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During the late 1950s, banks started using computerized credit scoring to redefine creditworthiness as abstract statistical risk. [ 5 ] : 447 The Equal Credit Opportunity Act banned denying credit on gender or marital status in 1974, along with race, nationality, religion, age, or receipt of public assistance in 1976.
Credit (from Latin verb credit, meaning "one believes") is the trust which allows one party to provide money or resources to another party wherein the second party ...
A credit score is a numerical expression based on a level analysis of a person's credit files, to represent the creditworthiness of an individual. [1]
Credit unions are best identified by their adherence to cooperative principles, especially related to membership and control. For example, after World War II many organizations were started by and/or controlled by governments in the developing world, and were described as 'credit unions' or 'cooperatives' by their promoters.
A tax credit enables taxpayers to subtract the amount of the credit from their tax liability. [d] In the United States, to calculate taxes owed, a taxpayer first subtracts certain "adjustments" (a particular set of deductions like contributions to certain retirement accounts and student loan interest payments) from their gross income (the sum of all their wages, interest, capital gains or loss ...
Despite opposition from the banking industry, the Federal Credit Union Act was signed into law in 1934 as part of the New Deal, allowing the creation of federally chartered credit unions in the United States. The Credit Union National Association (CUNA) was formed and by 1937, 6400 credit unions with 1.5 million members were active in 45 states ...
2007 – Start of the 2007–2008 financial crisis including a credit crunch that led to the failure and bail-out of a large number of the world's biggest banks. 2008 – Washington Mutual collapses, the largest bank failure in history up to that point.
FICO (legal name: Fair Isaac Corporation), originally Fair, Isaac and Company, is an American data analytics company based in Bozeman, Montana, focused on credit scoring services. It was founded by Bill Fair and Earl Isaac in 1956. [2] Its FICO score, a measure of consumer credit risk, [3] has become a fixture of consumer lending in the United ...