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Credit Bureau
(redirected from Consumer credit reporting agency)

   Also found in: Dictionary/thesaurus, Financial, Encyclopedia, Wikipedia 0.01 sec.

A privately owned, profit-making establishment that—as a regular business—collects and compiles data regarding the solvency, character, responsibility, and reputation of a particular individual or business in order to furnish such information to subscribers, in the form of a report allowing them to evaluate the financial stability of the subject of the report.

Credit bureaus ordinarily prepare and issue reports for lending institutions and stores that investigate the financial reliability of an applicant for credit prior to the execution of the credit agreement.

Credit bureaus are regulated by the federal Fair Credit Reporting Act (15 U.S.C.A. § 1681 et seq. [1970]) and by state statute to safeguard against abusive and damaging practices.



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A company that issues credit scores for individual credit-worthiness is generally called a credit bureau or consumer credit reporting agency.
California requires a consumer credit reporting agency to provide a statement describing the statutory rights of identity theft victims and provide a free monthly copy, for up to 12 months, of a consumer's file.
1607 requires that in response to a request for a credit file, a consumer credit reporting agency must disclose the consumer's most recent credit score, range of scores, an explanation of the credit score and the key factors that adversely affected the consumer's credit score.
 
 
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