Glossary of Terms
We have gathered together on this page, a collection of the terms most often used in the Mortgage, Financial and Property Services Industries.
If you are searching for the meaning of a term. Please click on its initial letter below. A list of terms commencing with that letter will be presented to you. Hopefully, you will find the term you require.
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Credit Bureau / Credit Reference Agency
These are companies whose purpose is to maintain records of individuals and businesses, their names, aliases, address and credit history. Most companies who offer credit will refer to one or more credit bureaus before deciding if the will lend to an applicant. The three credit reference agencies are , and . Most banks and other credit-granting organisations subscribe to one or more of these organisations to ensure the quality of their lending. This includes companies who sell goods or services on credit such as credit card issuers, utility companies and store card issuers. These companies are bound by the , which requires that data relating to identifiable individuals must be accurate, relevant, held for a proper purpose and not out-of-date. Individuals have a legal right to access data held on them. The activities of Credit Reference Agencies are governed under UK law by the .
See Also
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