Credit referencing agencies

Credit referencing agencies are organizations that collect and maintain information about your borrowing and repayment history. They compile data from lenders, such as banks and credit card companies, to create your credit report and generate your credit score. This information helps lenders assess your ability to repay loans or credit. When you apply for credit, your potential lender may check your credit report from these agencies to decide whether to approve your application and under what terms. Your creditworthiness, reflected in your credit score, is influenced by factors like your payment history, debts, and current financial habits.