With the growth of technology and advance computing of data collection in 1970s, the modern credit reporting industry was born. This made work efficient and cost effective. Credit reporting is meant earlier for lenders, but it helps consumers as well.
In 1971, Fair Credit Reporting Act was passed in the US to ensure the “accuracy, fairness and privacy of information in the files of consumer reporting agencies”. In India it took longer than the US, the Credit Information Companies (Regulation) Act, 2005 was introduced to regulate and provide guidelines on credit bureau work which was started in 1999.
In today’s 21st century, digitalization has become a necessity and credit reporting has also evolved with technology. People are also aware of the growing need for credit reporting. The data has become faster, accurate and easier to access.
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