There is nothing like a birthday to give you a chance to look back on what you’ve accomplished, and also to think about what’s ahead. The FICO® Score is 25 years old in 2014. Introduced in 1989, it democratized access to credit by removing many of the barriers to fair lending. For the first time, lenders could assess someone’s creditworthiness scientifically and objectively.
Over the last 25 years, the FICO® Score has adapted to remaining the most predictive consumer credit score in a rapidly changing economic landscape. Through boom times and bust, the FICO® Score has continued to be the credit score that lenders turn to year after year.
While the FICO® Score works well for the 200 million Americans who have a traditional credit history, there are nearly 30 million Americans who don’t but still may need and deserve access to credit. How will the FICO® Score of the future address this issue? What’s ahead in the next 25 years? No one knows for sure, but we are already working on a variety of options and examining different kinds of non-traditional data to figure out what will help us assess the creditworthiness of consumers.
We’re already on the 9th generation of the FICO Score, and we have no intention of ever becoming “your father’s FICO® Score.” Innovation is in our DNA at FICO.
To commemorate our past and give a peak into our future, we’ve created a website for all things FICO® Score. We hope you visit and come back many times to learn all there is to know about the FICO® Score – past, present and future.