As a progressive and innovative company, Fair Isaac and company (now known as FICO) revolutionized the credit reporting industry. FICO developed a solution through risk model scoring that was impartial and consistent. After years of development, the model was released in the 1980s. It was the first version of the rating system we know today as the FICO score. The system was embraced by the lending industry and credit reporting companies for two reasons. First, lenders were under scrutiny from congress to eliminate the current system.
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