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Network
Solutions
What is a
credit bureau?
01.
A company that collects information from lenders and other sources about your borrowing and bill-paying history, which is stored in a secure and centralized location. This information is then compiled in a credit report.
02.
Credit reports are used by prospective lenders and other users (e.g. banks, credit unions, insurance companies and landlords), for a nominal fee, to help assess borrowers’ credit worthiness— i.e., whether or not to grant loans or extend credit, and on what terms (e.g. interest rate).
03.
Basically, your credit history will be used to determine how likely you are to repay a loan and make payments when they are due.
04.
Borrower information is subject to strict rules to ensure that it is accurate, current and complete.