What happened: Credit scores are increasingly used by lenders to decide on services like phone contracts and car finance. Experts highlight that knowing how credit scores work can help consumers make better financial choices.
Why it matters:
- Credit scores affect access to various financial products and services.
- Consumers who understand credit scoring may improve their borrowing options and costs.
MNN Take: As credit scores influence many lending decisions, awareness of how they are calculated can empower individuals to manage their financial health more effectively.
Sources: BBC Business