Credit bureau

A credit bureau collects, maintains, and shares credit information on individuals and businesses. Lenders use this data to assess creditworthiness and make lending decisions.

Example

When a consumer applies for a loan, the lender may check with a credit bureau to get the applicant's credit report. The report includes details such as credit history, outstanding debts, and payment behavior. It helps the lender assess the applicant's creditworthiness and decide whether to approve or deny the application.

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