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Behind the Mortgage Loan Scene

After a consumer applies for a home loan or credit card approval, what transpires behind the scenes? When a consumer applies for a mortgage loan or credit card, the lending institution will request a copy of the consumer’s credit report.

The credit report can come from any one of the three bureaus (Experian, TransUnion and/or Equifax). Next, the credit agency will charge a fee to provide the credit report of the consumer. Next, the lender will analyze contained in the credit report to determine whether or not to grant traffic.

A common misnomer among consumers is they tend to believe that credit reporting agencies are an integral part of the loan application process or responsible for making the lending decision. Credit reporting bureaus are only responsible for providing a consumer’s credit report to the lender. Essentially, the financing firm or lender requests a credit report to evaluate a consumer’s payment habit and debt payment history along with other critical elements that are employed to determine whether or not to extend or grant credit.

In the United States, the three major credit reporting agencies or bureaus which impart consumer credit data -- nationwide include the following:

• Equifax

• Trans Union Corporation

• Experian