If you’ve got a good job and no debts but have been turned down for a loan with no reason given then you need to read this. Patrick Collinson pulls away the veil over how banks assess youJobs & Money this week lifts the veil of secrecy wrapped around the credit scoring systems used by every major financial institution – and which results in one in four applicants being denied a credit card, personal loan or mortgage. Credit reference agency files have long been available for the public to check, but they make up only a part of the “scorecard” used to decide if someone is a worthy risk. Equally important are in-house credit scoring systems which point-score on a wide range of factors. Continue reading…
Source : theguardian.com
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