Credit score in the United States - Wikipedia
en.m.wikipedia.org

I always assumed credit scores were an integral and historic part of the American financial system.

They were not, they are very recent，most of your parents didn’t have credit scores growing up, and as you can probably tell or at least intuit, it’s mostly just a b******* scheme for those with capital to accrue more capital by invading your privacy.

  • 4amEnglish
    4·
    4 months ago

    FICO and VantageScore aren’t even looked at when they do a full credit record pull when you apply for something. Reviewers look straight at your history directly and make decisions based on that. Scores are for laypeople to get a general idea of how their history might appear to a reviewer, but every lender has their own criteria.

    • ShepherdPie@midwest.socialEnglish
      2·
      4 months ago

      I believe they do use FICO but not necessarily the score itself. FICO has numerous models that can be used depending in the type of loan:

      There are different versions of the FICO Score. Over the years, FICO has released updated versions of its credit scoring models. FICO Score 8 is the most commonly used model, but there are more recent versions, including FICO Score 9 and UltraFICO. FICO also has several other credit score models designed for specific products, including scores specifically for credit card, auto and mortgage lending.

      https://www.lendingtree.com/credit-repair/what-is-a-fico-credit-score/

    • LemmyIsFantastic@lemmy.worldEnglish
      2·
      4 months ago

      Yup, and it becomes very apparent when you get into home loans vs credit lines. The verification goes way up since the last housing crisis.