#ritarobison #business #finance #credit #money According to Rita Robison 2011, “Before the computer era, consumers would go to their local banker and provide information on their assets and debts to show that they could afford the loan they were seeking.
In the 1970s, credit scores began being used. They’re based on consumers’ credit histories and estimate the probability consumers will pay back their loans.
The most widely used credit score is the FICO score. Created by the Fair Isaac Corp., FICO scores are three numbers ranging from 300 to 850. A score of 720 is considered good. Consumers with lower scores may be charged higher interest rates or denied loans.” Read more > http://www.candofinance.com/loans/things-you-did-not-know-that-can-hurt-your-credit-score/