A credit score is used by a lender to assess risk before approving a loan. In recent times, lenders have been able to use electronic credit bureau’s, or warehouses of information about a customers financial pasts, to obtain this score and asses if they think a client can repay on their debt. However, in the past this electronic tool was not available and lenders had to rely on more reputation -based assessment tools such as payment history, word of mouth and home visits.
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