Where Do the Consumer Reporting Agencies Get Their Information?
Credit bureaus collect information from parties that have previously extended credit to you, such as a department store that issued you a credit card or a bank that granted you a personal loan.
Who Decides whether or not to Grant You a Loan?
The lenders themselves make the decision about whether or not to grant you credit. The credit-reporting companies only supply the information about your credit history.
Why Should You Obtain a Copy of Your Credit Report?
To avoid any unwelcome surprises, it's important to see a copy of your credit report before you apply for credit such as car loans, mortgages, or credit cards. Errors in credit reports can be common. Keep in mind, however, that they are not part of a conspiracy against you. They are simply the result of human error.