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Credit scores are in desperate need of a high-tech overhaul


Since 1989, people and businesses in the United States have relied on the FICO credit score as an indication of trustworthiness for any given person. Reported by each of three major credit bureaus, a person’s score can be calculated based on their payment history, their current debt burden, the length of their credit history, the types of credit used, and a handful of other factors. In general, it’s been helpful for lending institutions, to calculate the risk of a given lender. And it’s been a helpful gauge for individuals to determine their financial health—and get it back on the right…

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