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Credit bureau

A credit bureau is an organization that maintains records on the credit worthiness of individuals. Most now use a credit score system that keeps track of credit history and considers factors like late payments, number and amounts of outstanding loans, credit card balances and income. Credit score now seems to have displaced the previously used credit rating system. A credit bureau will issue a credit report on the borrower on request.

Expanded Definition

Your credit score is a critical factor in determining how easily your credit will be approved when applying for future loans, credit cards, a mortgage, etc.

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