credit bureau

Credit bureau

An agency that researches the credit history of consumers so that creditors can make decisions about granting of loans.

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Credit Bureau

A company that collects information on the credit history of an individual and sells it to a bank, lender, or other institution to assist in making decisions about whether to extend credit. Other companies and agencies use credit bureaus in background investigations to help them determine whether an individual is a responsible person. It is important to note that credit bureaus do not directly use the information they gather; they analyze it and pass it along to their customers. The three largest credit bureaus in the United States are Experian, Trans Union, and Equifax. See also: Credit score.

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Credit bureau. The three major credit bureaus -- Equifax, Experian, and TransUnion -- collect information about the way you use credit and make it available to anyone with a legitimate business need to see it, including potential lenders, landlords, and current or prospective employers.

The bureaus keep records of the credit accounts you have, how much you owe, your payment habits, and the lenders and other businesses that have accessed your credit report.

Credit bureaus, also known as credit reporting agencies, store other information about you as well, such as your present and past addresses, Social Security number, employment history, and information in the public record, including bankruptcies, liens, and any judgments against you.

However, there are certain things, by law, your credit report can't include, including your age, race, religion, political affiliation, or health records.

You are entitled to a free copy of your credit report from each of the three major credit bureaus once a year, but you have to request them through the Annual Credit Report Request Service (www.annualcreditreport.com or 877-322-8228).

If you've recently been denied credit, are unemployed, on public assistance, or have a reason to suspect identity theft or credit fraud, you're also entitled to a free report. In those cases, you should contact the credit bureaus directly.

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credit bureau

See credit reporting agency.