The way the score is calculated is hidden from the public
I mean…technically, I guess, the specific parameters are hidden? But the meaningful actions - the ways in which you can improve your score - are extremely clearly advertized.
Don’t get me wrong, I’m not exactly a passionate advocate for the system - but it’s nowhere near as obfuscated as people claim. And if you accept the premise that there needs to be some algorithmic way to evaluate someone’s creditworthiness, “their past reliability in repaying debts” is a pretty reasonable choice.
the ways in which you can improve your score - are extremely clearly advertized.
They are for the “credit score” they give you. There’s dozens of different credit scores that different lenders pull though. Ones that are specifically curated for their needs and that you’ll never see.
I mean…technically, I guess, the specific parameters are hidden? But the meaningful actions - the ways in which you can improve your score - are extremely clearly advertized.
Don’t get me wrong, I’m not exactly a passionate advocate for the system - but it’s nowhere near as obfuscated as people claim. And if you accept the premise that there needs to be some algorithmic way to evaluate someone’s creditworthiness, “their past reliability in repaying debts” is a pretty reasonable choice.
They are for the “credit score” they give you. There’s dozens of different credit scores that different lenders pull though. Ones that are specifically curated for their needs and that you’ll never see.