It may well be regarded as a firm believer or be directly foolish if you would lend someone you do not know a large amount of money without doing some kind of background check on the individual first. In effect is what the banks and lending institutions do when you apply for a credit to them.
They will do a background check on you, specifically looking at your rating. Many reporting agencies collect your financial history and generate your credit rating is based on it.
Creditors base their decision to analyze your credit rating. If you are looking for Consumer reporting organization then you can browse various online sources.
The three main reporting agencies in the United States are Equifax, TransUnion, and Experian, although there are other smaller institutions. Lending institutions and lenders submit updated consumer credit information to the credit reporting agencies every month.
Apart from your personal information such as name, age, social security numbers and the like, this information is also included how much you owe and whether you make payments on time or not.
The lender will request your credit report for agencies to report if you apply for credit with lending institutions. Creditors interpret this report is different but all of them appreciate this much information.
A consumer credit score or rating calculated in several ways, but the three major reporting agencies use the FICO method developed by Fair Isaac Corporation.