May 21st, 2010 
admin 
shawngh79 asked:
I was just wondering when did credit bureaus start. How they calculate beacon or fico scores, and how much weight do they have with the average american?
Roberta
I was just wondering when did credit bureaus start. How they calculate beacon or fico scores, and how much weight do they have with the average american?
Roberta
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Melanie
If I remember correctly it was 1968.
Scores are based on the following factors;
1. Payment history 35%
2. Time in bureau 15%
3. Types of credit 10%
4. New credit 10%
5. Debt to credit ratio 30%
As far as how much weight they have, that depends, if you are one of those that can afford to pay cash for whatever you want or need they carry no weight, but if you are like the rest of us that muct finance when we buy cars, boats or homes then they have tons of weight. No pun intended.