A new industry has been created that tells anyone who wants to know what your credit rating is. All they have to do is to look up your financial "credit score" and they can find out whether you are a financial dead-beat or a customer who can be counted upon to pay his or her bills.
The credit score, which is based on a complex formula that reflects your financial condition over the years, has now become widely used in determining your credibility, in whatever you buy, sell or engage in other activities. This arrogant invasion of your privacy will probably be challenged in the courts.
Credit Scores Affect Serious Personal Decision
Your credit score is a very important number that haunts you everywhere, People who are in love often are compelled to postpone their plans to marry, and married couples with low credit scores may hold off in planning family.
Your credit score may shift up or down during many years, but it is an ever-present current number that can affect your lifestyle. For example, you want to buy a car. Before the car manager closes the deal, he would likely check your credit score to see if you are a worthy risk.
The same is true if you want to buy an expensive gift for your wife or girl friend. Or you may want to travel. Or put a down payment for a home. Or you wonder if you should offer that loan to your uncle. The credit score is often what determines your final decision.