Credit Bureau


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Credit Bureau

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.

References in periodicals archive ?
Ahmad Busila, said, "We are proud of being selected to partner up in such a breakthrough project with CRIF, and due to the many benefits it will bring to the Jordanian market, we strive to make the credit bureau a success by integrating the STS and CRIF capabilities.
com has launched a comprehensive online guide on its website to help consumers understand what the Credit Bureau actually does, how they can access and interpret their report, and how to appeal its findings.
The reporting system of the Al Etihad Credit Bureau will add value to the UAE's financial sector by enabling lending institutions to make informed decisions and it will encourage consumers to practice responsible debt management; this will in turn reduce credit losses from bad or non-performing debts.
Prior to that, credit bureaus operated in an unregulated environment and were registered under the Ministry of Trade and Industry in accordance with the Companies Act, 2004 (Act No.
We have been closely cooperating with the credit bureau to achieve its goals.
Al Etihad Credit Bureau is striving to set a new global benchmark in the accuracy of credit data capture.
increases from 28 per cent in countries without a credit bureau, to 40 percent in countries that do have a credit bureau,Ao Al Khoori
From a macroeconomic point of view, credit bureaus can bring about higher growth rates for businesses and individuals, and therefore the economy, through an increase in credit lines to those who wish to borrow.
Robin Watson, Head of the Credit Bureau operated by The Benefit Company hoped the establishment of the Association will encourage other countries to speed up the start up of their bureaus.
The establishment of a credit bureau in Singapore is timely and will enhance the reliability of banks' internal credit rating systems,'' he said.
The executive added that establishing a credit bureau would give companies and customers the security they need in doing business.
Designed to be consistently scaled across credit bureaus and across national borders, Global FICO[R] score can be rapidly deployed in any country with credit bureau data.

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