Credit Bureau
Definition
- A company that collects and sells information about people's credit histories. The company issues credit reports that show how individuals manage debts and make payments. The report also shows how much credit a person still has and whether or not the person has applied for a loan recently. The reports are made available to those who have a legitimate need for the information including the individual being reported upon.
Notes
Company that determines one's credit worthiness.
Synonyms
Transunion, Equifax, record of credit scores, database
Acronyms
CB
Related Terms and Acronyms
- Bad Credit — Definition,
- Someone who carries a higher credit risk.
- Bad Credit Loan — Definition,
- A loan taken out by someone with bad credit.
- Credit Bureau Information (CBI) — Acronym,
- Credit History — Definition,
- A record of an individual's or company's past borrowing patterns and whether or not debts were repaid on time.
- Credit Rating (CR) — Acronym, Very Important,
- A judgement of a person's ability to repay debts. The rating is often based on a person's current and projected income and past debt payment history. Also called a credit score.
➥ A metric to measure the credit worthiness of a debtor. - Credit Report (CR) — Acronym, Very Important,
- A report on a loan applicant's willingness and ability to make payments in a timely manner in the past. This report is provided to the bank by an outside agency.
➥ A report that outlines the credit worthiness of an individual or entity. - Credit Reporting Agency (CRA) — Acronym,
- An organization that prepares reports that are used by lenders to determine a potential borrower's credit history. The agency obtains data for these reports from a credit repository as well as from other sources.
- Credit Repository — Definition,
- Another term for a credit bureau.
- Credit Worthiness — Definition,
- How likely an individual or entity is to default on their debt.
- Equifax (EF) — Company Est. 1899, Canada, Important,
- A major credit bureau company in Canada along with Trans Union.
- Experian (XP) — Company, Canada,
- One of the Big Three credit bureaus, along with Equifax and Trans Union, Experian not normally used in Canada.
- Good Credit — Definition,
- Someone who carries little credit risk.
- Merged Credit Report — Definition,
- A summary of one's credit history from the big two credit bureaus: Equifax and Trans Union.
- No Credit History — Definition,
- To have no record of an individual's credit worthiness.
- Social Insurance Number (SIN) — Acronym, Canada, Very Important,
- Every person who has an income or pays taxes must apply for this number, which is assigned by the Government of Canada. You must, by law, provide this number to financial institutions with which you have an interest-bearing deposit account.
➥ A nine-digit number that you need to work in Canada or to have access to government programs and benefits. Banks may also request your SIN for tax purposes or to verify credit checks. - Solicitor Information — Definition,
- When you apply for a mortgage you will need a law firm with a lawyer's name and their contact information which would typically include the office location, phone number, fax number and e-mail address.
