Experian Credit Information Company is one of the three leading credit reference agencies in the United States of America. The other two are Equifax and Trans Union. Experian gathers information on consumer credit standing such as credit card and loan accounts, mortgages, bankruptcies, and other credit information. This information is then compiled and documented on a credit report.
Consumers with credit will apply for credit like credit cards, auto loans, or mortgages, and the lenders are likely to pull credit reports from one or all the credit bureaus. Well, what lenders obtain credit reports from Experian in particular? Here is an overview:
Major Banks A majority of the national and many regional banks use Experian credit reports to one extent or another when considering loan requests. This includes top banks like This includes top banks like:
- Bank of America
- Wells Fargo
- Citibank
- Chase
- Capital One
For instance, should you apply for a Chase credit card, Chase is likely to retrieve your credit report from Experian to assess your credit score, payment history, the amount of credit that you still owe, and other features that hold clues to your creditworthiness.
Mortgage Lenders Nearly all mortgage lenders use credit information from the three credit reference agencies, namely Equifax, Experian, and TransUnion when considering mortgage applications. This ensures that they can get a full credit history of the borrower irrespective of the source.
Some of the top mortgage companies that use Experian credit reports include: Some of the top mortgage companies that use Experian credit reports include:
- Quicken Loans
- LoanDepot
- Fairway Independent Mortgage
- Guild Mortgage
- Caliber Home Loans
Well, when you apply for a home loan, the mortgage company is likely to pull your credit report from Experian.
Auto Lenders Some of the leading auto finance firms such as GM Financial, Wells Fargo Auto, and RoadLoans consider Experian reports while approving new car loans as well as auto loan refinancing. Your FICO credit score from Experian is usually likely to influence when you are approved and in case you will be approved, what interest rate you are likely to be charged.
Thirdly, many dealerships also use Experian data when assisting consumers to finance through affinity with third-party financiers.
Peer-to-Peer Lenders For instance, Prosper, LendingClub, Upstart, and others would review borrowers’ Experian credit reports and, possibly, Equifax and TransUnion, as well. This helps investors in these platforms to assess applicants' credit history before they decide to fund their loans.
Credit Card Issuers Some of the largest credit card issuers that use Experian credit reports include Capital One, Chase, Citi, Wells Fargo, Bank of America, USAA, and Discover. They may also be able to see copies of the reports you filed with Equifax and TransUnion in some circumstances.
Your credit score at the three credit bureaus provides the card issuer with a rich picture of how you have committed to paying your debts in the past.
Online Lenders and Fintech Companies They also rely on Experian data from other financial technology firms and online lending platforms to enhance their underwriting data with the credit histories of applicants. Some of the companies that offer personal loans, student refinancing, and other products based on Experian reports and FICO scores are SoFi, Marcus by Goldman Sachs, BestEgg, and Lightstream.
Telecom Providers Similarly, cellular service providers such as Verizon, AT&T, and T-Mobile occasionally obtain credit reports from Experian and other credit bureaus when customers enroll in device financing programs associated with particular devices or service plans. Having strong credit means that one gets better deals on upgrading devices and better financial rates on the same.
Healthcare Financing Some healthcare financing companies and lenders may use the information contained in your Experian report and score in evaluating your qualification and repayment terms for medical loans and payment options for services not reimbursed by insurance. They can assess the risks involved in lending due to the creditworthiness assessment of their potential borrowers.
This features some of the most important industries and lenders who use Experian credit reports while making lending decisions on credit cards, automobile loans, mortgage loans, personal loans, student loans, and others. Overall, a positive credit history with good scores and low delinquencies will, in most cases, help in securing better rates and approval probabilities across these various borrowing platforms. Therefore, to avoid running into such situations, it is advisable to check your Experian credit report often and make necessary adjustments to build and maintain good credit in the long run.
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