History Of Credit Scoring - CREDIT SCORE

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TODAY'S SAVING TIP "Inquiries" are a record of everyone who has asked for the information in your credit report. Some are there because you applied for credit. Others are routine checks on your continuing credit history by your current creditors. Still others are ... Read more

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CREDIT SCORE: History of credit scoring

Credit scoring, while not new, is rapidly gaining in popularity among credit grantors. As a result, consumers are becoming more aware of credit scoring and its effect on their financial lives. Credit Scores assess an individual's credit worthiness. They are calculated by comparing your current credit history and current credit accounts to statistical models. Quick, objective analysis is made and a score is issued. This score is then used as a risk indicator by credit grantors to determine whether or not to offer you credit. Although credit scoring has been around since the 1950's, it became widely used in the early 1980's when the three major credit bureaus – Equifax, Trans Union and TRW (now Experian) – began working on developing generic scoring models.