Credit bureau


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Related to Credit bureau: TransUnion

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 ?
As banks and regulators continue to fine-tune risk-management processes, the question of credit bureaus has increasingly popped up, especially in Asia, where they are still relatively new.
The role of the credit bureau employees allegedly assigned to "investigate" credit reporting disputes is extremely limited.
(1.) Suppose the creditor tells the credit bureau the consumer did not pay her bill, and the bureau takes note of that information in a credit report.
In general, credit bureaus will keep track of all your financial details from the moment you first open a credit account.
It added that the credit reporting subindicator also measured the coverage, scope and accessibility of credit information available through credit reporting service providers, such as credit bureaus or credit registries.
The founders of the Azerbaijan Credit Bureau LLC are the International Bank of Azerbaijan, Bank Respublika, Xalq Bank, Kapital Bank, PASHA Bank, Rabitabank, Unibank and Ziraat Bank Azerbaijan.
Since the court has directed to set the minimum capital at a reasonable level, therefore, in line with the direction of the court, the State Bank has reviewed the local and global level of setting up credit bureaus in private sector.
Emirates NBD has announced that it will offer customers preferential lending and pricing based on the Al Etihad Credit Bureau (AECB) consumer credit score across all retail loans and credit cards.
"Data provided by Al Etihad Credit Bureau is becoming a core part of the Financial Institutions' decision making process" Lutfi said.
ISLAMABAD -- The Senate on Thursday passed the Credit Bureaus (Amendment) Bill, 2016 to ensure the existing legislation in conformity with the provision of Banking Companies Ordinance and international best practices.
Marwan Ahmad Lutfi, CEO of Al Etihad Credit Bureau, opened the forum with a recap of the key milestones in the entity's journey since its inception.
However, when the lender reports a totally different set of numbers to a credit bureau, then it's a clearer indicator of fraud: Totally different numbers may be indicators of fraud, particularly if there is also a name variation or, more importantly, a new or unrecognized account appearing in your report.

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