MCC 7321 - Credit bureaus 
The Merchant Category Code (MCC) 7321 is designated for businesses that operate as Credit Bureaus. These institutions play a crucial role in the financial ecosystem by collecting and maintaining consumer credit information. Credit bureaus are responsible for evaluating the creditworthiness of individuals, which is essential for lenders when making lending decisions. Businesses that typically fall under this category include credit reporting agencies and data analytics firms specializing in credit risk assessment.
Types of Services
- Credit Reporting: Providing credit reports for individuals and businesses based on credit history data.
- Credit Score Calculations: Offering services that calculate and provide credit scores to consumers and financial institutions.
- Data Analysis and Consultations: Delivering data-driven insights for credit risk assessment and management.
- Fraud Prevention and Monitoring: Implementing systems to detect and prevent identity theft and fraud related to credit information.
Related MCCs
- MCC 7311: Advertising Services: Focuses on businesses providing advertising and marketing services, differing from credit-related evaluations.
- MCC 7399: Business Services Not Elsewhere Classified: Covers diverse business service providers that do not fit into specific MCCs, offering a broader range of non-credit related services.
FAQs
- What distinguishes a credit bureau from a financial institution?
- Credit bureaus collect and analyze credit information to generate reports and scores, whereas financial institutions are involved in lending, banking, or investing activities. - How are credit scores calculated?
- Credit scores are typically calculated based on factors like payment history, credit utilization, length of credit history, types of credit, and recent inquiries. - Why is the MCC 7321 important for businesses?
- This MCC is essential for businesses needing accurate credit assessments, aiding them in making informed lending decisions and managing credit risk effectively.
MCC Categories
Agricultural Services Airlines Business Services Car rent Cars and vehicles Clothing stores Contract services Entertainment services Government Services Hotels / Resorts Mail / Telephone Sales Membership оrganizations Miscellaneous Stores Not categorized Personal services Professional services Repair services Retail Outlet Services Service provider Transportation Services Utility Services Wholesale suppliers and manufacturers