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Credit Bureau

   Also found in: Dictionary/thesaurus, Financial, Acronyms, 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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Further, it will serve as a knowledge-sharing platform on credit bureau operations and data sharing best practices.
A close reading of the Fair Credit Reporting Act will reveal that Congress values the viability and the ongoing profitability of the credit bureaus over the absolute accuracy of the reporting system.
Summary: DUBAI u Credit bureaus based in the UAE, Bahrain, Oman and Pakistan on Sunday joined forces to set up the Middle EastAEs first credit reporting association, an initiative that is expected to pave way to the formation of a unified credit bureau encompassing all countries C of the region.
 
 
 
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