There are credit scores in some places in Europe, mostly in the form of lists of people that may have failed to pay something in the past. It's a pain in the as

There are credit scores in some places in Europe, mostly in the form of lists of people that may have failed to pay something in the past. It's a pain in the ass to correct if you get there by mistake and it's very opaque. Overall credit scores seem like a great idea with a terrible implementation. In general you as a mindful consumer that pays your bills on time wouldn't want to be paying the same prices for loans (spread, interest) as other consumers that have a history of not paying. A well functioning credit score system makes for a more efficient lending market, allowing consumers to save money if they have a good track record. How it actually works in practice is a joke, though.