What is a Credit Profile?
Your credit profile is a history of your credit behavior. Your credit history is compiled by credit reporting agencies that receive your financial information from certain creditors. It is worth noting that not every creditor reports financial information to the credit reporting agencies, however, most major banks and companies that grant credit to consumers do report financial information regarding their customers to the credit reporting agencies. The credit reporting agencies use the financial information about a consumer to formulate a credit score. Many lenders and companies that grant credit to consumers utilize consumer credit scores to determine if they will grant credit and how much credit they are willing to grant. Sometimes interest rates on loans are determined by lenders based upon the borrower’s credit score.
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