Credit Bureau Questions
Question: Are all accounts verified by credit bureaus before the account is approved? I had a cell phone account that was created in my name and I was unaware of it until it went to collections and I was notified I was being held responsible for the debt.
Answer: Not all businesses verify the information through a credit bureau. While most larger line of credit accounts and purchases, i.e. home, car, bank loan, and credit card applications, are verified with a credit bureau before account approval is made, some smaller companies do not verify the account information at the time the application is made.