How do the credit bureaus know what my current income since the debt-to-income ratio is so important?
DodgeLuvr asked:
My understanding is that the bureaus get it from applications you fill out for credit. What if you haven’t applied for any credit for a few years? How do they keep this information current?
Link to Blog: Lending and Borrowing
My understanding is that the bureaus get it from applications you fill out for credit. What if you haven’t applied for any credit for a few years? How do they keep this information current?
Link to Blog: Lending and Borrowing
Link to Blog: Lending and Borrowing
Credit bureaus report the amount of debt you have.
When a lender evaluates you for credit, that’s when your Debt To Income (DTI) ratio comes into play.
If you never apply for new credit, and you pay your bills, your income does not need updating.
Link to Blog: Lending and Borrowing
In all the credit reports I have seen ( and I have seen a lot) there is no mention to the income. Unlike Mortgage firms, credit bureaus and credit scores do not take your income into consideration. What they calculate is the ratio of your credit ( borrowed money ) to your credit limit.
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