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 ?
Meanwhile, the SBP has issued credit bureau licences to two private companies, which will begin operations after completion of formalities and compliance with the regulations laid down in the Credit Bureau Act 2015.
Not only are the credit bureaus monitoring your credit, but they're also keeping track of non-credit related data, like your current and past addresses, employers, salary information and date of birth.
Now, Experian is not the credit bureau that exposed 145 million people's data in a massive breach two years ago.
'In the case of the Philippines, the Bankers Association of the Philippines [BAP] Credit Bureau has been included in the analysis of Doing Business for the past few years.
'The minimum paid-up capital of a credit bureau shall be Rs225m or as may be prescribed by the State Bank from time-to-time, but not less than Rs225m, should be fully subscribed and deposited as paid-up capital of the company,' said the SBP.
Together, they combine exclusive subprime credit data with existing traditional credit bureau information to enhance credit reports and compliance solutions to Credit Bureau Connection's customers.
Notably, GCC countries continue to lead the introduction of private credit bureaus, with Saudi Arabia and the UAE making notable progress, along with non-GCC members such as Egypt and Morocco.
The Statement and objects and reasons of the bill says that the purpose of Credit Bureaus (Amendment) Bill, 2016 to amendments in the Credit Bureaus Act, 2015, is to ensure that the existing legislation is in conformity with the provisions of the BCO, 1962, and international
Experian, like all credit bureaus, allows people to correct information in their file: If a Social Security number variation is being reported to Experian by one of your creditors, you should contact the creditor and ask them to correct their records.
Atlanta, GA, January 30, 2016 --(PR.com)-- After obtaining the in-principle license, CRIF is now conducting delivery and implementation of the new credit bureau solution and one of the preparatory activities for the operational license application.
Beijing/Hong Kong: Credit bureau system of China expanded rapidly along with the economy to become the largest in the world.