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Credit bureaus do which of the following? check all that applyGroup of answer choicesprovide credit reportslend you money & provide credit cardssell your information to individuals and companiesissue credit score

Question

Credit bureaus do which of the following? check all that applyGroup of answer choicesprovide credit reportslend you money & provide credit cardssell your information to individuals and companiesissue credit score

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Solution

Credit bureaus do the following:

  1. Provide credit reports: Credit bureaus collect information about your credit history and compile it into a credit report. This report includes information such as how much debt you have, how you've managed your debt, and whether you've made your payments on time.

  2. Issue credit scores: Based on the information in your credit report, credit bureaus calculate your credit score. This is a numerical representation of your creditworthiness, or how likely you are to repay borrowed money.

Credit bureaus do not:

  1. Lend you money & provide credit cards: Credit bureaus are not financial institutions or lenders. They do not provide loans or credit cards. These are provided by banks and other financial institutions.

  2. Sell your information to individuals and companies: While credit bureaus do share your information with certain entities, such as lenders and credit card companies, they do not sell your information to individuals or non-affiliated companies without your consent. This is regulated by the Fair Credit Reporting Act (FCRA).

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