FICO and Credit Scoring - The Tontine Coffee-House
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The FICO score enabled mass adoption of consumer credit without the duplicative overhead of credit departments.
Consumer credit scoring did not arrive quickly even after credit reporting bureaus for commercial firms began to sprout up. In the United States, more than a century divided these moments. Unsurprisingly, to develop consumer credit scores, large volumes of consumer credit data needed to be collected, and this wasn’t feasible until mass consumerism and big retail developed in the very late 19th and early 20th centuries. However, it took decades longer for consumer credit scores, and the FICO score specifically, to make an appearance. Commercial Credit Scores Until the advent of large retail…
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