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 ?
When this is done, the credit reference agency must send details to any lender who has searched your file in the previous six months.
Asurvey by credit reference agency Callcredit showed that residents of six areas in Greater London had the biggest debts.
A survey by credit reference agency Callcredit found more than one per cent of adults in the city had been affected by identity theft.
The Forum of Private Business, which represents 25,000 small firms, made its remarks in light of figures produced by credit reference agency Equifax and Close Credit Management.
Nine out of 10 people say they will pay for the cost of Christmas through savings or their monthly income, rather than by borrowing money, according to credit reference agency MyCallcredit.
At the same time he said credit reference agencies should share fraud alerts among themselves, so that victims of the crime did not have to contact each credit reference agency separately.
Check with a credit reference agency such as Experian to see no fraudulent bids for credit have been made in your name.
Maybe I have a cynical, devious mind, but do you think it might not just be possible for some credit reference agency to glean quite a considerable amount of information, inferred as well as factual about you, just from your completed - or uncompleted - electoral register form?
However, there is also good news for consumers, as the directive states lenders who reject borrowers' applications must tell them why, and if it is because of a problem with their credit rating, they must tell them which credit reference agency was used.
Neil Munroe from credit reference agency Equifax says: "One late payment on just one account should not impact too much.
About 21 per cent admitted they did not have any savings at all, up from 16 per cent when the same research was carried out a year earlier, for credit reference agency Callcredit.