What Is A Credit Bureau
A credit bureau collects financial data about you that is shared with lenders, insurers, and employers. When you apply for a loan or credit card, lenders can pull your information from one of these bureaus to verify your identity and see how you’ve handled debt in the past. Equifax, Experian, and TransUnion are the three main credit bureaus in the United States; each has its own scoring system and access to various information on you. Some debts, such as federal student loans, are not recorded on your credit report.
How Prosper Uses The Credit Bureaus
When you apply for a loan on Prosper, they pull your credit report from one of three credit bureaus: Experian, TransUnion, or Equifax. They select which bureau to use based on which bureau is most likely to have your most up-to-date information. (It’s unlikely that all three will have your up-to-date information.) They are primarily looking at your payment history and credit utilization ratio—that is, how well you have paid off credit cards in previous months and whether or not you generally pay off debt quickly.
What Credit Bureau Does Prosper Use
Prosper uses TransUnion to check your credit, but it doesn’t mean you have to get a TransUnion credit score. After you sign up for a Prosper loan, you will be automatically matched with an appropriate lender who looks at your application and decides whether or not they want to fund your loan. If they approve you, then your loan is ready to go! On that day, you’ll receive an email from Prosper indicating which credit bureau was used by your lender. Then one of two things happen: either they update your account so that future lenders can access all three credit bureaus or if there is already enough information about you on file then future lenders can skip checking one bureau altogether.
How To Increase Your Credit Score To Get Loan Approve
First, you’ll want to learn which credit bureau(s) your lender is using. As mentioned above, it depends on whether they’re looking at you individually or not. There are three main credit bureaus: Experian, Equifax, and TransUnion. In some cases, lenders will look at more than one of these; in others, they may only use one. Learn which agency has your most recent credit history and check out their website to find out how you can get your score. For example, a higher score may be more difficult to achieve if you have a lower income or haven’t been managing loans for very long. Here are some quick tips:
Pay your bills Before the deadlineDon’t overspend money Keep your eye on your spending and maintain credit score
Conclusion
The credit bureau that’s most important for you to check before applying for a loan depends on your individual needs. One might be better equipped than another to help you meet your goals. Be sure to Know about Prosper and what are their criteria to approve a loan. As we already said, Prosper uses TransUnion as its credit bureau so be sure to keep your Credit score good to get your loan approved. 1 . How long does it take to get approved by Prosper? A . In general, it takes 1 to 9 Business days. However, The length of time it takes to get approved by Prosper depends on many factors, including your credit score, income, and loan amount. Although Prosper does not report your account history or credit score to Equifax, Experian, or TransUnion (the three major credit bureaus), you may be denied if you have little-to-no previous borrowing history. If your application is turned down, you will be able to resubmit it with new information. 2 . How do I know if my Prosper loan is approved? A . If you’re not sure whether your loan is approved or not, you can log into your account to see if it says Awaiting Approval. Your loan won’t be considered approved until after your application has been reviewed and approved by our underwriting team. 3 . Does Prosper ask for proof of income? A . Yes, there are income and employment requirements to qualify for a loan. A borrower, for example, must have worked for their current company for at least six months. Even if you recently started your job, as long as you’ve been working there long enough to meet these requirements, you should be good to go.
