What is the Definition of Credit Bureau?


The credit bureau is a credit information entity whose purpose is to collect data on the behavior of natural or legal persons in relation to the credits obtained.

It is a private and autonomous society, not affiliated with institutions, whether private or public. This entity offers information to financial, commercial or other companies that grant loans in different areas, such as car loans, mortgages, etc.

Among those organizations that grant loans are: car companies, department stores, banking institutions, credit card issuers, telecommunications companies (landline, cable services, cell phone and internet), and many more.

In principle, the credit bureau seeks to stimulate the financial activity of a given company, avoiding lack of liquidity. Therefore, it provides information on the behavior of the borrower regarding the distribution of the debt, the timeliness of payment, the commitments made, the causes of indebtedness, etc.

They have access to the credit history of a person or company only the following sectors:

  • Debt holders, whether natural or legal persons.
  • The grantors of the credit, prior authorization of the applicant: financial and commercial companies of different types.

It is not up to the credit bureau to make recommendations or make value judgments regarding the information it provides. You should simply limit yourself to submit the requested data.

It will be the instances involved (applicant or grantor of credit) who will evaluate the risks associated with the financial commitment acquired and who will make the final decision.

The credit bureau is subject to the laws of the societies in which it is inserted.