References A credit bureau is a private record keeping business that maintains information about consumers and how they use credit to pay their bills. This information is then sold for a fee to businesses that inquire about a consumer's credit-worthiness. Many stores, credit card companies, and banks send information to credit bureaus regularly. Information on bankruptcies and court judgments is also added to records.
Unfavorable information is kept on record for seven years, and bankruptcies remain for ten years.
A credit rating , credit history, or credit record is a detailed report on an individual's credit use. Developing and keeping a good credit rating is very important. In only seconds, creditors can use the report to decide whether you qualify for a loan or credit card, and landlords, employers, and insurers can base an offer for an apartment or job or a policy on the information. A good rating may also help you get credit at a lower cost. The credit bureau supplies information to each creditor but does not give or deny credit.