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Why We Have Credit Scores, How They Were Created, & How They Are Used?
We all have heard of Credit Scores but how many know Why We Have Credit Scores, How They Were Created, & How They Are Used?  I would say that most people have a basic idea of why we have them, but most likely very few know how they were created, and how they are used.  This blog is not meant to give an in depth explanation of Why We Have Credit Scores, How They Were Created, & How They Are Used?  This blog only meant to just provide a quick, basic, and simple explanation of Why We Have Credit Scores, How They Were Created, & How They Are Used?  Maybe some time in the future I will go more in depth into each one of these areas, but for now I think that a basic explanation is needed more.
Before Credit Scores were established, an individual was given credit solely based on someone else's judgment and opinion.  Each lender based their decision on what they personally knew about an individual, or by information that someone else provided.  This worked well in smaller communities where everyone knew one another, but as communities grew this method started to prove less, and less ... more

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