let’s assume that you have (or are going to have) a credit reputation that is shown in credit reports compiled by several credit bureaus.  How do banks and other companies use that information to give (or deny) you credit?

Imagine how difficult it would be for a credit card company to review the full credit report for thousands of applicants each day.  How would they decide who to give a credit card to? The answer is: By using the “credit score” that is assigned to each credit report. 

Each credit bureau uses one or more credit scoring formulas to “grade” a person’s credit history. 

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Credit Success Stories

I didn't realize that there are other types of credit bureaus, including one that only deals with your checking account history. The credit bureau is "ChexSystems" and they need to comply with the same rules as regular credit bureaus. I was happy to find out that I could get my ChexSystems record cleared up! Read More