When did national credit scoring start?

In the 60's, the federal government started investigating discriminatory practices alleged to exist in granting housing loans. And credit card use increased dramatically in the 60's and 70's. In the late 70's, the Fair, Isacc Company, now referred to as FICO, started working on a mathematical formula for rating a person's credit based on his previous transactions.

Coming up with what was considered a reliable form based only on the person's previous habits, they released the information in the early 80's and it was picked up as "the" standard. The government was desperate for a uniform, standardized, unbiased way that credit loans could be decided without discrimination, and FICO fit the bill. It wasn't that this equation was fool proof, it happened to be the only one at the time that fit the needs of the government.

Banks and other lending institutions began using the formula and in some cases, the FICO score was required before a loan would even be considered. And, coincidentally, the timing of the release fit in with the latest computer programs that were being designed. Since buying and selling began, there have been credit ratings.It's probably a safe assumption that merchants in a small town would get together and discuss who owed them money and determined that those people to be "high risk" customers.

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