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LSDefine

Simple English definitions for legal terms

credit bureau

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A quick definition of credit bureau:

A credit bureau is a company that collects information about how responsible someone is with money. They gather this information from banks, credit card companies, and other places where people borrow money. The credit bureau then sells this information to other companies who want to know if someone is trustworthy enough to lend money to. There are three big credit bureaus in the United States. They keep track of things like how often someone pays their bills on time and if they have ever had trouble paying back money they borrowed. The government makes sure that credit bureaus follow rules to protect people's privacy and make sure the information they collect is accurate.

A more thorough explanation:

A credit bureau is a company that collects and sells information about a person's credit history to lenders, banks, and other financial institutions. This information helps these entities make decisions about whether or not to lend money to the person.

  • Equifax, Experian, and TransUnion are the three major credit bureaus in the United States.
  • Credit bureaus collect information about a person's payment history, account balances, debt collections, and bankruptcies.

For example, if someone applies for a loan, the lender may request a credit report from one or more of the credit bureaus to see if the person has a history of paying their debts on time. If the person has a good credit history, the lender may be more likely to approve the loan. On the other hand, if the person has a poor credit history, the lender may be less likely to approve the loan or may charge a higher interest rate to compensate for the increased risk.

credit | Credit Card Accountability Responsibility and Disclosure Act (2009)

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Dkk
19:42
SEO is big money
2016 pushed the conservative party into populism irreversibly
Dkk
19:43
Maybe, but if this is populism, then every election is populist.
19:43
@Dkk: yeah register 1 website and every swinging tom dick and harry calls/emails/texts to 'help with seo'. like bruh, if YOU found it, what i am doing is working
Dkk
19:43
Indeed!
19:48
wasp, i think people are hopeful for a gov who at least attempts to care about the common man
MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
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