An Overview and History of Credit Reporting

On April 5, 2002, the Payment Cards Center of the Federal Reserve Bank of Philadelphia held a workshop that explored the uses and evolution of credit reporting companies. Leading the workshop was a group of executives from TransUnion LLC : Tony Capaldi, Group Vice President for the Eastern Region; Dan Brackle, Vice President, Philadelphia; and Chet Wiermanski, Vice President, Analytical Services. Headquartered in Chicago, Illinois, TransUnion is a leading global provider of information and decision-processing services, maintaining one of the largest databases of consumer credit information in the world, serving businesses and consumers in the U.S. This paper includes a short history of credit reporting, an overview of the Fair Credit Reporting Act, and a review of credit reporting company markets and uses. Information from the TransUnion workshop is supplemented by additional research.