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Honest question from a European: how would this work if I moved to the US? Would I simply not get a loan because I don't have a credit score? Do I apply at priv
by apexalpha 9y ago
Honest question from a European: how would this work if I moved to the US? Would I simply not get a loan because I don't have a credit score? Do I apply at private companies and give them all my loan history?
Here in my country the government (or some agency) keeps track of what loans you have, and when a new company wants to issue you a loan you access the API with information like "2 years, €50 each month" and then the program responds with 'approved' or 'not approved'.
Giving all of these private companies all this data seems counter to American values of independance etc...
- dx034 9y agoMost European countries have credit agencies, just that they have different names. When moving country, you usually have to build up a new credit reputation. Even when you move within Europe. A clean history will mean that you can get some credit cards but bigger loans will often require a few years of history with at least a current account.