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Credit Bureaus’ CustomersIronically, the newer system took on some of the traits of the original mutual protection societies. For one thing, a consumer couldn’t access his/her own credit history. Only lenders, credit card providers and other businesses had access to credit reports.
The bureaus’ primary focus remains on serving lenders. But a number of factors have led them to become more consumer-friendly. These factors include:
Today, you can get your credit score, or copies of your credit reports, through a variety of sources on-line or by mail. Plus, lenders will usually tell you your credit score when you apply for a loan. American consumers really began finding out about credit scoring—and demanding to see their scores—in the 1980s. The Internet boom of the 1990s hastened this process, as more information was available in more places. In 2000, the on-line lender E-Loan.com offered to give consumers their scores for free, with information explaining how the score was calculated and how they might improve it. Fair, Isaac & Co. responded by cutting E-Loan off from its credit formulas, effectively crippling its ability to lend money. E-Loan stopped giving away credit scores. |
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