Boffins Devise New Credit Scoring System
University of Edinburgh scientists have devised a new credit rating system which they claim would be more helpful than the current system in preventing people falling into debt. Their new approach doesnâ t just concentrate on the individual applicantâ s credit history, but also incorporates the general state of the economy into the modelling. By including consumer confidence, earnings and other economic factors such as interest rates they believe their system offers a more accurate risk assessment picture for lenders. Most of the UK banks and building societies use a system of credit scoring that concentrates on applicantâ s debt payment history, how long they have been employed and what type of work they do, and how many times the individual has moved home. ...
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