Definition

1. Noun:
   • A private firm that maintains consumer credit data files and provides credit information to authorized users for a fee: A credit bureau is an organization that collects and stores detailed financial histories of individuals, such as loan repayment records and credit card usage. It sells this compiled information, typically in the form of a credit report and score, to lenders, landlords, and other authorized entities to help them assess a person's creditworthiness.

Examples of Usage

• Noun:
  • Before approving the mortgage, the bank requested a report from a major credit bureau.
  • It's important to check your file with each credit bureau annually for any errors.

Advanced Usage

• "to report to the credit bureaus": When a lender sends information about your account activity (e.g., payments, balances) to these agencies.
  • Late payments on your loan will be reported to the credit bureaus, which can lower your score.

Variants and Related Words

• Credit reporting agency: A synonymous term for a credit bureau.
  • Equifax, Experian, and TransUnion are the three major national credit reporting agencies.

Synonyms

• Credit reporting agency: An organization with the same primary function.
• Consumer reporting agency: A broader legal term that can encompass credit bureaus.

Related Phrases

• Credit report: The detailed document issued by a credit bureau summarizing an individual's credit history.
  • You are entitled to one free credit report from each bureau every year.
• Credit score: A numerical rating derived from the information in a credit report, calculated by the bureau or other companies.
  • The credit bureau provided a score that influenced the interest rate offered.

Noun

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