While Canadians rely mostly on Equifax Canada and TransUnion Canada for their Credit Bureaus, the history of these organizations and the hundreds of others that exist worldwide is quite interesting. For those unfamiliar with the term, Credit Bureaus are collection agencies (and should not be confused with organizations such as consumer reporting agencies such as they have in the United States) that collect information from a number of sources and offers consumers a report on their credit information. This can be used for everything from applying for new credit cards, straight through to mortgage approval and financing options on cars.
Equifax, one of the oldest such-organizations, was founded in 1899 in Atlanta, Georgia, in the United States. With over 400 million credit holders worldwide it is also one of the largest consumer credit report agencies in the world – with a reported global service that resulted in $US 2.3 billion in revenues last year alone.
It grew in the early 20th century, expanding into Canada before the 1920s. Originally called Retail Credit Company, even during periods of worldwide conflicts, economic depressions, and general civil unrest, the company continued to prosper and by 1960 was one of the most successful of its kind. Rather than what has become a larger percentage of their business, the majority of the company’s growth occurred as a result of reporting for those applying for new insurance policies – from life, fire, medical, to auto insurance – RCC became a staple representative of the industry and worked with major companies across the continent.
However, complications arose in the latter half of the ‘60s, and the company shifted their focus, changing this name to Equifax in 1975 to reflect this transformation.
Commercial reporting became their primary business model as they moved towards the 21st century.
TransUnion may not have over a hundred years of operating practices but being founded in 1968 is still an impressive point of entry regardless. Operating with 45,000 businesses and over 500 million consumers worldwide across 33 countries places it as one of the higher hitters in the field.
Like Equifax, TransUnion did not start in the business area that they now operate within, instead, they were a holding company for railroad leasing, originally called Union Tank Car Company. A year later they acquired the Credit Bureau of Cook County and through a number of strategic business purchases they expanded rapidly, being purchased, in 1981 by, interestingly, a holding company named The Marmon Group.
It shifted hands over the years, finding its way into the public forum in 2015 as a publicly traded company. Using self-developed technologies, TransUnion has created a secure credit score review system including a recent merger with TLOxp technology that allows superior data analysis for more accurate score and user security.
Learn more about your credit score today by contacting our experts at DreamCatcher Financing and let us get you the car loan that fits your situation with the ease and the security you deserve!