Credit bureaus are "clearinghouses" for information about consumers and how they handle their financial responsibilities. They are private firms which collect from creditors information on their experiences with individual borrowers (Are bills paid on time?) as well as other personal and financial information (employer, income, savings, debts owed). Credit bureaus establish and maintain "credit files" on consumers who apply for or use individual or joint credit. For a fee, credit bureaus will provide "credit reports" to individuals or businesses that need such information, for example, to make decisions to grant or deny credit, employment, or insurance. Consumers can obtain a free credit report if they have been denied credit due to the report and can obtain a free credit report upon request annually.
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Credit bureaus are "clearinghouses" for information about consumers and how they handle their financial responsibilities. They are private firms which collect from creditors information on their experiences with individual borrowers (Are bills paid on time?) as well as other personal and financial information (employer, income, savings, debts owed). Credit bureaus establish and maintain "credit files" on consumers who apply for or use individual or joint credit. For a fee, credit bureaus will provide "credit reports" to individuals or businesses that need such information, for example, to make decisions to grant or deny credit, employment, or insurance. Consumers can obtain a free credit report if they have been denied credit due to the report and can obtain a free credit report upon request annually.