What Is a Credit Bureau?
A credit bureau, also known as a credit reporting agency, is a company that collects information from banks or other financial institutions about your credit and lending history. Lenders use this information when making lending decisions to determine your creditworthiness.
The following is information reported to a credit bureau:
Credit account information
Credit inquiry information
Collections information and public records (e.g., bankruptcy)
The 3 Major Credit Bureaus in Canada
There are 2 major consumer credit bureaus in Canada, Equifax, and Transunion. Both are public, independent, privately-owned companies traded on the New York Stock Exchange…