What lenders really know about you

Many people don’t know how lenders measure your credit score, for them it is just a phenomenon. You know what things are not just as rosy as you assume. Lenders when advancing Payday Loans had quick view of your application form then in the next step they check out your past dealings. Then in the next step they search out your credit references that from which company you have previously advanced the loan. So your credit history is no longer remain a secret, lenders know how to track your record. Here is how they follow your footsteps.

Quick view of application:
 

When you fill the form for applying for credit loans, then it is the first those lenders get the idea how well off you are and your family. They can at once get the idea about your family background. The information he obtained through your application form regarding your salary, reason of the loan, family size are enough to prove that whether you are eligible for the required loan you have suggested or not. Any trivial mistake while filling your form can halt the process such as a $2000 salary rather than a $ 20000, in that case you can lose the chance of advancing short term loan, due to your minor mistake.

Previous transactions record:
 
Lenders in order to track your previous dealings approach to those companies from you have previously taken Cash Advance Loans, these companies has such an astounding business relation that they can share data, but the concerned lender is only interested to know your credit behavior. How well you dealt with the previous company, and that you have paid the credit amount timely or not. However there is a strong check of highly sensitive data protection rule that can restrict the companies to communicate with each other with regards to share personal info of the customers.

Consumer reporting agencies
 

Here are three main agencies that accumulate the information of the individuals and share the data with any of the U.S lender. All the money lending networks hire one of the three agencies to gather the information of a specific individual; these companies’ works under credit bureau, or consumer reporting agencies. In U.S. four agencies provide credit information of the consumer and they are Experian Equifax, TransUnion, and Innovis these agencies inform about consumer’s loan performance and their bill paying habits. Lenders hire one of the above mentioned agencies to collect the information about the consumer. These agencies ascertain the data required to the lenders by using the following sources.

By using electoral roll information:

 
Such gazette information is publically available and the agencies incurred initial information of the individual by using this resource. Judiciary documentation: It is to investigate, if the consumers have already faced any bankruptcy in the past. Court evidences will confirm that the applicant has no Bad credit loans record. By communicating other networks of lender In past if you have got any cash advance then the lender can communicate with them. Or to those who are closely associated with you just to confirm only. Fraudulent data Any fraudulent activity is done by using your personal info, or if you have committed a fraud then it would be entered in your file according to U.S law So this is how lenders get to know about you without bothering you a least.