Credit reports are crucial for borrowers as well as lenders; for lenders, credit reports provide an idea of the applicant’s creditworthiness. If you have applied for any type of loan then the lender is sure to check your credit report before releasing any finances. The lender gets hold of these reports from any of the three major credit reporting agencies; Equifax, TransUnion, or Experian. These agencies record almost all the financial transactions of the applicant by getting the relevant data from other lenders who have done business with the applicant in the past.