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What Is a Credit Bureau?

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From Quick Guide: Credit Bureau Basics

Summary: A credit bureau is a private company in the United States that tracks and records credit and financial data for individuals in order to give the information to different clients. View and dispute reports from credit bureaus with tips from a certified financial consultant in this free video on credit bureaus.

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By William Rae
eHow Presenter
Contact: www.hbwfl.com

William Rae has been licensed in the insurance and financial fields for over 30 years. Rae currently runs HBW Florida, specializing in life and health insurance for small business...read more

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Video Transcript

"Hi, my name is Bill Rae. I'm with Alumni Financial Services out of Seminole, Florida. I've been in the business and and the finance world for over 25 years. And your question is: What is a credit bureau? Well, a credit bureau, contrary to popular belief, is not a government agency, but it is, indeed, a private company. Here, in the United States, there are three major players. Each bureau has a different way of tracking -- they call it an algorithm or a way of tracking how transactions are done or how you are at paying bills. Each one of them records this in a way that their members, such as banks, car auto dealer shops, those type of people who pay fees have access to come in and take a look when you're looking to get credit from them. They want to know are you one who pays back as you promise. That's pretty much what the credit bureaus are for. So contrary to popular belief, they're not a government agency. They are private, and you do have the right to dispute or put your own version on anything that's on your credit into their system. So hopefully that answers your question. My name is Bill Rae, I'm with Alumni Financial Services, and as always, we're here to help you build true wealth."

eHow Article: What Is a Credit Bureau?

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