Unveiling the Untold History: When Did Credit Scores Start?

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Ancient Origins: Credit scoring dates back to ancient civilizations like the Sumerians.

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Benjamin Franklin's Role: The founding father played a key role in the development of creditworthiness concepts.

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1841 Mercantile Agency: The first credit reporting agency was established in 1841.

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Character Assessment: Early credit reports emphasized a person's character, not just financial history.

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Dun & Bradstreet: Founded in 1841, it remains a prominent credit reporting agency.

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The FICO Score: Created in 1956, it's the most widely used credit scoring system.

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Digital Age: Computers revolutionized credit scoring in the 20th century.

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Credit Bureau Dominance: Experian, Equifax, and TransUnion became major credit bureaus.

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Credit Card Impact: The introduction of credit cards transformed credit usage.

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Fair Credit Reporting Act: Enacted in 1970 for fair and accurate credit reporting.

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Complex Algorithms: Modern credit scores use intricate algorithms.

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Credit Score Privacy: Laws protect the secrecy of your credit score.

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Global Variations: Different countries have unique credit assessment systems.

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Alternative Data: New models consider rent and utility payments for credit assessment.

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AI Integration: Artificial intelligence is enhancing credit data analysis.

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