As you use credit, your borrowing and repayment habits are recorded and become a part of your file at a local credit bureau. A credit bureau is a business organization that puts together information for your credit file, keeps it up to date, and makes it available for a fee to lenders, insurance companies, and potential employers.
Your credit record contains:
Identifying information (your name, address, and social security number)
Details concerning your current employment (your position, length of employment, and income)
Specifics about your personal history (birth date, dependents, previous addresses and employment)
Information about your credit history (how promptly you have paid your debts, how much and how often you've borrowed)
Information from public records (bankruptcy, civil suits, and tax liens).
Checking each item you give on a loan application would cost the lender a lot of time and money. Credit bureaus make it possible for the lender to obtain your credit history in a single step.
Credit bureaus will provide the information they have collected about your creditworthiness to you, as well as to your creditors, and it's a good idea for you to know what's in your credit file. Note, however, that when you obtain a copy of your credit report for general informational purposes, most credit bureaus usually charge a fee. To find the credit bureau in your area, look in the yellow pages under "Credit Rating and Reporting Agencies." More than one may be listed, but any should be able to help you either directly or by referring you to the appropriate agency.
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As you use credit, your borrowing and repayment habits are recorded and become a part of your file at a local credit bureau. A credit bureau is a business organization that puts together information for your credit file, keeps it up to date, and makes it available for a fee to lenders, insurance companies, and potential employers.
Your credit record contains:
Checking each item you give on a loan application would cost the lender a lot of time and money. Credit bureaus make it possible for the lender to obtain your credit history in a single step.
Credit bureaus will provide the information they have collected about your creditworthiness to you, as well as to your creditors, and it's a good idea for you to know what's in your credit file. Note, however, that when you obtain a copy of your credit report for general informational purposes, most credit bureaus usually charge a fee. To find the credit bureau in your area, look in the yellow pages under "Credit Rating and Reporting Agencies." More than one may be listed, but any should be able to help you either directly or by referring you to the appropriate agency.