Credit Bureau of Ogden gives WSU $1 million for scholarships
Thursday, December 10, 1998
OGDEN, Utah - After 68 years serving Northern Utah as a non-profit clearinghouse for consumer credit information, the Credit Bureau of Ogden is transforming into a commercial entity. To commemorate the change, its board of directors has created a $1-million scholarship endowment at Weber State University for students attending the John B. Goddard School of Business & Economics.
In recognition and appreciation of this donation and the bureau's long history of supporting the university and business community, WSU will hold a ceremony Dec. 21 at 9 a.m. in Miller Administration Building 318.
The endowment has been designed to provide educational incentives for students who have records of achievement in the areas of business, economics or finance; demonstrated entrepreneurial spirit and personal integrity. Both full- and part-time students will be eligible for the awards each year.
"The Credit Bureau of Ogden was one of more than 2,000 cooperative credit bureaus
established during the Great Depression," said John A. Lindquist, chairman of the bureau's board of directors. "Each of these bureaus were jointly owned by their members. While some of them, like ours, were very successful, the lack of sole-party ownership has become such a business liability over the years that only a few hundred remain."
To adjust to changing business regulations and tax codes, the membership of the Credit Bureau of Ogden sold the organization (now named Credit Bureau Services Inc.) to its president, Greg Boyer. After completing the transaction, $1 million of the organization's remaining assets were donated to WSU.
"Since the bureau's success was supported by the retail and professional businessmen and women of Ogden it seemed appropriate that future business leaders should benefit from the distribution of its assets," Lindquist said. "We hope this gift will facilitate the university's continuing efforts to prepare its business graduates to compete and succeed in the fast-paced marketplace of the 21st century."
The bureau has created one of the largest single scholarship endowments at WSU and has doubled the funding for private scholarships in the business school. "We're grateful for the credit bureau's generous gift and delighted they have chosen to provide needed support to our business students," said Michael Vaughan, dean of the business school. "The scholarships also will help attract new students to the John B. Goddard School of Business & Economics."
Originally organized in 1932, the early Ogden Retail Credit Association was an offspring of a community-credit reporting and collection agency which had been a joint venture between the Ogden Chamber of Commerce and the Weber Club. It's creation reflected the foresight of local business leaders that knew, even in that era, consumer credit was becoming a necessary part of modern life.
Over nearly seven decades, the credit bureau provided an evolving portfolio of professional services to both credit grantors and consumers. In addition to ensuring credit histories were carefully and confidentially maintained, the bureau provided: automated-mortgage reporting, business profiling, flood certifications for mortgage-lending equity lines, direct-marketing list services and fraud-prevention efforts. The new commercial entity plans to diversify its business interests while providing the same services.
|Additional Contact(s): ||Michael Vaughan|
|Ann Millner, vice president of University Relations|