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## FICO Credit Score History

Do you know Fair Isaac? The Fair Isaac Company is the creator of the FICO score: that little three-digit number that governs your ability to get the best rate on your credit cards, loans, or car loans. It also affects your ability to get car insurance, home insurance, and get a job. How is that possible?

The Fair Isaac Company was founded in 1956 to provide data to help businesses make smarter decisions. In 1995 Fannie Mae and Freddie Mac gave the FICO score significant credibility when they recommended that lenders use the FICO score to qualify loan applicants. Imagine having no idea why your loan was disapproved unless your so-called FICO score was bad enough. It wasn’t until recently that the Fair Isaac Company was willing to share the major categories they use to calculate your score. The exact method used to calculate your credit score is still a closely guarded secret. However, because online lenders in the early 2000s published some of the FICO guidelines in response to public outcry about privacy, Congress finally legislated that people should have access to their scores.

More than 65% of lenders now use the FICO score to ensure they will be able to repay their loan. If you happen to be late or late or default on your loan those lenders will raise your interest rate or deny you. In the following series of articles I will look at five factors that affect your credit score: Payment History, Amounts Owed, Length of Credit History, New Debt, and Types of Debt.

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