What are Credit Bureaus & How they Operate ?
Wondering what credit bureaus are and how they operating ?? who funds them ? why they exist ? All Question are answered here. Lets discuss real quick what are credit bureaus in a quick minute.
what are Credit Bureaus ?? whenever you Apply for Credit such as a home loan, car loan or credit card, or an apartment auto lease and sometimes employment. Your lender or employer will contact the credit bureau to obtain a copy of your credit report. A Credit bureau also called a credit reporting agency or credit repository isn't entity that gathers information and keeps records on consumers credit history. The bureaus are for-profit organizations they are not government agencies and are in no way affiliated with the united states government they generate billions of dollars a year by selling companies of credit reports to credit grantor risk such as banks finance companies and retailers mailing lists and employers and lenders look at the credit report to determine if a potential borrowers are good or poor credit risk. The employer's try to determine if your credit score contains any indications of character flaws that would be a moral risks to the company. There are three Major Credit Bureaus :