NPR

Episode 798: Bad Credit Bureau

For most of our lives, Equifax has been slurping up our financial data. Now the company's been hacked and our data is loose. Today, we trace this mess back to two brothers and one fateful decision.
In 1874, if you wanted to buy groceries on store credit, the cashier would reach under the counter and pull out a little blue book. Inside would be your name, profession and whether you paid your debts on time. It was the beginning of the Equifax business model. And it was never about the regular citizens. It was about the businesses that wanted to lend to them. Regular people are the product. Banks and businesses are the customers. / Mark Wilson / Getty Images

In 1874, if you wanted to buy groceries on store credit, the cashier would reach under the counter and pull out a little

You’re reading a preview, subscribe to read more.

More from NPR

NPR2 min readCrime & Violence
Guatemalan AG Raids Save The Children Office Over A Migrant Children Rights Complaint
Prosecutor Rafael Curruchiche said that the complaint filed by an unidentified foreigner had raised serious concerns because it involved allegations of abuse of children.
NPR2 min read
More Than 500 People Have Been Arrested At Pro-Palestinian Protests At Colleges
Students and others are protesting Israel's war against Hamas in Gaza and, in some cases, their school's investments in Israel. Presidents at several schools face calls to resign amid the protests.
NPR2 min readInternational Relations
World Central Kitchen Workers Killed In Israeli Strikes Will Be Honored At Memorial
The aid workers were killed April 1 when a succession of Israeli armed drones ripped through vehicles in their convoy as they left one of World Central Kitchen's warehouses on a food delivery mission.

Related Books & Audiobooks