A Look at the History and Future of the Credit Score

You may know that your credit score is an important part of your financial life, but have you ever given any thought to how credit scores came to be in the first place? Or what direction they might be going in the future? The truth is that an industry-standard credit score is a late 20th-century invention, although various efforts at determining credit risk have been in place for centuries. However, credit scoring as we now know it may be in for a big change if the Biden administration gets its way, as the president has proposed massive changes in how credit information is collected and used.