What Are Credit Bureaus?
Organizations that have loaned you money in some form in turn report your payment history to credit bureaus. These bureaus then gather this payment history from all your creditors, gather information from public records, and gather your personal information. All these details are assembled into a file that is the basis for a credit check or credit report.
Credit Bureaus Do Not Grant Credit
Each creditor, such as a bank, or credit card company, establishes its own credit criteria. Credit bureaus compile the information about the consumer, and score the credit information. They are not involved in whether or not you, the consumer, will be allowed to open an account with a business, or get a loan to buy a new car.