Where and when did the Credit Bureaus start and by whos authority?

I am wondering if our privacy can become any more in danger and just who gave these bureaus the right to invade our privacy any way?

Where and when did the Credit Bureaus start and by whos authority?

Credit bureaus have been around for quite a while. When they first started decades ago people would actually snoop around and ask your neighbors about your behavior. The meaning of credit is based on your %26quot;character and behavior.%26quot; Nowadays there are 3 main credit bureaus which are Experian, Transunion and Equifax (some regions it could be called by it%26#039;s subsidiary). They are NOT owned by the government in any way, only government regulated. These bureaus collect information from creditors and see how your spending behavior is based on credit that you have received. Based on that they use a special algerythym to calculate a score for you. Which is your credit score. That is why when you are young you have a low credit score b/c you do not have much to base things on. Financial institutions will %26quot;judge%26quot; you based on these numbers and deem if you are able to pay them back. The only main thing there are nowadays is the FCRA to protect you.

Where and when did the Credit Bureaus start and by whos authority?

Please refer to page 9 of these working papers to get the real deal behind the start of credit bureaus.

Enjoy.

10 pts please!

Where and when did the Credit Bureaus start and by whos authority?

A credit bureau is a cooperative put in place by creditors as a central resource of credit information from potential debtors. creditors contribute to it for the benefit of other creditors. Privacy is not invaded at all, as you give them permission to review and report to your credit file when you apply for and accept credit. Read the fine print.