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.

West's Encyclopedia of American Law, edition 2. Copyright 2008 The Gale Group, Inc. All rights reserved.
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.
Research by credit reference agency Equifax shows a third of applicants have been refused credit in the past six to nine months.
pounds OVER one in four people plan to cut their Christmas spending by at least 50 per cent, according to credit reference agency Callcredit.
Research by credit reference agency Callcredit found the credit crunch had forced more people into the red.
CREDIT reference agency Experian has launched a new service which aims to alert lenders to people who may be at risk of defaulting on 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.
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.
However, experts at, the UK's first internet-based credit reference agency, warn that the Consumer Credit Bill does not deal with longstanding issues, such as giving consumers the right to be told a reason for credit refusal.
The survey was carried out by 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?