Definitions for credit bureau
cred·it bureau

Princeton's WordNetRate this definition:0.0 / 0 votes

1. credit bureaunoun

   a private firm that maintains consumer credit data files and provides credit information to authorized users for a fee

WikipediaRate this definition:0.0 / 0 votes

1. Credit bureau

   A credit bureau is a data collection agency that gathers account information from various creditors and provides that information to a consumer reporting agency in the United States, a credit reference agency in the United Kingdom, a credit reporting body in Australia, a credit information company (CIC) in India, Special Accessing Entity in the Philippines, and also to private lenders. It is not the same as a credit rating agency.

ChatGPTRate this definition:0.0 / 0 votes

1. credit bureau

   A credit bureau, also known as a credit reporting agency, is an organization that collects and researches individual credit information and sells it to creditors, lenders and consumers in the form of a credit report. These bureaus are responsible for gathering data about a person’s borrowing and payment habits, credit usage, and other financial data, which they then provide to prospective lenders, landlords, insurers, and employers to help them make decisions about granting credit, setting interest rates, approving rentals or job applications, or offering insurance policies. The three major credit bureaus in the United States are Equifax, Experian, and TransUnion.

WikidataRate this definition:0.0 / 0 votes

1. Credit bureau

   A credit bureau or consumer reporting agency, or credit reference agency is a company that collects information from various sources and provides consumer credit information on individual consumers for a variety of uses. It is an organization providing information on individuals' borrowing and bill-paying habits. Credit information such as a person’s previous loan performance is a powerful tool to predict his future behavior. Such credit information institutions reduce the effect of asymmetric information between borrowers and lenders, and alleviate problems of adverse selection and moral hazard. For example, adequate credit information could facilitate lenders in screening and monitoring borrowers as well as avoid giving loans to high risk individuals. This helps lenders assess credit worthiness, the ability to pay back a loan, and can affect the interest rate and other terms of a loan. Interest rates are not the same for everyone, but instead can be based on risk-based pricing, a form of price discrimination based on the different expected risks of different borrowers, as set out in their credit rating. Consumers with poor credit repayment histories or court adjudicated debt obligations like tax liens or bankruptcies will pay a higher annual interest rate than consumers who don't have these factors. Additionally, decision-makers in areas unrelated to consumer credit, including employment screening and underwriting of property and casualty insurance, increasingly depend on credit records, as studies have shown that such records have predictive value. At the same time, consumers also benefit from a good credit information system because it reduces the effect of credit monopoly from banks, and it provides incentives for borrowers to repay their loans on time.

Matched Categories

1. • Agency

How to pronounce credit bureau?

1. Alex

   US English

   David

   US English

   Mark

   US English

   Daniel

   British

   Libby

   British

   Mia

   British

   Karen

   Australian

   Hayley

   Australian

   Natasha

   Australian

   Veena

   Indian

   Priya

   Indian

   Neerja

   Indian

   Zira

   US English

   Oliver

   British

   Wendy

   British

   Fred

   US English

   Tessa

   South African

How to say credit bureau in sign language?

Numerology

1. Chaldean Numerology

   The numerical value of credit bureau in Chaldean Numerology is: 5

2. Pythagorean Numerology

   The numerical value of credit bureau in Pythagorean Numerology is: 1

References

1. ^ Princeton's WordNet
   http://wordnetweb.princeton.edu/perl/webwn?s=credit bureau
2. ^ Wikipedia
   https://en.wikipedia.org/wiki/Credit_Bureau
3. ^ ChatGPT
   https://chat.openai.com
4. ^ Wikidata
   https://www.wikidata.org/w/index.php?search=credit bureau