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Run Credit Check

In this day and age, any time a consumer looks to obtain credit, they can count on having the business run a credit bureau check. A run credit check has become an important part of the money-lending process, as it allows a potential lender to obtain insight about the person hoping to obtain credit.

A consumer can anticipate a business deciding to run a credit bureau check for virtually anything and everything, unless they can pay off an item immediately and in cash. Any time a business extends a line of credit to a customer, they run a credit bureau check. Some of these credit checks are far more extensive than others—some simply require the customer’s name, date of birth, address and Social Security number, while others want background information like places of residence over the past seven years, personal references and an employment history.

No matter how in-depth the run of a credit check is, they will all go to at least one of three places—the major credit agencies. Equifax, Experian and Transunion provide credit information on the applicant to the business that sent in the credit check information, helping the business make a decision on how much money (if any) to lend to the customer.

Many businesses, especially large ones like automobile manufacturers, have their own financing companies to provide credit to customers. Other business work with major banks or other lending institutions to provide credit. Either way, they will run a credit bureau check before they will do business.

The information on a run credit check can make a huge difference in how much money a customer can receive, if they are receiving a loan or financing. If the information on the run credit check checks out and the customer has a good credit score, they will likely be extended a greater line of credit at a lower interest rate. A bad credit history will mean less credit, higher interest and possibly a reject.

Even credit card companies will run a credit bureau check. When a customer applies for a card, that application serves as a credit check. The information then helps the credit card company decide where to set the credit limit for the customer, if they are accepted.

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