History Of Development Of Method “FICO” For Calculating Credit Scores.

Credit scores – are a three-digit number based on the statistical analysis of loan records of a person (or company).

The number of credit scores – is an indicator of solvency. The greater the number of points, the more the stable financial situation looks to the lender.

In the U.S. credit bureaus count credit points. The main market sector of credit bureaus is occupied by three companies: Experian, Equifax and TransUnion. The creditors (banks, shops, etc.) often refer to them to check the credit history of their clients.

Credit bureaus earn by selling the collected information to credit institutions and other interested parties.

You probably guess that it must be a definite scoring system, some rules. And, perhaps, you have heard such a notion as “FICO scores”. The fact is that there are a lot of scoring systems and each credit bureau may count in a different way. Three largest credit bureaus (Experian, Equifax and TransUnion) have chosen a system of FICO, developed by Fair Isaac.

Method of calculating credit scores is not so young. By the end of 70 years almost all major lenders use a formula to assess the credit score of customers and the reliability of their financial situation.

The invention of credit scores was developed by two main leaders in the business – a mathematician Earl Isaac and Bill Fair.

These two enterprising men created in 1956 the company «Fair Isaac». And everything that company created works fine to this day.
Originally the system had to prove its freedom from prejudice. Thus, the credit risk could not be associated with the race of man, his creed, color, etc.

Then, the question of upgrading the system arose – creating a common data bank. The reason for this was failure to update information about potential borrowers. Of course, everything changed when computers appeared, which greatly facilitated the task of storing data, and also helped to transfer it from one point to another when it was needed.

Monitoring of the credit history allows following its changes, increasing or decreasing the number of credit scores to avoid scams of people who can benefit from knowing personal information about you.

Can you remember those good times when practically anybody could take a credit if one needed funds? And just imagine the situation of those who have to bear that burden nowadays when the economy is facing hard times. And for those people having loans the issue of credit report monitoring is as crucial now as never before. It is not only about loan control, this also helps save money, time, and nerves and be quick in solving loan related problems. Those who are looking for a spot where to find out about credit reports, are welcomed to check out this credit monitoring site – there is much information about credit monitoring and how to order that service.

Also we haven’t forget about possibilities given to us by modern technologies. The Web network gives a really unique chance to find what we require or to obtain anything on the best terms which are available on the market.

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