Kendall Morris, Credit Cards Moderator
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The Standard Industrial Classification (SIC) code is a 4-digit code developed by the federal government to classify businesses based on their type of activity.
The SIC code has mostly been replaced by the 6-digit North American Industry Classification System (NAICS) code but is still used by some companies and government agencies, like by the U.S. Securities and Exchange Commission (SEC).
SIC codes are mainly used:
- By companies to identify existing and potential customers by industry
- To classify companies for tax purposes
- By banks and creditors for industry identification, when extending credit
- For targeted marketing
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