Equifax began back in 1898 by two brothers. Cator Woolford began as a grocer in Tennessee. Seeing the need to determine whether groceries should be given to customers on credit, he fashioned himself a book with the names of customers and their credit worthiness. He made this available to the Retail Grocer’s Association and then to cover his costs, he also began selling it to other merchants and grocers for a modest fee. His career in the consumer credit bureau industry had now begun. Cator got his brother, Guy of Atlanta, involved. They made big plans to expand operations and their business reach, and they officially opened their doors as Retail Credit Company in March 1899.

In the century that followed, Retail Credit Company grew to be the premier credit reporting agency in America. When consumers filled out applications for financing, insurance, and other services, their information was collected and stored on 5×7 index cards. Considering the laws that govern the credit industry today, its start in the collection industry would have been considered fairly controversial. Nonetheless, Retail Credit Company continued to grow and support businesses looking for information on a consumer’s credit worthiness and risk. With advances in technology in the last few decades of the century, this information slowly transferred over to disk. Here it would be made available digitally and on-demand by a fully automated, online system.

In 1979, Retail Credit Company changed its name to Equifax, as a way to change its image after a series of lawsuits and judgments regarding unfair business practices. In today’s economy, it had proven to be the largest credit bureau worldwide. It handles more than ten million electronic transactions per day for 300,000 customers worldwide. With all these transactions taking place, it’s only logical that credit reporting mistakes take place. Today, we have the Fair Credit Reporting Act of 1971 (FCRA), but prior to this law, consumer’s information was misused and unfairly acquired. Vivix Credit Solutions knows the rights you have under the FCRA and will work diligently to solve your credit or reporting issues. From foreclosures to late payments, we will work with you to rebuild your credit and get you on the path to securing the financing you need. Call us today.

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