Banks Had an Interesting Way to Check on Borrowers Before Credit Scores Existed

A credit score is used by a lender to assess risk before approving a loan.  In recent times, lenders have been able to use electronic credit bureau’s, or warehouses of information about a customers financial pasts, to obtain this score and asses if they think a client can repay on their debt.  However, in the past this electronic tool was not available and lenders had to rely on more reputation -based assessment tools such as payment history, word of mouth and home visits.

Read more:  http://www.businessinsider.com/the-invention-of-the-modern-credit-score-2014-8

credit score
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