How do the banks view credit reports?

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How do banks view credit reports?

Banks can check your credit ratings through credit reports companies that keep tracks of your borrowings and your credit history, the market leading credit reporting agencies are Experian, Equifax, and Trans Union. Most bank do not just look at your credit report, they base there lending on a credit score. This is based on information you do not have public access to, e.g. how long you have lived in your accommodations, how many times a lender has refused you credit etc etc. These companies will provides lenders with a very detailed report on your financial history, including your date of birth, your current home details, your current creditors, your debts, any arrears, late payments, legal information, and even your current employer. The credit report will also contain information on any past searches for your credit rating, this is why it is important not to apply for finance that you know you will get rejected by, and lenders can see all this information and may not act in your favour. However for the bank or lender to be able to view these details, they will need your approval first, and will need to collect some personal data, such as your name, date of birth, and current address.