Why do I need a FICO score
Why is Social Scoring the Credit Scoring of Tomorrow?
The credit score is a value between, usually 300 and 900 points and reflects the payment history of the owner. Various aspects such as payment behavior or current loans are taken into account. The credit score gives a company, bank, or car leasing company an indication of how safe it is to borrow money.
The higher your score, the easier it is for you to get a loan, or to lease the Lamborghini you've always wanted 😉
The credit score is made up of the following information and data, depending on the country and the company that provides it:
- Type of your previous loans (short-term, overdraft, real estate loans)
- Length of your credit history (how long have you been known?)
- Assets in your possession
- Payment history (what do you buy where with which payment method)
- Credit history and payment history (do you pay your bills without reminders?)
- Use of the credit line (do you go to the limit of your card every month?)
- Characteristics and behavior of the borrower
Trends show that assessment based on characteristics, behavior, relationships and networks is an increasingly large part of the overall process. Especially when granting loans to people who have no or only a short credit history, these evaluation points can open up new opportunities and possibilities.
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