System and method for managing and updating information relating to economic entities

A method for updating a plurality of customer files, each customer file having a plurality of record entries, comprising:

• receiving raw data corresponding to at least one event generating entity;
• processing the raw data and generating at least one processed record entry;
• storing a plurality of processed record entries in a universe database;
• each Record entry being associated with a universe identifier (“UUID”);
• comparing content of each of the plurality of customer files with the content of the universe database;
• generating a matched customer file and non-matched customer file for each of the plurality of customer files;
• assigning a set of unique customer identifiers (“UCID's”) for each customer file, each UCID within the set being associated with each record entry contained in the matched customer file and the non-matched customer file corresponding to the set of UCID's wherein the UCIDs are different from the corresponding UUIDs, and the UCIDs are distributed to a single customer while the UUIDs are not distributed to the customer;
• associating each UCID with a corresponding UUID via a conversion table;
• and
• updating a portion of at least one record entry in at least one matched customer file with information contained in the processed record entry associated with the UUID corresponding to the UCID associated with the at least one record entry.