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Credit reporting is big business.
Credit reporting as an Organized business came about as a result of lenders needing a way to measure a clients creditworthiness. Years ago, this wasn't a very necessary service. People didn't move around the country much and generally did all or most of their business at their local bank. But, like in many areas of our lives, progress has changed and complicated this banking relationship. The advent of computers allowed for new credit instruments like credit cards to come into existence.