Portugalclube.com

Provide two basic services: collecting information and reporting information. Lenders and creditors report information to these data management bureaus on a monthly basis. Businesses use these reports to evaluate an individual’s financial worthiness. Throughout the years, credit report companies have undergone many transitions. Lewis began collecting detailed information on his customers to protect his business. During the first half of the twentieth century, companies only collected negative information on consumers.

Consumers could not access information on themselves. But in 1971, Congress passed a new law changing the way credit report companies did business. The Fair Credit Reporting Act required agencies to provide correct information to businesses about consumers. Although each bureau collects information differently and works with varying creditors and lenders, the information collected falls under the same categories. Identification information includes an individuals name, address, employment history and spouse.

Delinquencies reflect negatively on a consumer whereas on-time payments and account upkeep will increase financial worthiness. Credit report companies will also report on legal issues such as lawsuits, tax liens, and bankruptcies. Based in Atlanta, GA, the oldest of the credit report companies was founded as Retail Credit Company and specialized in turning personal information into a viable industry, providing services in portfolio management, fraud detection and financial information. All three companies provide a plethora of services from risk management and information profitability to consumer analytics and direct marketing.