Wait. What?

The concept of credit scores started in 1989, and would evolve into today’s most popular scoring model, the FICO Score from Fair, Isaac, and Company.

Before the FICO Score, credit was determined based on the character of the consumer. Character-based decision making was popular when granting credit. For example, you could have an excellent credit score, but if the lender didn’t like something about you, they could deny you credit anyway.