Credit bureaus are information warehouses. They gather information about you and millions of other consumers and sell that information to lenders and others who want to know about your borrowing behavior.
Whenever you apply for a loan or line of credit, lenders want to know what the chances are that you’ll repay the money. To help them figure that out, they look at your history of borrowing: Have you borrowed money in the past, and did you repay those loans? Credit bureaus have the information that lenders use to make those decisions.
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https://www.thebalance.com/how-credit-bureaus-work-315540
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