A Little History

The FICO credit scoring model was created in the 1950s by two Stanford University researchers, Bill Fair and Earl Isaac. Automated FICO scores were first made available in 1989 and initially utilized by credit card issuers. But credit scores really became part of our lives in 1995 when Fannie Mae and Freddie Mac, the mortgage giants, asked lenders to incorporate the use of FICO credit scores in their approval decisions. The rest is history. Fair Isaac Corporation trades on the New York Stock Exchange under the Symbol FIC, and reported revenues of 744 million dollars in 2008.

FICO and Credit Repair

Knowledge of Fair Isaac’s FICO scoring model is essential to the success of any credit repair effort. All credit repair strategies should be implemented only after considering the potential impact on the all-important FICO score – which we will cover in more depth in a moment!