In 1933, the company was founded as the Credit Bureau of Black Hawk County. In 1950, the business became known as the Credit Bureau of Waterloo, and in 1978 it acquired the credit bureau in Cedar Falls and became the Credit Bureau of Waterloo-Cedar Falls. Through the mid-80s, the company purchased or opened credit, collection, and reporting agencies in various locations throughout Iowa, as well as in Illinois and Indiana. Thomas R. Penaluna purchased the company in 1986 and has served as President, CEO, and sole owner since that time. In 1987, the Credit Bureau incorporated and changed its name to Credit Bureau Enterprises, Inc.

In 1998, to reflect its growth and the diversity of its services, the company changed its name to The CBE Group, Inc. (CBE). CBE sold its Credit Reporting Division to Equifax in 2002 to focus on debt recovery business.