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From the UK here: Yes we all have a credit score - it's mainly used to measure your ability to borrow and repay debt and will influence whether a company loans

From the UK here: Yes we all have a credit score - it's mainly used to measure your ability to borrow and repay debt and will influence whether a company loans to you and the interest rate on said loan. It's not (yet) as aggressive as the social scoring system in China if that is what you were alluding to... Do you not have a similar system where you are from? How would the above be decided for you?

gspr 6y ago
Well, is it a score based on your current economic situation, or your past use of credit? Here in Norway you're evaluated/scored based on some metrics like income, job security, job prospects, education, assets, debt, defaulted debt in the past, fixed expenses, etc. I think when Americans talk about "credit score" they talk about something completely different, namely their insane system where your score is (positively) affected by taking on and managing credit card debt. In that fucked up world, two debt-free people with the same income will be "scored" differently if one of them happens to use a CC to buy all his groceries and pays off the card each month, and the other buys the same groceries on debit. Surely you don't have that insanity in the UK, do you?
bjohnson225 6y ago
There's not a universal credit score in the UK. There are a bunch of providers who will try and sell a score to you, but the actual score can vary greatly from provider to provider and guarantees nothing in terms of getting accepted for credit. Banks giving out loans will look at the data behind the score along with a bunch of other factors. It's very possible that if Experian say person A is average and person B is good, a bank may decide to give Person A a better rate on a loan based on different data, or different weighting of the data.
curiousgal 6y ago
> It's not (yet) as aggressive as the social scoring system in China if that is what you were alluding to... LMAO talk about bias! If anything he's describing the the credit scoring system implemented in the U.S. ...

gspr 6y ago

Well, is it a score based on your current economic situation, or your past use of credit? Here in Norway you're evaluated/scored based on some metrics like income, job security, job prospects, education, assets, debt, defaulted debt in the past, fixed expenses, etc. I think when Americans talk about "credit score" they talk about something completely different, namely their insane system where your score is (positively) affected by taking on and managing credit card debt. In that fucked up world, two debt-free people with the same income will be "scored" differently if one of them happens to use a CC to buy all his groceries and pays off the card each month, and the other buys the same groceries on debit. Surely you don't have that insanity in the UK, do you?

bjohnson225 6y ago

There's not a universal credit score in the UK. There are a bunch of providers who will try and sell a score to you, but the actual score can vary greatly from provider to provider and guarantees nothing in terms of getting accepted for credit. Banks giving out loans will look at the data behind the score along with a bunch of other factors. It's very possible that if Experian say person A is average and person B is good, a bank may decide to give Person A a better rate on a loan based on different data, or different weighting of the data.

curiousgal 6y ago

> It's not (yet) as aggressive as the social scoring system in China if that is what you were alluding to... LMAO talk about bias! If anything he's describing the the credit scoring system implemented in the U.S. ...