It’s common for auto lenders to use information from all three major credit bureaus (Experian, Equifax, and TransUnion) when evaluating a loan application. However, the specific credit bureau that is most heavily weighed may vary depending on the lender and the borrower’s credit history.
Lenders may also use other information, such as the borrower’s income and employment history, to make a lending decision. In general, it’s a good idea to have a good credit score and a strong credit history before applying for an auto loan, as this may increase the chances of getting approved and may result in a lower interest rate.
If you’re in the process of applying for an auto loan and want to know which credit bureau is being used, you can ask the lender or check your credit reports from all three major credit bureaus to see what information is being reported. You are entitled to a free copy of your credit report from each credit bureau every year, which you can request at www.annualcreditreport.com.