The study looked at how credit reporting affects where businesses get loans and how lenders work with them. By analyzing when lenders started sharing information through a credit bureau, the study found that sharing information makes it easier for young, small, or non-defaulting firms to switch lenders. After sharing, lenders tend to move away from long-term relationships with borrowers. They give shorter loan terms to new borrowers and are less likely to lend to borrowers who have missed payments. This shows that transparency in financial technology can have both positive and negative effects on getting loans.