The Palm Beach Post from West Palm Beach, Florida on November 3, 1968 · Page 182
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The Palm Beach Post from West Palm Beach, Florida · Page 182

West Palm Beach, Florida
Issue Date:
Sunday, November 3, 1968
Page 182
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Page 182 article text (OCR)

Credit Co. of Atlanta, whose 1800 branch offices last year supplied 35 million reports to 40,000 customers. Actually, it devotes more effort to insurance and pre-employment investigations than to credit reports. Yet the medical histories and "moral character" reports obtained for employers and insurers are available also to the credit customer. Another cause for alarm is the increased speed with which creditors can obtain your report. The Associated Credit Bureaus, for example, is already developing a prototype system with International Business Machines that will one day make your file available to any of its nationwide customers within seconds after activating a computer. Meanwhile, a handful of large individual credit bureaus are racing ahead with their own independent systems. Credit Data Corp., with 20 million files on record and adding some 50,000 new ones each week, already has two giant computers in Los Angeles and New York, and hopes to complete a link-up by the early 1970's that will embrace all 48 continental states. continued 1 to protect customer's privacy. li-ytf$ hi i IJ, '- ' !V J . 1 ! "STORE COUPON r,7n 5 MR. DEALER: Yon ara aorhoriitd ta act n Mir font for rtdtmplnn of thts coupon. Wo will pay mi ret tact valut olui It handlini orondod yon . nv -aw;, ) ml Dm comumtr luva compnad witn toa Itrmi of thai ofltr. Of rCP) TERMS: Thn coupon food only wktn rtdoomod at tifflt I purcHooinf ipaciM artntf. Any mIm b mint do paid by cort-umar. InvoKot ihowinf your purchm of nfficiont itock to com II coupons rtdotmod mint bo shown on roqoott. Void M tamo), mtrictod or pronmiM ty tow, or K pftxnlod by toy ovtsid fmcm, orokors, mdmtiUI or rmtltiilionol mm. Ctsn nluo UK ) U. Sond to ARMOOfi-DIAL. Ik, Boi 112. Clinton, Iowa 52732. Oflar MM to ww coupon par tpacihod product and ua. Senator Proxmire will otter bill Unfortunately, cases like Mr. Vollbrecht's seem to be multiplying in line with the growth rate of consumer credit. Americans now spend more than $100 billion a year on the cuff (excluding home mortgages), compared to $20 billion in 1950. As a result, the agencies which keep tabs on your credit rating have become big business. The Creater New York Credit Bureau, for instance, employs a force of 500 to maintain some 8.5 million individual dossiers and file 3 million annual reports. The Associated Credit Bureaus of America, organized in 1906 with 25 member companies, now has 2200 firms which swap files on more than 110 million Americans. Together, they serve 400,000 "credit granters" ranging from the corner shoe store to the Federal Housing Administration (FHA), which last year had credit bureaus run nearly a million investigations on applicants for mortgage insurance. As credit bureaus grow, so does the volume of data they store on each American. Fifteen years ago the average file probably included place of employment and payment history of a few major loans. Today your personal file may also include your complete employment history, present salary, medical record, average bank balance, character references based on confidential interviews with your neighbors and co-workers, as well as public records like arrests, lawsuits, judgments, and divorces. The reason why is that many credit bureaus have branched out into related investigational work, with each new bit of personal information added to your central, multipurpose file. Typical is the Retail :k l rV V' ,r ' - a" ' H ill IV; I . . ' TT" t-"- A .. ' i SAVE S BP ' The people who make new Creamy Chiffon for dishes can't promise you a rendezvous with a Dashing-Continental-Lover-Type. But if one happens, we can promise your hands will be ready. Because new Chiffon is kind as cream to your hands. That gentle-yet it still saves you money. So, get new Creamy Chiffon and on New Cre-amy CHIFFON nSLWD i 7

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