Creditworthy: A History of Consumer Surveillance and Financial Identity in America

The three leading credit bureaus, Experian, Equifax, and TransUnion, are multi-billion-dollar corporations that track our movements, spending behavior, and financial status. Josh Lauer's book Creditworthy explores the evolution of credit reporting from its nineteenth-century origins to the rise of the modern consumer data industry, highlighting the sophistication of early credit reporting networks and the role that commercial surveillance has played in monitoring the economic lives of Americans. Lauer argues that credit bureaus invented the modern concept of financial identity by converting individual reputations into brief written reports and credit ratings and scores.

Format: Paperback / softback
Length: 368 pages
Publication date: 20 February 2024
Publisher: Columbia University Press

The first consumer credit bureaus emerged in the 1870s, rapidly amassing extensive archives of highly personal information. Today, the three leading credit bureaus, Experian, Equifax, and TransUnion, stand as powerful institutions in modern life, yet their operations remain largely unknown. These multi-billion-dollar corporations meticulously track our movements, spending behavior, and financial status, utilizing this data to predict our riskiness as borrowers and assess our trustworthiness and value in various contexts, ranging from insurance and marketing to employment and housing.

In his book Creditworthy, Josh Lauer delves into the comprehensive history of credit reporting, tracing its origins from the nineteenth century to the rise of the modern consumer data industry. By highlighting the sophistication of early credit reporting networks, Lauer underscores the significant role that commercial surveillance has played, surpassing state surveillance systems, in monitoring the economic lives of Americans. Lauer charts the evolution of credit reporting from an industry reliant on personal consumer knowledge to one that employs advanced algorithms to determine a person's trustworthiness. Ultimately, Lauer argues that credit bureaus have profoundly transformed the concept of financial identity by converting individual reputations into concise written reports, subsequently evolving into credit ratings and credit scores.

Creditworthy serves as a reminder that creditworthiness extends beyond mere economic facts. It encompasses and determines our social standing as honest, reliable, and profit-generating individuals. This book emphasizes that creditworthiness is not just a numerical score but a reflection of our reputation and trustworthiness in the financial world. It sheds light on the historical development of credit reporting, the role of credit bureaus in shaping our financial identities, and the implications of these institutions on our lives. By exploring the complexities of credit reporting, Creditworthy offers valuable insights into the power and influence of these institutions in contemporary society.

Weight: 542g
Dimension: 152 x 229 x 23 (mm)
ISBN-13: 9780231216630