NAICS Code 561450-03 - Credit Reporting Agencies

Marketing Level - NAICS 8-Digit

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Contact Emails: 26,259
Company Websites: 202
Phone Numbers: 231
Business Addresses: 270
Companies with Email: 165
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NAICS CODE 561450-03
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Looking for more companies? See NAICS 561450 - Credit Bureaus - 337 companies, 26,503 emails.

NAICS Code 561450-03 Description (8-Digit)

Credit Reporting Agencies are companies that collect and maintain credit information on individuals and businesses. They gather data from various sources such as banks, credit card companies, and other lenders to create credit reports that are used by lenders, employers, and other entities to assess creditworthiness and make decisions about financial transactions. Credit Reporting Agencies play a crucial role in the financial industry by providing accurate and reliable credit information to help mitigate risk and ensure responsible lending practices.

Parent Code - Official US Census

Official 6‑digit NAICS codes serve as the parent classification used for government registrations and documentation. The marketing-level 8‑digit codes act as child extensions of these official classifications, providing refined segmentation for more precise targeting and detailed niche insights. Related industries are listed under the parent code, offering a broader context of the industry environment. For further details on the official classification for this industry, please visit the U.S. Census Bureau NAICS Code 561450 page

Tools

Tools commonly used in the Credit Reporting Agencies industry for day-to-day tasks and operations.

  • Credit report software
  • Data analytics tools
  • Fraud detection software
  • Identity verification tools
  • Risk assessment software
  • Compliance management software
  • Customer relationship management (CRM) software
  • Document management software
  • Payment processing software
  • Reporting and analytics tools

Industry Examples of Credit Reporting Agencies

Common products and services typical of NAICS Code 561450-03, illustrating the main business activities and contributions to the market.

  • Credit scores
  • Credit reports
  • Credit monitoring
  • Identity theft protection
  • Fraud detection
  • Credit counseling
  • Debt management
  • Loan underwriting
  • Employment screening
  • Tenant screening

History

A concise historical narrative of NAICS Code 561450-03 covering global milestones and recent developments within the United States.

  • The Credit Reporting Agencies industry has a long history dating back to the late 1800s when the first credit bureaus were established in the United States. These early bureaus collected information on individuals' creditworthiness and sold it to businesses. In the 1960s, the industry saw a significant shift with the introduction of computerized credit reporting systems, which allowed for faster and more efficient data processing. The 1990s saw the emergence of credit scoring, which revolutionized the industry by providing a standardized method for assessing credit risk. In recent years, the industry has faced increased scrutiny over data privacy concerns and the accuracy of credit reports. In the United States, the Fair Credit Reporting Act (FCRA) was enacted in 1970 to regulate the industry and protect consumers' rights. The 2000s saw the rise of online credit monitoring services, which allowed consumers to access their credit reports and scores more easily. In 2017, Equifax, one of the largest credit reporting agencies, suffered a massive data breach that exposed the personal information of millions of consumers. This event led to increased calls for stricter regulation of the industry and greater protection of consumers' data privacy.