In order to make good credit decisions, creditors need to know as much as possible about a prospective borrower's ability and willingness to repay. It saves creditors both time and money to use the services of a credit bureau rather than collect information from each consumer's past creditors themselves. Consumers also are able to obtain credit more quickly and easily when creditors have access to the information collected by credit bureaus. Today there are over 2,000 credit bureaus located throughout the United States. The majority are small, local companies servicing towns with populations of 20,000 or less. There are, however, several large regional bureaus and some credit bureaus operate nationwide. The five largest credit bureaus account for over 150 million individual credit records and operations are computerized to update information constantly and to prepare reports within seconds.
RSS
In order to make good credit decisions, creditors need to know as much as possible about a prospective borrower's ability and willingness to repay. It saves creditors both time and money to use the services of a credit bureau rather than collect information from each consumer's past creditors themselves. Consumers also are able to obtain credit more quickly and easily when creditors have access to the information collected by credit bureaus. Today there are over 2,000 credit bureaus located throughout the United States. The majority are small, local companies servicing towns with populations of 20,000 or less. There are, however, several large regional bureaus and some credit bureaus operate nationwide. The five largest credit bureaus account for over 150 million individual credit records and operations are computerized to update information constantly and to prepare reports within seconds.