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The Credit Bureau

May 27, 2008  |  Difficulty: Easy

A credit bureau is a business, and their function is to collect information about consumers, so as to keep track of each individual’s credit history.

So what type of information do credit bureaus collect? Your payment history and whether or not you have established good or bad habits. The computer database shows what you owe and if you are holding true to your re-payment. Companies who may want to do business with you base their decision on this credit report. The bureau sells them your credit information in a report.

Your lender is no different. They will purchase your credit report and then decide if you meet their minimum qualifications. The lender will purchase your report from all three credit bureaus, to make sure that each report is accurate and consistent.

The credit bureau makes their money from those that want to purchase your credit report. The lender does not communicate with the bureau so as to ask the bureau whether or not they should engage in business with you. The bureau is there to sell the info, and that is it. The lender has to base their choice on the information reported. The bureau will not express approval or disapproval of your history.

There are three agencies that your lender will request a report from: Trans Union, Equifax and Experian.

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