Credit Bureau

What is a credit bureau?

Credit Bureau Definition: Credit bureaus are organizations that receive information from lenders about individual accounts, including creditors, loans, payments, and information relevant to individual or business history. In Canada, two country-wide credit bureaus, Equifax and Transunion, collect data to produce reports and provide credit scores as a means for potential lenders to assess creditworthiness.

A credit bureau is also called a consumer credit reporting agency, which receives details from banks, financial institutions, and legal entities. If a company or person files for bankruptcy or is consistently late with payments, this is also recorded with the credit bureau. These credit bureaus contribute to credit scores, which may change over time based on financial and payment history and modifications.

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