A History of Credit
Credit bureau-based risk scoring systems, their formal title, have been commercially available since the late 1980s. They were initially used by credit card issuers but were quickly adopted by other types of lenders. The last holdout was the mortgage lending environment, but that too changed. In the mid 1990s, Fannie Mae and Freddie Mac informed mortgage brokers and lenders that they would have to begin using credit scores as part of the mortgage decision-making process. […]