Who provides data to credit bureaus?
Banks, credit unions, retail credit card issuers, auto lenders, mortgage lenders, debt collectors and others voluntarily send information to credit reporting companies.
How do credit bureaus get up to date your information?
Your credit reports are updated when lenders provide new information to the nationwide credit reporting agencies for your accounts. This usually happens once a month, or at least every 45 days. However, some lenders may update more frequently than this.
What are the 3 C's of credit the lenders are looking for?
These 3 C's of Credit are Character, Capital and Capacity based on which the lender decides on lending you.
Where does the majority of the information collected by the credit bureaus come from?
The data come from creditors who do business with consumers—for example, banks, credit card issuers, retailers, and auto finance companies (see Figure 1). Permission to share credit information, including with credit bureaus, is generally granted when a consumer signs up for credit.