You hear a whole lot you ever wondered, what is a credit bureau about them, but have? Who’re these agencies that are mysterious appear to run in a shroud of privacy? YouвЂ™re probably familiar with the big two: Equifax and TransUnion if youвЂ™ve applied for credit cards or checked your credit report in the past. Exactly what will it be they do it, and how does it impact you that they exactly do, how do? browse on to discover!
What’s a Credit Bureau?
The credit that is official meaning, based on Merriam-Webster, is вЂњa personal company that compiles all about customersвЂ™ creditworthiness and offers these records to loan providers.вЂќ Pretty straightforward, right?
Credit agencies, or credit rating agencies, run individually and usually do not share information with each other, and that’s why your Equifax rating might be varied from your own TransUnion rating. Some credit card issuers and economic issuers will utilize customer information from both, while other people choose one or one other.
So what Does a Credit Bureau Do?
Credit reporting agencies compile information from loan providers like banks, charge card issuers, and collection agenciesвЂ”and they do so when you start your very first credit account. In addition they have a look at public record information that will include information on bankruptcy, taxation liens, property foreclosure, and repossession. All this work results in one numberвЂ”your credit history. Continue reading