This research report covers the history of credit-reporting agencies in the United States and aims to describe how institutions can support market development. The authors examine research on various agencies and associations that provide credit and suggest that information sharing reduces loan interest and default rates and can have disciplinary effects that encourage borrowers to meet obligations. The paper points out that credit-reporting agencies can fulfill a dual role of information clearinghouse and contract enforcer. The authors' conclusions broaden the concept of credit reporting to encompass the legal and regulatory environment in which credit-reporting agencies operate and the other organizations that support their work.