Skip to main content
No. of Recommendations: 6
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.

Print the post  


UGC Disclosure Notice Regarding Credit Card Posts
Community board discussions about credit cards are not provided or commissioned by banks who may have advertising relationships with The Motley Fool. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.
TMF Credit Center
The Motley Fool Credit Center arms you with real tools and simple messages, that will help you in every credit situation.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.