The Origins of FICOFirst of all, let’s briefly discuss the origins of FICO (Fair Isaac Corporation). Back in 1956 many were introduced to credit scoring by two pioneers in the field: engineer Bill Fair and mathematician Earl Isaac. Over the years, the pair convinced lenders that mathematical formulas could do a better job of predicting whether an applicant would default than even the most experienced loan officers. Thus, the birth of your FICO score.Understand that there are now many different … [Read more...]