History of Credit not Credit History?
Im giving a speech for my communications class. There are a lot of young people in the class so I thought credit would be a great subject to cover. Im having problems researching credit on the internet. Every website wants to give me my credit score. I want to find out... Who Invented the credit scale? Why does it start and end where it does? Why not 1-10? What does FICO stand for? What is the difference between the FICO scale and Beacon? I want to know the entire history of credit reporting agencies and scores. Im not asking anyone to do the work for me just give me a few leads to where I can find the info myself. Thank You All!
Public Comments
- I think this may help you. http://www.pbs.org/wgbh/pages/frontline/shows/credit/ http://www.myfico.com/CreditEducation/
- On the history and origins of credit reporting, see Born Losers: A History of Failure in America, by Scott A. Sandage (Harvard University Press, 2005), chapters 4-6. With wit and sympathy, Sandage illuminates the grey world of credit evaluation, a little studied smoldering arm of capitalism.
- FICO is the Fair Issac Corp. www.500fico.org
- fico= fair isaac (company....not sure of the the c.o....i forget) this isaac guy is the guy who started it for banking it was 300-800 last i knew, although it may be 900 now. there are 3 major credit reporting agencies....transunion, exuifax, and experian. if you have a credit card, they can prob help you as well.
- Dang, I was gonna suggest wikipedia too. Although it's stuff people submit themselves - I think it's a great place to start & a pretty reliable source. Using a personal experience would be a great attention getter - especially if you use it to explain the importance of maintaining a respectable credit history. Once you experience 1st hand how difficult it is to overcome negative credit reports - you NEVER wanna do that again. The dumb stuff you do when you're young & dumb (under 25) credit wise - will haunt you when you're 27 and you can't even get a tube of toothpaste in your name.. :P
