Article: New Concepts In Credit Scoring
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New Concepts In Credit Scoring
Did you ever think that applying for a car loan would require scoring well on a test that you've been taking for years but never really studied for? Scores are how creditors determine your creditworthiness and the likelihood that they are going to give you a loan.
Credit scoring was first developed in the 1950s, but over the last couple of decades, it has become more sophisticated and a crucial part of seeing whether giving you money is worth the risk.
All three major credit agencies (Experian, Equifax and Trans Union) worked to develop a generic scoring system based solely on the information reported to them about an individual. Credit scoring is a scientific method that uses statistical models to assess an individual's credit worthiness based on their cr...
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