When a customer sought a new line of credit, the retailer or banker called the local credit reporter to review notes on the customer. (debt.org)
Most of these early credit reporters were specific to certain industries, like banking or retail, and the files they created were subjective. (debt.org)
It also provides rules for credit reporters and report users, like banks and other creditors, to protect consumers from inaccurate and negative reporting. (mortgagecompliancemagazine.com)