Modern finance · 1950s–1990s
1970
Credit reports get rules
The Fair Credit Reporting Act lets people see their files, and most bad marks drop off after seven years.
Credit bureaus had collected gossip as well as payment records. The Fair Credit Reporting Act of 1970 gave people the right to see and dispute their files and limited how long negative items could be reported, generally seven years and ten for bankruptcies.
💡 Why it made sense then
Credit files decided who could borrow, rent or get a job, so errors and old mistakes needed limits.
🎮 In Journey Shares
Missed payments, repossessions and charge-offs stay on your in-game credit history for 7 years, which is 49 days on the game's clock.
Ideas it gave us
- 🏦 Credit score
A credit score is a number, usually from 300 to 850 in the US, that estimates how likely a person is to repay debts. Higher scores get cheaper loans.
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