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Credit Bureau
(redirected from Consumer credit reporting agency)

    Also found in: Financial, Encyclopedia, Wikipedia 0.09 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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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.
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The models assess credit risk by evaluating credit application and consumer credit reporting agency data and rank-ordering applicants by score.
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