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Common Questions

What are the benefits of credit scoring?

Credit reporting is essentially a good thing; for all parties. Before the use of credit reports, credit granting tended to be slow, inconsistent, and unfairly biased. Now credit reporting allows the common consumer a much higher standard of living and provides more protection to lenders by giving them a fast, objective evaluation of the risk you will be to them. Credit scores - especially FICO scores, the most commonly used credit bureau scores - have greatly improved the credit process.

Other benefits include:

  • You can get loans faster
  • Credit decisions are fairer
  • Credit mistakes count for less
  • More credit is available
  • Credit rates are lower overall

(FICO is a registered trademark of Fair Isaac Corporation.)

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