Financial Planning Advices » Financial Terminology » What is a Credit Bureau?
What is a Credit Bureau?
Your credit and payment activity is tracked and recorded regularly. This is done by the so called credit bureaus (commonly referred to as credit reporting agencies), which gather and compile information about credit holders.
Upon request, the credit bureau will provide this information to lenders and creditors, so that they make better decisions on the giving of credit to potential clients.
There are three major credit bureaus:
- Experian
- TrnsUnion
- Equifax
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