Credit Reporting Services

SIC 7323

Companies in this industry

Industry report:

This industry includes establishments primarily engaged in providing mercantile and consumer credit reporting services. Examples of such establishments include consumer credit reporting bureaus, credit bureaus and agencies, credit clearinghouses, credit investigation services, and mercantile credit reporting bureaus.

Industry Snapshot

Credit reporting services are a prime source of credit information for both consumer and mercantile (business) markets. Although there are numerous credit reporting agencies operating all over the United States, with most specializing within specific industries, the services they offer are usually limited to reference books, ratings, recommendations, and reports. Some agencies, such as Dun & Bradstreet, provide all these services, whereas other agencies may offer only one or two. Whereas reference books, ratings, and recommendations are primarily used by credit managers, credit bureau reports can be used by others to verify that individuals or firms have listed all of their debts and provide valuable clues about individuals' or firms' payment behavior. Marketers may also use such information to effectively segment their markets based on credit performance criterion.

The industry is dominated in the United States by three credit bureaus: Equifax, Experian, and Trans Union. These companies compile data from public records and creditors to create credit reports for over 200 million Americans. All three companies maintain a contract with an independent company, Fair Isaac Corp. (FICO), which transposes the data into a credit score. Credit scores range from 350 to 800 points, with score of 620 or above considered good. In 2006 VantageScore was launched to compete with Fair Isaac Co.'s FICO score. The VantageScore scale ranges from 501 to 990, with anything above 700 considered good.

Access issues and consistency among reporting bureaus generated controversy in the 2000s. Nevertheless, by the mid-2000s, 75 percent of mortgage lenders and 80 percent of large financial institutions relied on credit scores to assess credit risk--an issue that became a key factor in the financial meltdown and economic recession that occurred in the later 2000s.

Organization and Structure

Most credit bureaus are either owned by or under contract agreement with one of the United States' three major consumer credit reporting agencies: Equifax, Experian, and Trans Union. These national agencies maintain centralized computer databases that contain the credit records of more than 200 million Americans. Similarly, agencies such as Dun & Bradstreet Information Services provide credit information on more than 10 million U.S. businesses. Credit bureaus generate more than a half-billion credit reports every year, and more than 4 billion pieces of information about consumer trade activities are entered into consumer credit records each month.

Consumer and mercantile credit are the two broad categories of services that are offered by the credit reporting agencies in the United States. Consumer credit is the medium of exchange that an individual consumer may offer to a seller of goods or services or to a lender of money. Consumers use credit to obtain items in the present and pay for them at some future time. Despite the fact that virtually every person in America eventually has contact with some phase of consumer credit, the extent to which consumers use credit varies. Consumer credit reporting services provide information on retail, service, and cash credit. These services gather and evaluate information on a consumer's credit activities for his or her lifetime. Based on this information, agencies provide a consumer's credit rating to the party seeking credit information.

Consumer Credit.
Retail credit is sought before processing retail sales to consumers. The sale may take place as a revolving credit, an installment credit, or an open charge transaction. Credit reporting services are critically important to the business of retail credit. For example, credit reporting services provide information on each consumer that applies for retail credit cards such as American Express, Visa, or MasterCard. Credit reporting agencies are also extensively used to check the credit status of mortgage applicants. Many retail outlets that provide installment credit, which is a plan that allows a customer to pay in several installments, also use credit reporting agencies in a similar credit-check fashion.

Service credit consists of credit provided to consumers for services rendered, such as those by doctors, dentists, and lawyers, or for the use of gas, electric, or water utilities. The credit reporting services provide credit ratings for consumers of these service organizations.

Cash credit involves lending money directly to consumers. Organizations such as consumer finance companies (sometimes called personal finance companies) or small loan companies; commercial or industrial banks (personal or consumer loan departments); credit unions; insurance companies; and other types of lenders seek the service of the credit reporting establishments. They request advice from these companies before approving the loan and consequently providing money to the consumer.

Mercantile Credit.
Business credit is one of the principal means by which business executives can translate opportunities into productive ventures. Credit reporting establishments provide two types of services to the organizations seeking business credit information: commercial and cash credit.

Commercial credit is extended when a manufacturer or supplier provides goods to another party (an intermediary, wholesaler, or final retailer) for resale to the consumer. Credit reporting services are used extensively in this area due to the volume and the value of goods exchanged. This is especially true when a supplier is conducting new business with an unfamiliar party. In this case, credit reporting services are used to provide information in the form of a credit rating that contributes to the critical final credit evaluation.

Cash credit allows businesses to borrow cash to acquire both current and fixed assets, which it agrees to repay on a long- (over five years), intermediate- (one to five years), or short-term (less than one year) basis. Organizations such as commercial banks, investment companies, insurance companies, commercial finance companies, and even individuals seek credit information about businesses before lending them cash.

Types of Consumer Credit Reporting Agencies.
Information about the credit position of individuals and families may be purchased from many sources. Since credit investigations have become extremely specialized, organizations usually rely on specialists. Credit information in the files of specialized credit reporting agencies can be used more than once. In fact, multiple use of the same information is the principal on which a consumer credit reporting agency is founded.

There are several types of consumer credit reporting agencies. Some agencies serve a wide geographic area with their own computer database. The primary source of their data is accounts receivable tapes of credit grantors and public record information. The three major credit reporting firms in the United States are Equifax, Experian (formerly known as TRW Information Services), and Trans Union.

Some agencies operate by contract arrangement with the large computerized reporting firms. Such agencies pay a monthly fee for the access to the file data. Any credit bureau has access to the records of all other bureaus. The credit file of an individual who moves from one area of the country to another is available to credit businesses in a new community through inter-bureau reporting arrangements. Therefore, computerized bureaus have instant access to the credit histories of millions of people.

There are three types of commercialized sources of credit information. The general mercantile agency, Dun & Bradstreet Inc., reports on any business enterprise in response to subscribers' credit inquiries; the Business Credit Reporting Service of the National Association of Credit Management operates for the systematic exchange of ledger information among members; and the Specialized Mercantile Agencies reports on business enterprises in particular lines of trade at subscribers' request.

An annual or monthly fee is usually charged for credit reporting services and is billed to all members according to the membership contract. A per-report cost is also charged, which varies depending on the type of report required and the format in which it is received.

Operation of Consumer Credit Bureaus.
Credit bureaus must maintain control of the data they collect. To comply with the Fair Credit Reporting Act, credit bureaus must carefully check on the identity of all that request credit information. Individuals or firms that are not members of the bureau can purchase reports if they have a legitimate need and are properly identified. The Fair Credit Reporting Act lists permissible purposes for obtaining consumer credit reports.

The information needed to create a credit report is gathered from a variety of sources, located in one or more trading areas that are willing to exchange information. Credit bureaus try to secure data from as many creditors and other sources as possible. Bureaus obtain ledger information from credit grantors, verify employment with employers, and collect credit-related public records from courthouses. The present status of the consumer is of most importance, but the reader of a credit report is usually greatly interested in the historical status as well (i.e., how often the consumer was significantly late in paying bills).

Credit bureaus check public records regularly to gather credit-related data. A bankruptcy, lawsuit, judgment, or divorce may affect a consumer's paying habits regardless of his or her previous record. Also, as the population becomes more mobile, consumers make many purchases outside their local trading areas. Under these circumstances, one credit bureau must request a credit report from another bureau. Through an interbureau reporting system, the record of an individual in other markets is readily available.

In using multiple sources of credit information, credit bureaus distinguish between facts and statements of opinion. According to Associated Credit Bureaus, Inc., consumer credit reports contain personal information such as: a person's name, last reported address, social security number, date of birth, marital status, spouse's name, number of dependents, previous addresses, and employment information; a listing of the consumer's credit information, including credit account numbers, the creditors' name, the amount of last payment, the credit limit of the account and the timeliness of the credit payments; a listing of public record information, such as tax liens, court judgments, and bankruptcies; and an inquiry section that lists all creditors who have reviewed a copy of the credit report. This final section is particularly important for consumers to examine when they receive a copy of their report because it acts as an audit trail to ensure that no unauthorized parties have accessed the report.

Credit reports once included opinions of credit grantors and even comments about the subject's parents. But now credit bureaus refuse to place any information other than verifiable, factual data in their files. Credit reports do not contain any information about a person's character, lifestyle, race, national origin, religion, medical history, political affiliation, sexual preference, friends, or relatives.

Legal Aspects of Credit Reporting Business.
Section 602 of the 1971 Fair Credit Reporting Act regulates the credit reporting industry. The act established, among other things, the length of time that adverse information may remain in a credit file. This legislation bars the inclusion of bankruptcies that are more than 10 years old as well as suits and judgments, paid tax liens, accounts placed for collection, and any other adverse item of information that antedate the report by more than seven years, according to Section 605 of the Fair Credit Reporting Act. The Federal Trade Commission (FTC), which is responsible for enforcing the act, has announced interpretations that have affected credit reporting organizations' mode of operation. For instance, if a credit grantor declines credit privileges to an applicant based on information in a consumer credit report, the credit grantor must advise the applicant and provide the name and address of the credit bureau.

Since the Fair Credit Reporting Act became law, credit grantors have been extremely conscious of the definition of a credit reporting agency. Legally, if a credit grantor relays third-party data as distinguished from its own ledger information, it becomes a credit reporting agency itself. For example, if an electronics appliance store calls a clothing store about a consumer's paying habits and the clothing store provides secondhand information learned from a utilities company, the clothing store is then deemed to be a consumer reporting agency and is liable for all the record-keeping and interview procedures required in the Fair Credit Reporting Act.

One of the most important provisions of the act is the right to know the contents of one's own credit records. The law provides that every consumer reporting agency reveal, upon request and proper identification of the consumer, the contents of all file information on the consumer, the sources of the information, and any recipients of reports on the consumer. Furthermore, the law states that a consumer cannot be charged for a report if, within the past 30 days, the consumer has been denied credit because of a report from a credit bureau or has received a notice from a collection department affiliated with a credit bureau. The act also allows individuals the right to challenge the accuracy of information and have it reverted, updated, or removed. Individual states also have their own laws that deal with credit reporting.

Background and Development

Local credit bureaus are primarily a twentieth-century development, though credit has long been a feature of American business. The first credit bureau was founded in the middle of the nineteenth century, but the growth and development of credit bureaus was slow prior to World War II. For a long time, retailers who sold on credit either operated their own system of checking a consumer's financial resources or, in the case of small retailers, advanced credit to neighbors who they knew from daily interactions. As cities grew and merchants could no longer keep up with the demands of either knowing or checking on their customers, they increasingly turned to credit bureaus for assistance. Credit bureaus have become the main clearinghouses for information provided by their subscribers, members, and other outside sources. Furthermore, credit bureaus are the quintessence of close cooperation within businesses serving the American population.

In the nineteenth century, the possibility of securing organized and factual data on business organizations was extremely remote. Credit decisions were usually hit-or-miss affairs. As a result, business experienced large credit losses that had to be offset by greater margins of profit. The impetus for developing the first organized sources of credit information grew out of the uncertainties and losses experienced during the economic panic of 1837, the rapid changes in the country's economic structure, and the expansion of trading areas. Manufacturers and suppliers needed credit to trade over wide geographic areas. This implied that credit judgment could no longer be based on personal relationships, nor could adequate information be gathered in the immediate vicinity of the creditor. Consequently, a system of organized credit reporting evolved to eliminate some of the major uncertainties of trade.

In 1841, Lewis Tappan, widely acknowledged as an excellent judge of a credit risk, organized the Mercantile Agency to collect and disseminate information for the benefit of creditors. Though the agency had its headquarters in New York City, Tappan developed a branch office system to penetrate major trade centers. R. G. Dun, an employee of the Mercantile Agency, became the sole proprietor of the company in 1859 and changed the name to R. G. Dun & Co. In 1849, John M. Bradstreet, an attorney in Cincinnati, founded the Bradstreet Company, which operated in a manner similar to the Mercantile Agency and served the same areas of trade. In 1933, the two firms merged to form Dun & Bradstreet, Inc.

Another commercial credit reporting agency includes the Business Credit Reporting Service of the National Association of Credit Management (NACM). The NACM was organized in 1896 to cope with the growing problems of fraud, misrepresentations, interstate commerce, absence of a uniform federal bankruptcy law, and increasing demand for credit. From a humble beginning of less than 600 members, NACM represented 30,000 member companies by the late 1990s.

Origin and Growth of the Credit Association Bureau.
The organized exchange of consumer credit information between local regions started in the early 1900s. In 1906, William H. Burr, owner of a credit company in Rochester, New York, had the managers of several other consumer credit reporting agencies meet with him and discuss the possibility of forming a national association of credit bureaus. Their cooperation gave birth to the sole national organization of credit bureaus, then called the National Association of Retail Credit Agencies. The agency was renamed Associated Credit Bureaus, Inc. in the 1960s, and renamed again in 2001. As of 2010 the organization is known as the Consumer Data Industry Association (CDIA).

In the late 2000s, the CDIA was one of the most active trade associations in the credit reporting industry, representing more than 1,450 consumer credit, mortgage reporting, and collection service companies and offering its members such varied benefits as interbureau reporting rosters, standardized reporting forms, trade publications, educational services, credit bureau research, and annual meetings and conferences. CDIA also operates a comprehensive program leading to FCRA certification.

The three major credit bureaus all gather information independently of one another. Because some creditors may only report to one or two bureaus, the information gathered is not consistent. The result is that the same individual can have three different credit scores, generated from three different reports. How lending institutions use these scores also varies greatly. Mortgage lenders usually buy all three scores but do not usually average them. Whereas some lenders take the middle score, those looking for business may opt to focus on the high score, and conservative lenders may take the bottom score.

Credit score can impact the interest rate a consumer is offered from the lender: the higher the score, the lower the rate, and the lower the score, the higher the rate. "In some cases, a 50-point difference would have no effect on your auto insurance premium," Bernie Birnbaum of the Center for Economic Justice told Money. "In other cases, it could double it." According to a study of over 500,000 merged credit reports conducted in 2002 by the National Credit Reporting Association, 29 percent of all consumers had scores that ranged more than 50 points. Because of the weight that credit reports carry in determining credit worthiness, consumer advocacy groups are pushing for more transparency in the credit reporting industry, as well as better safeguards against reporting errors.

Direct-to-consumer sales exploded in the early 2000s, after legislation was introduced at both the state and federal levels requiring credit bureaus to disclose consumer credit information, including scores, to consumers. The Fair and Accurate Credit Transactions Act (FACT Act), passed in 2003, allowed consumers to obtain one free report annually from each of the three big credit reporting agencies. Forced into the direct-to-consumer business, the credit bureaus suddenly realized the extensive growth potential for the market. When consumers order their free report, all three agencies offered fee-based products at the same time, ranging from a score rating a consumer's attractiveness to lenders to subscriptions to a credit-monitoring service.

Due primarily to direct-to-consumer sales, the credit reporting industry grew substantially through the remainder of the decade. Consumer-based sales of credit scores and reports were approximately $200 million in 2002. Although third-party resellers controlled approximately 75 percent of the direct-to-consumer market, the three credit bureaus used their access information as a strategic advantage to up their stake in the market.

In the mid-2000s, payday lenders looking for more respectability within the industry began rolling out their own alternative credit bureaus, enabling consumers with no credit scores a chance to build credit history based on their payment of bills, including rent, utilities, child care and payday advances not generally tracked by the big three reporting agencies.

Current Conditions

The wide availability of credit and low-interest adjustable rate loans in the mid-2000s resulted in disaster later in the decade. When the housing bubble burst in 2006 and interest rates rose, many Americans found they could not make their mortgage payments, and many found themselves living in homes with negative equity in an economy that had taken a turn for the worse. During the so-called subprime mortgage crisis, the number of foreclosures rose to record highs, and hundreds of banks and other businesses, including major investment banks such as Lehman Brothers, went bankrupt. Americans' credit scores declined during this time, and by August 2010 the average VantageScore credit score was 748, according to Collections & Credit Risk, down 8 points from three years earlier. Nevertheless, the decline was "surprisingly small," according to Michele Raneri of Experian Consumer Information Solutions, and by the end of 2010, lenders were "warming up" to borrowers again.

The financial meltdown caused the U.S. government to enact several pieces of legislation, including the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, which contained hundreds of new rules and laws, including those related to mortgage lending, and the Credit Card Accountability, Responsibility and Disclosure (CARD) Act of 2009, which installed extensive disclosure procedures required of credit card companies and other lenders.

In the meantime, Americans were looking for other ways to build their credit other than through the traditional credit reporting agencies. For example, in 2010 Maxamum Inc. launched an alternative credit reporting agency that took a different approach to credit scores called Payment Reporting Builds Credit (PRBC). The firm sought to reward consumers for paying their bills on time and create a score similar to the FICO Expansion score. According to Ben Duncan of Maxamum Inc., "Whereas traditional rewards programs are predicated upon consumer spending and increased debt, the Maxamum model rewards consumers for positive and necessary consumer behavior, such as paying your bills on time a credit score which reflects a broader range of consumer payment behavior than do the traditional credit scores." Consumers could enroll in the program starting at $25 a month.

Industry Leaders

Equifax Inc. posted revenues of $1.8 billion in 2009. One of the largest credit reporting services in the nation, Equifax retains information on some 400 million credit holders. Equifax was founded in 1899 to provide local Atlanta businesses with individuals' credit histories. The young firm diversified into the investigation of insurance applicants' backgrounds and later expanded into other industry segments. By 1973, the company had grown so large that the Federal Trade Commission filed an antitrust suit against its consumer credit division; the suit was dropped in 1982. During the 1980s and early 1990s, Experian facilitated growth through acquisitions in the United States and across Europe. It established a beachhead in the Latin America in the early 2000s, and by the third quarter of 2009 that area was experiencing a 13 percent growth rate.

Moody's Investor Services--owned by Dun & Bradstreet until that company split in two in 2000--is one of the world's largest providers of business, commercial-credit, and business-marketing information services. Founded in New York in 1841 as one of the first commercial credit-reporting agencies, the firm expanded overseas in 1857. Two years later, it launched the Dun's Book, containing information on 20,000 businesses; that number surpassed 1 million three decades later. Since the 1960s, Dun & Bradstreet has pursued a strategy of growth through acquisitions, including that of Moody's Investors Service. By 2010 it had operations in 110 countries. In 2009, Moody's Corporation, the investor service's new parent, posted revenues of $1.8 billion.

Experian Information Solutions Inc., another major player in the credit reporting industry, supplies consumer and business credit, as well as direct marketing and real estate information services. During 1998, the firm began shifting its focus from consumer credit operations to marketing information and services, causing credit information revenues to stagnate at $576 million in fiscal 1999, a relatively small portion of the firm's total revenues of $1.5 billion. Experian was formerly known as TRW Information Systems & Services, the group of information businesses previously owned by TRW Inc. In 2010 Experian, based in Costa Mesa, California, acted as the American base for global credit reporting agency Experian plc of Dublin, Ireland. Experian maintains a database of some 215 million U.S. customers and 15 million U.S. businesses. In 2009, Experian posted $2.0 billion in sales and employed more than 5,500 people.

Founded in 1969 and based in Chicago, TransUnion LLC is the youngest of the nation's three largest consumer credit reporting services. In 1970, it introduced Cronus (Credit Reporting Online Network Utility System), the first online information storage and retrieval data-processing system to complement the automated techniques used by credit grantors. In 1980, the firm was acquired by the Marmon Group, a global association of manufacturing and service companies. Trans Union offered such products as credit reports, credit and insurance risk scoring models, target marketing systems, preemployment evaluation reports, skip tracing and search tools, collection services, customized lists, and transaction services. In 2010 it maintained credit histories on more than 500 million people in 30 countries.


According to Dun & Bradstreet, the credit reporting industry employed 33,746 people in 2010. Most businesses in the industry were small, with about 68 percent employing fewer than 10 workers. The average number of workers in an establishment was 22 in 2010.

Research and Technology

The explosion of Internet use during the late 1990s impacted the credit reporting industry significantly. In 1997, QSpace Inc. became the first provider of online consumer credit reports. This revolutionary move was quickly adopted by the industry's major players. By 1999, the Internet had become a convenient, fast, and inexpensive delivery channel of mercantile credit information.

Equifax began utilizing the Internet for delivery of both business and consumer credit information in late 1999. It also entered into an alliance with the portal Lycos to offer its products and services on a new co-branded Web site. Also in 1999, Experian launched several Internet-based products, including a verification-enhancement service. By the 2000s, the three major credit reporting agencies were required by law to provide a central source website for consumers to request their reports.

Because of the ease and convenience of Internet delivery of credit information, the issue of consumer privacy has become an important consideration for credit reporting agencies. The sensitive nature of the information, as well as the strict regulations of the Fair Credit Reporting Act, has prompted these companies to foray cautiously into new technologically driven delivery mechanisms. The U.S. government and consumer watchdog groups, which have been scrutinizing various Internet-related privacy issues during the late 1990s, continued to keep a close watch on such practices by credit reporting agencies.

The mid-2000s saw several high-profile security breaches at consumer data-gathering firms, which added to the atmosphere of distrust that credit bureaus were working to dispel. The FACT Act gave consumers some control over who viewed their data gathered by the credit reporting agencies and to dispute or correct false information, and the Dodd-Frank Act of 2010 promised to grant Americans even more control over their information. A Federal Trade Commission study reported that 9 million consumers were victimized by identity theft in 2004.

In 2005, Experian began using a tool called ScoreRight, which allowed lenders to simulate credit actions--including debt consolidation, transferring balances, or applying for credit--in order to see if those actions would affect the consumer's credit score. In this fashion, a consumer close to qualifying for credit could find out ways to boost his or her score and become eligible.

The validity of credit scores issued by credit bureaus had become such an issue by the early 2010s that the FTC awarded the University of Missouri-St. Louis a $1.13 million grant to study the accuracy of information kept by the major U.S. credit reporting agencies in 2011. One of the goals of the study, according to Collections & Credit Risk, was to examine the Fair Credit Reporting Act's dispute resolution process.

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News and information about Credit Reporting Services

Contract Notice: Department of Justice (District of Columbia) Issues Solicitation for "Credit Reporting Services"
US Fed News Service, Including US State News; July 25, 2017; 283 words
WASHINGTON, July 25 -- Department of Justice, Offices/Boards/Divisions has a requirement for "credit reporting services."The solicitation no. DJJ-17-S-APG-0029 was posted on July 24, 2017.All responses are due by...
Contract Notice: North Carolina Department of Commerce Issues Invitation for Bids for Credit Reporting Services
US Fed News Service, Including US State News; June 25, 2017; 342 words
...North Carolina Department of Commerce has issued an Invitation for Bids (No. 43-1153-17) on June 22 for credit reporting services.Contract, Tender Notice Type: Invitation for BidBids will be publicly opened on July 7, 2:00 p.m...
Contract Notice: Export - Import Bank of the United States (District of Columbia) Issues Solicitation for "International Credit Reporting Services"
US Fed News Service, Including US State News; April 21, 2017; 342 words
...Export - Import Bank of the United States, Office of Contracting Services has a requirement for "International Credit Reporting Services."The solicitation no. EXIM17Q0046 was posted on April 20, 2017.All responses are due by Apr 27, 2017...
Contract Notice: Export - Import Bank of the United States (District of Columbia) Issues Solicitation for "Foreign Credit Reporting Services"
US Fed News Service, Including US State News; April 19, 2017; 327 words
...Export - Import Bank of the United States, Office of Contracting Services has a requirement for "Foreign Credit Reporting Services."The solicitation no. EXIM17Q0044 was posted on April 18, 2017.All responses are due by Apr 26, 2017...
Tax Credit Reporting Services (Tcrs)
Mena Report; July 19, 2016; 277 words
Tenders are invited for tax year 2016 and tax year 2017 (2 years) for tax credit reporting services (tcrs) with an option to renew for an additional 2 years. Bid date & time: 08/19/16 3:00 pm Major organization : ANGELO...
Provision of Credit Reporting Services
Mena Report; October 29, 2016; 489 words
Tenders are invited for Provision Of Credit Reporting Services Scope Of Work: This Agreement Shall Cover The Credit Worthiness, Information Verification And Whereabouts On Individuals And...
Presolicitation Notice: Department of Justice Seeks "Automated Credit Reporting Services"
US Fed News Service, Including US State News; December 14, 2016; 267 words
...Offices/Boards/Divisions, has issued a presolicitation notice (DJJK-17-RFP-1024) for "Automated Credit Reporting Services".This presolicitation notice was posted on Dec. 13.Contract, Tender Notice Type: PresolicitationThe...
Credit Reporting Services
Mena Report; March 18, 2015; 305 words
Tenders are invited for Credit reporting services Long-term loans for investment projects financed by the European Union and other international financial support to implement...

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