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American Express Pulls Which Credit Report
When it comes to applying for a credit card, one of the key factors that determine whether you will be approved or not is your credit report. Lenders use this report to assess your creditworthiness and determine the level of risk they will be taking if they approve your application. American Express, one of the most prominent credit card issuers, also relies on credit reports to make informed decisions. But which credit report does American Express usually pull? In this article, we will explore the answer to this question and provide a detailed explanation. Additionally, we will address some frequently asked questions about American Express credit reports.
The credit reporting agencies in the United States, commonly known as credit bureaus, collect and maintain credit information on individuals. The three major credit bureaus in the U.S. are Equifax, Experian, and TransUnion. These bureaus compile data from various sources, including lenders, credit card issuers, and public records. When a credit card company like American Express receives an application, they request a credit report from one or more of these bureaus to evaluate the applicant’s creditworthiness.
American Express primarily pulls credit reports from all three major credit bureaus: Equifax, Experian, and TransUnion. This means that when you apply for an American Express credit card, they will likely request reports from all three bureaus to get a comprehensive view of your credit history. By doing so, American Express can assess your creditworthiness based on a broader spectrum of information.
The reason American Express pulls reports from all three credit bureaus is to ensure accuracy and completeness of the credit information. Each credit bureau may have slightly different data, as they collect information from various sources. By accessing reports from multiple bureaus, American Express can identify any discrepancies or errors that may exist in an individual’s credit history. This comprehensive approach leads to a more accurate assessment of an applicant’s creditworthiness.
Frequently Asked Questions (FAQs):
Q: Will American Express perform a hard inquiry on my credit report?
A: Yes, when you apply for an American Express credit card, they will conduct a hard inquiry on your credit report. This inquiry will be visible to other lenders and may temporarily affect your credit score.
Q: How often does American Express pull credit reports?
A: American Express typically pulls credit reports when you submit a credit card application. However, they may also periodically review your credit report throughout your card membership to assess your creditworthiness.
Q: Can I choose which credit bureau American Express pulls from?
A: Unfortunately, as an applicant, you cannot choose which credit bureau American Express will pull your report from. The decision is solely at the discretion of American Express.
Q: What credit score is required to be approved for an American Express credit card?
A: American Express does not disclose specific credit score requirements. However, most American Express credit cards are designed for individuals with good to excellent credit scores.
Q: Will American Express notify me if they deny my application based on my credit report?
A: Yes, if your application is denied based on your credit report, American Express will provide you with an adverse action notice, which will explain the reasons for the denial and provide information on how to obtain a free copy of the credit report used in the decision.
In conclusion, American Express typically pulls credit reports from all three major credit bureaus: Equifax, Experian, and TransUnion. By accessing reports from multiple bureaus, American Express aims to ensure accuracy and completeness of credit information. It is important to maintain a good credit history across all three bureaus to increase your chances of being approved for an American Express credit card.
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