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By now, after reading my last post here on LinkedIn, you already know what role credit bureaus play in the economy. Today we're going to talk about the work they do to ensure that they perform their role as intermediaries in relations between creditor e consumer or debtor.

Credit bureaus obtain information about the consumer's or borrower's history from different sources such as banks, credit card companies, retail chains, non-bank financial institutions and utility companies such as water, electricity and telephone, always respecting local regulations with extensive security apparatus.

The information includes payment records for loans, This information can be used to check the credit history, pending court cases and possible insolvency or bankruptcy of individuals or small businesses. Most bureaus provide complete information, showing any and all types of information in the consumer's or borrower's credit history.

The step following the collection of information is to compile this data in order to create a comprehensive credit report to be used by credit institutions for decision-making. Through the credit score, the bureaus empower the borrower. consumer, You can get lower interest rates and better conditions when borrowing money.

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By: Elias Sfeir President of ANBC & Member of the Climate Council of the City of São Paulo & Certified Advisor