What do credit bureaus do?

Credit bureaus have huge databases on the credit histories of consumers. This information is gathered and given to the credit bureaus from creditors that have extended you credit in the past (for example, landlords, credit card companies, the IRS, department stores and banks). Your credit history contains information that creditors use to evaluate and determine your ability and willingness to repay credit. Typically, credit bureaus give the following information: Your open accounts, credit limits, current balances, number of late payments, collection actions, tax liens, and whether you own your own home or not.

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