Keyword Analysis & Research: when was credit score invented


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Frequently Asked Questions

When is it necessary to have a good credit score?

A good credit score is used for more than just getting a credit card or a loan. Credit scores demonstrate your history of paying your debts to entities that loan you money. Due to extending themselves beyond their means, many people cannot pay their debts. At the same time, general living expenses take a toll on people's paychecks.

When did credit scores originate?

Well, Bill Fair, himself, of course. Credit scores were invented in the 1950’s. In 1956, engineer Bill Fair teamed up with mathematician Earl Isaac to create Fair, Isaac and Company, with the goal of creating a standardized, impartial credit scoring system. Within two years, they had begun selling their first credit scoring system.

When was Fico created?

The first universal, personal credit score was created by Fair, Isaac and Company, now known as FICO, in 1989. FICO was unique because its credit score was universal — one score that could be applied to all credit offers regardless of industry.

When did the FICO Score start?

The first-ever credit bureau-based FICO credit score became commercially available in 1989 through Equifax. This score was originally named BEACON. Soon after, both TransUnion and TRW released credit scoring models built by FICO as well. At TransUnion, your FICO score was called EMPIRICA, and at TRW, it was called The TRW/Fair Isaac Risk Score.


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