Credit bureau

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Credit bureau

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

Credit Rating Agency

A company that provides investors with assessments of an investment's risk. The issuers of investments, especially debt securities, pay credit rating agencies to provide them with ratings. A high rating indicates low risk and may therefore encourage investors to buy a security. Additionally, banks may only invest in securities with a high rating from two or more credit rating agencies. The SEC recognizes 10 firms as credit rating agencies; Fitch, S&P, and Moody's are the three most prominent. However, the methods of credit ratings agencies have been subject to criticism. For example, most agencies gave high-risk mortgage-backed securities top ratings until they defaulted at the collapse of the housing bubble.

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.

credit bureau

See credit reporting agency.

References in periodicals archive ?
Both houses of the parliament had passed the Credit Bureaus Bill, 2015 aiming to stabilize financial system and contribute to sustainable economic growth in the country.
Expected Development Impact : Through this program, IFC will work with the respective central banks, credit bureaus, and lenders in an honest broker capacity to provide technical support to these stakeholders for the improvement of credit reporting systems in the countries.
This law states that the act shall enter into force from the time of the entry into force of amendments to the law that incorporates the activities of credit bureaus in the list of activities subject to licensing.
The session covered the experiences of GCC credit bureaus since their establishment and their role towards supporting banks and financial institutions, in addition to a review of future plans to evolve and develop the regional credit reporting industry.
Factual credit information leads the way in assessing consumers' creditworthiness which will effectively see the end of blacklists, said the CEO of the Saudi Credit Bureau (SIMAH).
Prior to that, credit bureaus operated in an unregulated environment and were registered under the Ministry of Trade and Industry in accordance with the Companies Act, 2004 (Act No.
The central bank of Singapore has said that it wants more oversight of credit bureaus.
All three of the nationwide credit bureaus can be accessed online, by phone or by mail.
com)-- The credit bureau platform system developed by CRIF will gather positive and negative credit information on individuals and businesses from eligible Tajikistani lending institutions, in particular banks and microfinance institutions.
From a macroeconomic point of view, credit bureaus can bring about higher growth rates for businesses and individuals, and therefore the economy, through an increase in credit lines to those who wish to borrow.
As economies across the region move towards a period of sustained recovery and long-term stability, we are confident that a knowledge based economy created by credit bureaus will ensure sound recovery.
The dynamic nature of the region's resident population and interconnected business environment calls for greater cooperation between regional credit bureaus," said Ali Ibrahim, managing director of Emcredit -- one of the founding members of Mecra.