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 ?
Some lenders might choose to report your account to only one of the three major credit bureaus, or none at all.
You don't have a choice about being in a credit bureau database.
This resulted in a substantial decrease in the credit bureau coverage to 2.7 in 2019 from 8 in 2018, and reduced scores on depth of credit information to zero from 5.
The State Bank has alreAady issued conditional liceAnAce to the one of the company to function as credit bureau in private sector who has met the minimum paid up capital requirement of R250m.
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.
Summary: Almost all UAE banks are now using data from the new national credit bureau, placing the nation on par with most developed markets
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.
Anyone who in the past used a different Social Security number for a fraudulent purpose will probably not want to go back and tell the credit bureaus that he or she in fact used a fake number in a completed, especially successful, credit application.
The liberalization of the credit market and the publication of PBI 15/2013 issued by the Indonesian central bank (Bank of Indonesia) radically changed the scenario for credit bureau providers.
The development of the credit bureau system will facilitate further expansion of commercial and consumer credit in China.
The law on licensing system is invited to register licensing of credit bureaus, as well as to specify that particular licensing of credit bureaus is determined by the legislation on the exchange of credit information.
Speaking during a panel discussion entitled "Credit Reporting Growth in the GCC Region: Progress with the Credit Reporting Infrastructure and Business Models in the GCC Region" on the first day at World Consumer Credit Reporting Conference, or WCCRC, in Dubai, Lutfi also stressed the importance of GCC credit bureaus collaboration to strengthen the regional economy.