The Importance of Consumer Credit in the 20th Century

In the late 1930s and 1940s, there is a study of consumer credit scoring that is done by a statistician. He says it's entirely possible to develop a statistical model to try to predict credit worthiness. At the time, this is before computers are commercialized and available,. But after World War II, you have the introduction of computing and its commercialization during the 1950s. So they begin to develop the first credit scoring models using this kind of data and importantly using computers which actually makes it practical. And that's sort of the origin of modern statistical credit scoring.