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 ?
The rules for obtaining and providing information to credit bureaus and a form of a contract with banks and the NBCOs are also being prepared.
We are delighted to be the first bank in the UAE to link our interest rates and eligibility on loans and credit card limits to the AECB Consumer Retail Credit Bureau Score," said Suvo Sarkar, senior executive vice-president and group head - retail banking and wealth management, Emirates NBD.
The credit bureau will also benefit borrowers, because a positive credit history allows wider access to finance.
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 CRIF credit bureau, compliant with international quality standards and the local legal framework, will manage credit information sent by Indonesian organizations through an advanced technology platform, which will integrate and consolidate all data on the reliability of a credit applicant into a single report.
Original notarised Power of Attorney acceptable to Al Etihad Credit Bureau or the authorisation letter to include authentication of the establishment's owner of the company's authorised signatory from a bank.
important to have a strong credit bureau, which has support from government.
Outlining the framework under which credit bureaus will effectively operate, the Bank of Namibia this week in response to questions posed by the Namibia Economist stated that new, and existing credit bureaus will have to re-apply for licences to conduct business.
The Credit Bureau was established to provide a single source of reliable data regarding credit information relating to natural and legal persons in the UAE.
Had the credit bureau existed back then, those same banks could have avoided much of the NPLs, he said.
The federal government company Al Etihad Credit Bureau, the UAE provider of credit reports, has announced that it is operationally ready and prepared to launch its services in line with government directives and the law.
With support from Canada's Dept of Foreign Affairs, Trade & Development, IFC helped the Bank of Guyana gain the expertise to solicit and evaluate potential credit bureau operators.

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