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Subject:  Re: Credit Score Factors Date:  4/21/2021  4:21 AM
Author:  aj485 Number:  313023 of 313043

I wonder when this credit score was first invented? Probably locally and the when internet happened, more broadly?

Commercial credit scoring started in the 1800s, and the companies that would become Dun & Bradstreet started collecting information in 1841. Since many companies were sole proprietorships, they were basically collecting information on individuals, even though the 'aim' was to collect commercial credit information.

In 1956, Fair, Isaac and Company was founded and started providing credit scoring on individuals to lenders. In 1970, the Fair Credit Reporting Act (FCRA) was passed, limiting the information that could be collected and requiring the credit reporting agencies to expunge information on race, sexuality, and disability, which had all previously been used in the scoring models.

In 1989, to standardize credit reporting, Fair, Isaac started offering FICO scores. (Fair, Isaac renamed themselves to FICO a few years ago.) Vantage scores were added by the credit bureaus in the 2000's, but have only recently started to become more common. Here's a history of credit scoring from FICO: It doesn't really mention Vantage scores, other than pointing out that there are other scoring models.

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