Over the past few years credit scores have become big business. Banks now have customers’ credit scores accessible on their banking apps which they are actively encouraged to check.
A credit score also allows consumers flexibility in switching between credit providers as it provides a track record which is measurable and available to any credit provider. But then she told him that he should take out a credit card to improve his credit score. That is not great advice, especially for a student who has no income.
But credit scores are also being used to promote and sell credit – not only by the bank but even credit score products like ClearScore actively offer loans to people who sign up with them. On a more positive note, TransUnion’s figures also found that those consumers who actively engaged with their credit scores were more likely to reduce over indebtedness.
I have seen many cases where people have been lured by the fake economics of credit to spend more than they would have on an expensive household item, like a fridge or furniture.
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