i have at least 10 years of credit history prior to '89-i am intimately familiar with FICO scores because like most adults of that era- i've both experienced it's initial implementation and the consequences of it's successes and failings for over 3 decades. i've been 'in touch' with it for over 3 decades of it impacting my adult life and am likely more intimately aware of it than many who simply know it in it's current form.
FICO was founded in 1956-in 1986 it went public on the nyse. 1989 is only significant to it b/c that is when it debuted it's first general purpose score. consumer advocates and some in the lending industry have long questioned the accuracy of FICO credit scores. FICO credit scores have shown racial disparities, with minorities having lower overall scores. additionally, several studies show that many consumers' low scores are because of unexpected life events that affect their ability to pay bills for an isolated period of time but once they get back on their feet, they are a good credit risk.
having lived as an adult pre FICO, pre actual enforcement of laws that prohibited unsolicited credit cards being issued (laws were created in the 70's but we were still being sent cards in the 80's and early 90's that we had to not only fight to be closed but then fight FICO to not use as a basis to ding our credit-which as a woman, let alone a (GASP-unheard of
) late 20's
unmarried woman-was already a horrendous uphill battle) the opportunities afforded now despite FICO exceed much of what we ever dreamed of.