Credit bureau

A credit bureau (U.S.), or credit agency (UK) is a company that compiles information from various sources and provides consumer credit information on individual consumers for a variety of uses. It is an organization that provides information about people borrowing and bill payment habits. [1] This helps lenders assess the creditworthiness, ability to repay a loan, and may affect the interest rate and other terms of a loan. Interest rates are not the same for everyone, but can be based on risk-based pricing, a form of price discrimination based on the different expected risks of different borrowers, as set out in its credit rating . Consumers with poor credit histories or reimbursement court ruled the debt obligations such as tax liens or bankruptcies will pay a higher rate of annual interest of consumers who do not have these factors.

In the U.S., credit bureaus collect and collate personal information, financial data and alternative data on individuals from a variety of data sources with which designers call the agencies have a relationship. Decorator of data are usually creditors, lenders, utilities, collection agencies, debt and the courts (ie public records) that the consumer has had a relationship or experience with. Data furnishers report their payment experience with consumer credit agencies. Data provided by decorators and collected by the agencies later added to the repository of data from the credit bureau or files. The resulting information is made available to customers request the credit bureau for the purpose of evaluating credit risk, credit scoring or for other purposes such as employment consideration or leasing an apartment. Given the large number of consumer borrowers, these credit scores tend to be mechanistic. To simplify the analysis process for its customers, the different credit bureaus can apply a mathematical algorithm to give a score, the client can use to quickly assess the probability of an individual to pay a particular debt, given the frequency that other people in similar situations default. Most consumer welfare advocates advise people to check their credit reports at least once a year, to ensure that reports are accurate. Consumers can do so without cost. They are entitled to a free annual credit report from each of the three reporting agencies at national, Equifax, Experian and TransUnion. Consumers can visit annualcreditreport.com, the website maintained by the three companies, to get your free report.

Commercial credit reports and scoring also exist, which can be used to assess the likelihood of a business paying creditors. Examples are the result Paydex Dun & Bradstreet and the Experian Intelliscore.

1 United States
1.1 Responsibility for damages for business defamation
2 United Kingdom
3 Pakistan
4 India
5 List of agencies consumer credit reports by country
6 References
7 External links

United States
In the United States, the legal term for a credit bureau under the federal Fair Credit Reporting Act (FCRA) is consumer reporting agency – often abbreviated in the CRA industry.

In the United States, key credit bureau consumer protection and general rules or guidelines that apply to the offices of both the credit and data furnishers federal Fair Credit Reporting Act (FCRA), Fair and Accurate Transactions Act Credit (FACTA), Fair Credit Billing Act (FCBA) and Regulation B.

Two government bodies share responsibility for overseeing the credit bureaus and those who provide the data to them. The Federal Trade Commission (FTC) has oversight of the credit bureaus of consumers. The Office of the Comptroller of the Currency (OCC) charts, regulates and supervises all national banks with regard to the data they supply the credit bureaus.

Most consumer credit reporting U.S. is collected and maintained by the credit of the four national agencies: Experian (which purchased the archives and other property of TRW), Equifax, TransUnion and Innovis (which was acquired by First Data Corporation in 1999 by companies CBC). These organizations are for-profit businesses and have no government affiliation. Although competitors, who have formed a trade organization called the Consumers’ Association Industry Data (CDIA) to establish reporting standards and lobby on behalf of the consumer in Washington. Current reporting standards accepted by the four U.S. CRAs are underground and Metro2. Metro2 standard defined by the annual CDIA publication, the Credit Reporting Resource Guide.

There are dozens of similar information gathering and reporting and analysis of companies selling consumer information for other purposes, including sources of credit that global data and offer multiple lenders as analytical tools.

PRBC (Payment Reporting Builds Credit, Inc.) is a national alternative credit. Formed in March 2002, PRBC enables consumers to self register and create a positive credit file by reporting their payments on time (such as rent, utilities, cable and phone) are not automatically reported to the traditional three credit bureaus.

In the U.S., there are three businesses or deposits Commercial Office: Dun & Bradstreet, Experian Business, and Equifax Small Business Financial Exchange (SBFE)

The liability for business defamation
In the case of Dun & Bradstreet, Inc. v. Greenmoss Builders, Inc., 472 U.S. 749 (1985) U.S. Supreme Court stated that a credit reporting agency can be liable if it was an oversight in reporting or an imminent declaration of bankruptcy last of a business that is not a public figure.

United Kingdom
In the UK, the three credit reference agencies Experian, Equifax and Callcredit, who works closely with its U.S. partner, TransUnion.

Most banks and other credit granting organizations subscribe to one or more of these organizations to ensure the quality of their loans. This includes companies that sell goods or services on credit, like credit card issuers, utility companies and card issuers in the store. The member organizations are expected to provide relevant information to maintain the common property data.

Credit reference agencies are bound by the Data Protection Act 1998 which requires that data relating to identifiable individuals must be accurate, relevant, held with a proper purpose and not out of date. Individuals have the legal right of access to data held on them.

The activities of credit reference agencies are governed by the Consumer Credit Act 1974.

Pakistan
levant levant is a software for monitoring reports of all banks across Pakistan. State Bank of Pakistan controls the Software and all financial institutions in Mexico are required to have this software installed. A monthly update process reports at the end of the State Bank.

The number of members with CIB, as directed by the PAS, is mandatory for all banks, development finance institutions (DFIs) and Micro Finance Banks (microfinance banks), respectively. No financial institution can access the database without getting CIB membership of the CIB of State Bank of Pakistan.

All member financial institutions are required to submit all borrowers “on line for the IBC on a monthly basis. This information is submitted within fifteen days from the closing date of the month.

There are four privately owned and managed that credit agencies operate in Pakistan:

1. Datacheck (Pvt.) Limited
2. Credit Chex (Pvt) Limited (Powered by Experian UK)
3. News-VIS Credit Information Services (Pvt.) Limited.
4. ICIL / PakBizInfo

History

Electronic Credit Information Bureau (CIB) was established by the State Bank of Pakistan (SBP) in December 1992. The scope and activities of the CIB are governed by the provisions of the Banking Companies Ordinance (BCO), 1962. Section 25 (A) confers powers to request PAS credit information as it deems necessary and make such information available to any bank.

India
The establishment of Credit Information Bureau (India) Limited (CIBIL), first in India Credit Information Bureau, is an effort by the Government of India and Reserve Bank of India to improve functionality and stability of India’s financial system by containing NPAs while improving the quality of the creditors of the portfolio.

CIBIL was promoted by the State Bank of India (SBI), Housing Development Finance Corporation (HDFC), Dun & Bradstreet Information Services India Private Limited (D & B) and TransUnion International Inc. (TransUnion) to provide credit information global collecting, collating and disseminating credit information on commercial and consumer borrowers, to a closed user group of Members.

Agency List of consumer credit reports by country
Country headquarters offices of other
 Veda Advantage Australia
 Austria KSV
 Belgium UPC-BVK
 Botswana Compuscan
 Bulgaria Experian
 Equifax Canada, TransUnion
 Denmark RKI Kredit Information A / S
 Finland Finska
 Germany Schufa
 Greece Tiresias
 First Cyprus Cyprus Credit Bureau
 India CIBIL
 Ireland Irish Credit Bureau
 Italy CRIF, CTC
 Mexico Equifax, TransUnion
 Namibia Compuscan
 Equifax Netherlands
 Veda Advantage New Zealand
 Pakistan CIB (State Bank of Pakistan), Credit Chex (Powered by Experian UK)
 Poland InFoScore BIG
 Portugal Credinformações
 Rwanda Compuscan
 South Africa Compuscan
 South Korea KIS, NICE (National Information and Credit Evaluation)
 Spain Credinformações
 Soliditet Sweden AB, UC
 Turkey KKB
 Uganda Compuscan
 Ukraine FCBU
 UK Experian, Equifax, Callcredit
 U.S. Experian, Equifax, TransUnion, Innovis, PRBC