Banks, credit card companies, auto dealers, retail stores and lenders decide if you get your loan. Most businesses that issue credit or loans use credit scores to quickly summarize a consumer's credit history, saving the need to manually review an applicant's credit report and providing a better, faster risk decision. Although many additional factors are used in determining risk - such as an applicant's income versus the size of the loan - a credit score is a leading indicator of one's basic creditworthiness.
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Banks, credit card companies, auto dealers, retail stores and lenders decide if you get your loan. Most businesses that issue credit or loans use credit scores to quickly summarize a consumer's credit history, saving the need to manually review an applicant's credit report and providing a better, faster risk decision. Although many additional factors are used in determining risk - such as an applicant's income versus the size of the loan - a credit score is a leading indicator of one's basic creditworthiness.