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 ?
Credit Bureau Connection is the provider of credit reports, compliance management, and consumer prequalification solutions for automotive, motorcycle, power sports, and RV dealers; along with a vast network of lenders, brokers, and integrated software partners throughout the automotive industry.
The shareholders - around 20 local financial institutions and Creditinfo, a leading service provider for credit information and risk management solutions worldwide - signed an agreement establishing the private credit bureau in Baku today.
Same practice would be followed in case of private credit bureaus, who would be subject to internal, external and SBP Audit/Inspection, to ensure compliance of rules and regulations.
The credit bureau will also facilitate access to credit for more businesses and consumers by improving and speeding up the lending process and obtaining more favorable loan conditions.
With credit bureaus expected to be in place by yearend, the CIC sees having a usable database by the end of next year, which would churn out credit scores on a regular basis starting January 2017, he said.
The ninth WCCRC concludes today, and is being held with the support and sponsorship of the Al Etihad Credit Bureau.
Organised by Saudi Credit Bureau (SIMAH), the Association of Consumer Credit Information Suppliers (ACCIS) and the Consumer Data Industry Association (CDIA), the two-day summit will discuss a number of topics, including the growth of the credit bureau in the GCC region, the US and the EU data reporting standards and the latest trends in fraud and tools being used to prevent fraud and identity theft.
In addition, the regulations require aspiring credit bureaus to amongst others; provided detailed feasibility plans outlining showing the nature of the planned business, organisational structure, internal control system and monitoring procedures of the company, covering among other things, the following aspects, and overview of operations including the description of systems, design of the data collection and dissemination including the unique identification system for individuals and businesses that is adequate to ease the collection of data and handling of the database.
On Tuesday, the apex bank said that it is proposing to enact a new Credit Bureau Act (CBA).
To be successful, credit bureaus need to be either government-led, or industry controlled and regulated by the government.
We believe that MECRA will enhance the role of credit bureaus in the entire MENA region and our membership will further strengthen the role of credit bureaus in Egypt.
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.