Credit Scores and Reporting

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The early credit decision process is focused on the ability to repay, heavily influenced by character (Skowronski, 2015), often subjective, lenders discriminated against borrowers based on race, gender, and religion, and difficult for borrowers to prove bias. In 1956, Bill Fair and Earl Isaac developed the first credit scoring systemThis system failed, but they reworked it, eventually leading to today’s FICO scores (Skowronski, 2015). Quantitative, more objective way of evaluating credit. 

Most people do not realize that credit scores affect the price of insurance. Credit history is included with gender, age, driving record, location, and other factors in determining insurance prices. Insurance companies claim one’s creditworthiness affects the likelihood he or she will file a claim. A driver with bad credit could pay twice as much as one with good credit.

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