Finance History | Equifax — Prompt, Slow, or Requires Cash at 10 Decatur
· 1899-3
Unreviewed contributionBy kevin · · Report an issue
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Finance History | Equifax — Prompt, Slow, or Requires Cash at 10 Decatur
kevin
People treat Equifax as an Atlanta campus that always scored a file from a server farm.
The first book was a grocer's list of who paid and who did not.
In March 1899 Cator Woolford and his brother Guy opened the Retail Credit Company in a small office in the Gould Building at 10 Decatur Street, Atlanta.
They had compiled payment habits for the Chattanooga Retail Grocers' Association the year before, then moved to Atlanta because the city was becoming the region's trade desk.
Correspondents walked merchant counters and marked customers Prompt, Slow, or Requires Cash.
Those notes were bound as The Merchant's Guide and sold for $25 in 1899 dollars.
The firm lost more than $2,000 in 1899 dollars in its first year and still kept the ledgers.
Life and auto insurers later bought the same field reports.
The company occupied a purpose-built Fairlie Street office from 1930, went public in 1965, and took the Equifax name in 1975 and 1976 as a portmanteau of equitable and factual.
The mechanism is still the Decatur Street one.
A lender does not know a stranger; a shared ledger of past payment is cheaper than a personal visit.
Decatur Street in 1899 sat at the Five Points trade grid, not a perimeter campus.
A visitor finds later towers on the same downtown block.
The file outgrew the building.
The building is where the file started.
Photo: Atlanta skyline via Wikimedia Commons.
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