- One of the Big Three credit bureaus, along with Equifax and Trans Union. Experian is not normally used in Canada.
credit report, credit bureau
Related Terms and Acronyms
- Bad Credit — Definition,
- Someone who carries a higher credit risk.
- Credit Bureau (CB) — Acronym, Very Important,
➥ Company that determines one's credit worthiness.
- A company that collects and sells information about how people handle credit. It issues credit reports that list how individuals manage their debts and make payments, how much untapped credit they have available and whether they have applied for any loans. The reports are made available to individuals and to creditors who profess to have a legitimate need for the information.
- Credit History — Definition,
- A record of an individual's or company's past borrowing patterns and whether or not debts were repaid on time.
- Credit Rating (CR) — Acronym, Very Important,
➥ A metric to measure the credit worthiness of a debtor.
- A judgement of a person's ability to repay debts. The rating is often based on a person's current and projected income and past debt payment history. Also called a credit score.
- Credit Report (CR) — Acronym, Very Important,
➥ A report that outlines the credit worthiness of an individual or entity.
- A report on a loan applicant's willingness and ability to make payments in a timely manner in the past. This report is provided to the bank by an outside agency.
- Credit Reporting Agency (CRA) — Acronym,
- An organization that prepares reports that are used by lenders to determine a potential borrower's credit history. The agency obtains data for these reports from a credit repository as well as from other sources.
- Credit Score — Definition,
- Also referred to as a 'Beacon Score' is a number, between 300 and 900, that reflects a person's credit history. Lenders calculate this number using a computer system as part of the process for assigning rates and terms to the loans they grant.
- Credit Worthiness — Definition,
- How likely an individual or entity is to default on their debt.
- Equifax (EF) — Company Est. 1899, Canada, Important,
- A major credit bureau company in Canada along with Trans Union.
- Good Credit — Definition,
- Someone who carries little credit risk.
- Joint Credit — Definition,
- Credit that is issued to two people based their credit reports and their combined assets and incomes. The repayment of joint credit is the responsibility of both parties.
- Merged Credit Report — Definition,
- A summary of one's credit history from the big two credit bureaus: Equifax and Trans Union.
- Sub-prime Borrower — Definition,
- A borrower with a less-than-perfect credit report due to late payments or a default on debt payments.
- TransUnion (TU) — Acronym,
➥ See TransUnion Canada.
- One of the major Canadian credit bureau companies along with Equifax.