There are 12.4 million people who own a debit card and there are around 2.5 million people own credit cards. The reason more people own debit cards is that it only allows users to pay if the account linked to it has enough money in it. In case of credit cards, people have a limit according to their source of income, up to which they can spend as they wish, without having to pay at that instant. The chances of the expenditure rising high are the reason why people do not invest in credit cards since they need to clear the debt for the limit to reset. However, the people who do, their credentials have to be stored in a database. Ever wondered where all the data of the user and its report go? Read on to find out.

The Credit bureau stores all the essential credentials of the creditors and delivers them to the consumer reporting agency in the United States of America in a report format, known as the credit bureau reports. These consumer agencies are based on all the important and key locations of the world, depending on the number of creditors of a specific country. The Consumer Report Agency prepares the final report and decides whether the person is eligible to use a credit card or not, or is applicable for receiving a loan or not. The details of the concerned person are taken out, including all the income sources, the value of his assets, previous loans repaid and whether he is financially stable. These give them the entire information whether the person is eligible or not.

The reports, known as the Credit Bureau reports are accordingly prepared and the loan gets sanctioned if the person concerned has applied for one. Click on this link for the best credit cards