Raytel Technical Services Inc

A whopping 35% of your credit score is attributed to your payment history. \

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Way back in the 1800’s, the first credit bureaus started to emerge in North America. As a result of modern mass consumerism, many businesses were in need of a system to determine whether a potential recipient for a loan could be trusted to pay it back.

However, the system they developed was far from perfect. Bureaus would take note of race, neighborhood, income, and employment status, all in a futile attempt to determine a person's “morals”.

Then, there was FICO.

In the 1950’s, Two men got together and decided it was time to create a standardized, quantitative approach to determining someone's lendability – one that would eliminate the prejudice that was on display in the old system.

These two men were Bill Fair and Earl Isaac.

By the 1970s, most lending institutions were using their credit scoring system.

Finally, in 1989 the FICO system made its official debut – and has since become the industry standard. Based on the original credit scoring system developed by Fair and Isaac, it is now used by lenders all around North America to determine a person's ability to repay their loans.

Thanks Bill Fair and Earl Isaac for helping to dismantle the unfair practices of the past!

If you have any questions about the FICO system and how it affects you, feel free to drop us a comment or give us a call!

Take our business credit course today!
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