When was the credit score invented?

The modern credit score was invented in 1956 by Bill Fair and Earl Isaac, who founded the Fair Isaac Corporation (FICO). They introduced the first algorithm-based scoring system in 1958. However, the industry-standard FICO score used by most financial institutions today was officially launched in 1989. In India, credit scoring gained prominence following the establishment of credit information companies regulated by the Reserve Bank of India (RBI) under the Credit Information Companies (Regulation) Act, 2005, to help lenders assess a borrower's creditworthiness accurately.