TIL: creditworthiness

[timelets]

“One of the earliest examples of fully automated decision making that we know of, which arrived right as the era of corporate computing dawned, was the development of a numeric score that reflected people’s creditworthiness...

This obviously critical decision had traditionally been made by local loan officers at bank branches who evaluated applications on the basis of their own experience, sometimes in conjunction with rules or guidelines. But Bill Fair and Earl Isaac thought data could do a better job. They founded the Fair Isaac Corporation in 1956 and began calculating FICO scores of creditworthiness.”

-- Andrew McAfee. “Machine, Platform, Crowd.”.