In smaller communities, shopkeepers, banks, department stores, and others in their communities that extend credit often knew by word of mouth who paid their bills on time or paid late even if they didn't pay them at all. As the country grew banks and creditors also grew and the need for credit grew. So the number of their consumer credit applications grew, these creditors needed to establish more systematic and efficient method of understanding if the consumers were good credit risks, bad credit risk, or a credit gamble. Credit scoring became one of these tools. Although smaller local bank, stores and creditors still may rely on your past payment history for your credit evaluations, many large companies now use Equifax,Trans-union. and Experian scoring systems. Although no system is perfect, credit scoring systems can be at least as accurate as informal methods for granting credit -- and often are more so -- because they treat all applicants objectively. Get you "DIY" Do It Yourself Credit Repair Kit
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