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History of Credit Scores and Credit Reports
1963 - Fair Isaac builds a credit score for Montgomery Ward. 1975 - Fair Isaac develops scoring software for Wells Fargo to predict credit risk of its customers. 1981 - Fair Isaac introduces their first credit bureau risk score. 1989 - Fair Isaac jointly develops the FICO credit scoring system with Equifax and ushers in the consumer credit reporting era. 1991 - FICO scoring models are incorporated into the three major credit reporting bureaus, Equifax, Experian, and TransUnion. Late 1990's - Mortgage lenders begin to use credit scores when making loan decisions. 2000 - The age of Electronic Underwriting begins with the release of software by Fair Isaac and other companies that allows instant credit decisions to be made over a computer network or the Internet. E-Loan.com can quickly approve auto and mortgage loans via automated decision making software. 2003 - Congress amends the Fair Credit Reporting Act on December 4th 2004
Comment on this article:
Interesting how credit reporting is pretty recent (past 15 years) for the use of consumer loans, mortgages, etc.
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