What is an example of a credit bureau?
There are three main credit bureaus that handle the details that make up your credit scores: Equifax, Experian and TransUnion. While each of the credit bureaus offers an array of products and services, they perform the same set of tasks when it comes to monitoring consumer credit information.
What is a credit bureau service?
Credit bureaus provide some of the information creditors and lenders use to help them make important lending decisions. While credit bureaus collect credit information in order to make it available to certain third parties, the decision to deny or approve someone credit ultimately lies with the lender or creditor.
What is the role of a credit bureau?
It collects information from a wide variety of financial and nonfinancial entities, including microfinance institutions and credit card companies, and provides comprehensive consumer credit information with value-added services such as credit scores to private lenders.