The History of Credit Scoring

Carmel Valley San Diego Community | Julie Ozanich | Credit CardThe origin of credit scoring dates back to the 1950’s.  The purpose of its design was to provide lenders with financial profiles on consumers who wished to borrow money.  The structure of the credit scoring model seeks to reflect the likelihood of an individual to pay off debt without being more than 90 days late in the future.

Many people associate your credit score with purchasing high priced items such as purchasing a car or home.  Today, it actually goes much further.  Credit scores may be used when obtaining cell phone service, car insurance, and may even be reviewed by potential employers when going through the hiring process.

In 2003 The Fair and Accurate Credit Transactions Act was passed which allows each person to obtain one free credit report every 12 months from each of the three main credit reporting agencies.  The 3 primary bureaus used are Equifax, Transunion and Experian.

To keep you credit rating in top shape, I recommend that you check your report periodically to verify the information is accurate and have time to dispute any items which are in error before it could cause a problem later.  The bureaus all have their own websites which is their name:;; and  They also provide information on their websites about how to dispute inaccurate account information.

For additional information, please contact Julie Ozanich at 858-369-7510.  All loans are subject to qualifying and may have loan size restrictions. NMLS #479603. Data provided by

Carmel Valley San Diego Community | Julie Ozanich | Bank of ManhattanWith a mission to provide a higher standard of mortgage lending services, Julie began her career in mortgage banking in 1990.  To date, Julie has successfully closed over $1 billion in mortgage loans and helped over two thousand customers achieve their mortgage goals.  Program availability may differ slightly in different states.  Terms may vary.  Subject to change without notice. Bank of Manhattan is not affiliated with nor endorses The Carmel Valley Life. NMLS# 401422.Carmel Valley San Diego Community | Kurt Christian | FDIC Logo


Carmel Valley San Diego Community | RIDE Cyclery Encinitas

You must be logged in to post a comment Login