What are credit bureaus and how do they work?
An example of an AI chatbot conversation about understanding credit bureaus and their functions.
What are credit bureaus and how do they work?
Credit bureaus are organizations that collect and maintain consumer credit information. They provide this data to lenders to help them assess creditworthiness.
How do they collect my credit information?
They gather information from various sources, including banks, credit card companies, and public records, to create a comprehensive credit report.
What factors do they consider when calculating my credit score?
They typically consider payment history, credit utilization, length of credit history, types of credit used, and recent credit inquiries.
Can I check my credit report for free?
Yes, you can check your credit report for free once a year from each of the three major credit bureaus at AnnualCreditReport.com.
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