Quote:
Originally Posted by Xellos-_^
Credit Score rating companies are also beginning to mix in utility bills. So paying your power and water bill on time will also help. As for a alternative to scores, what do you propose? Banks need a way to assess the risk of lending to a potiential customer. If banks don't use credit score what do you propose they use?
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We manage without "Credit Score". Though we do have to provide evidence of being employed. And of how much we make.
And apparently, our paperwork is worse... Also, there's a strict, legal limit to how much we can borrow based on our income. And the possibility of being blacklisted by the banks - that means no check or debit card.
I'm not saying our system is better. But it is possible to lend and borrow without looking to deeply into people's history.
And I'd just like to note that your Credit Score system didn't save us from the financial crisis.