DECISIONS, DECISIONS ...
MicroBilt’s 30 Years of Decisioning Tools
To celebrate our 30 years in business, we're taking a look back at a different topic in each issue of {see} this year. Since Issue 7 focused on people with little or no credit history, we thought we'd look at how much credit data has become available since we got started.
In the decades before MicroBilt was founded there were thousands of local credit bureaus gathering data on people from a variety of sources, but it was mostly negative data. Further, some credit bureaus even reported "lifestyle" information that they gathered from newspapers and other sources (in other words, "gossip").
Today things are different. With the advent of the Fair Credit Reporting Act and the consolidation of data, plenty of quality data is available to businesses looking to make credit decisions. Today almost 2 billion individual credit transactions are entered into the national credit bureaus' records every month.
With all of that data comes more difficult decisions, and in this economy we all want to be sure we're making good choices about credit. That's why MicroBilt's been here for 30 years, helping businesses sort through it all. Don't think things have changed that much in that time? Click on the Time Machine button to take a look back at how things were when we got started ...
Where did all of the credit data we have now come from?
There are a number of sources but all you have to do is consider credit card debt to see how many transactions are taking place, and reported, today, compared with the past.
When Microbilt was founded, America’s credit card debt balances were $48 Billion. Today, America’s balances are a whopping $931 Billion. Of course, inflation has something to do with it, but you can’t deny that people in America are taking on more debt and in the process adding to their credit histories every day.
View Our Other Articles From This Issue of {see} Magazine