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 ?
A consumer credit reporting agency, once contacted by a consumer, must disclose to that individual who has received copies of his or her credit report from that agency.
The models assess credit risk by evaluating credit application and consumer credit reporting agency data and rank-ordering applicants by score.
11 January 2012 - US consumer credit reporting agency TransUnion Corp said on Wednesday it had stepped into the Brazilian market with the acquisition of a majority stake in local decisioning and analytics firm Crivo Sistemas em Informatica SA.

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