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CIAO DATE: 10/5/2006
Credit Scores, Reports, and Getting Ahead in America
Matt Fellowes
May 2006
Abstract
Everyday, more than 27,000 employees in the credit bureau industry walk into over 1,000 locations around the country and process over 66 million items of information. Out of this massive churning of activity, credit bureaus produce consumer credit reports and scores, two of the most powerful determinants of modern American consumer life. Among their many applications, credit reports and scores now help determine if a family can borrow money to buy major necessities like homes and cars; they affect the prices businesses charge for such products as mortgages and auto insurance; reports and scores are used by an increasing number of employers to assess job applicants; they are used by landlords to evaluate prospective renters; and a growing number of utilities are using credit reports and scores to price deposits for numerous services. In short, both the access and terms of access to an increasing array of basic necessities, including jobs, housing, insurance, energy, and communications, are now influenced by an individual's consumer credit report and scores.
