why were credit reporting agencies created?

[Anonymous]

Some entrepreneurs saw a need to create $$$ by indirectly driving the credit business to create the need to build companies that could perform a service of performing a system of "Checks and Balances" in forms of disputes.

[Anonymous]

Read this

https://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/The-History-of-Credit/m-p/19935

I would read the "Edwin" section first then come back to the rest.

[Lucifer]

Freaking Edwin.....