Having worked in the mortgage field for a few decades, the scoring of FICO (or disgust of it) definitely caught my attention. Some of the credit-scoring travesties are given. In my opinion, they can't make changes fast enough......or merely admit you're only going to lend to the rich. That's what it's coming down to; slowly but surely.
Naturally, lenders of all stripes have been evaluating credit for far longer than FICO (originally founded in the ’50s as Fair Isaac Co.) has existed. In fact credit rating standardization wasn’t a priority until the 1970s with the passage of the Fair Credit Reporting Act — and FICO data has only been widely available to lenders since 1987. The FICO scoring system (the 300-800) as we sort of understand it today has only existed since 1989 and it wasn’t until 2003 that consumers had legal access to it.
The question now, it seems, is are the days of the FICO score as the be-all, end-all consumer credit scoring standard coming to an end? Driven by al
