credit bureau

Definition

An agency which collects and sells information about the creditworthiness of individuals. A credit bureau does not make any decisions about whether a specific person should be extended credit or not. However, it does collect information that it considers relevant to a person's credit habits and history, and uses this information to assign a credit score to indicate how creditworthy a person is. When a prospective creditor approaches a credit reporting agency to inquire about a particular person, they are sold a credit report which contains all the information relevant to the person and the credit score calculated by the agency (some creditors might have an ongoing subscription to credit bureau).
The prospective creditor then uses that information to decide whether to extend the applicant the desired credit or not. also called credit reporting agency or consumer reporting agency.

Use credit bureau in a sentence

Twice a year, I check the credit bureau for any changes, such as alerts, debt-to-income ratio of average consumer, current credit score and to check for correct credit of bill payments.

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I did not have a good relationship with that credit bureau and they did not want to do any kind of business with me.

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The credit bureau received the documentation which they then reviewed to ensure its integrity before applying the new changes to the account.

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