WHAT IS THE POINT OF A CREDIT POINT SYSTEM?
Posted on July 23rd, 2010
Have you ever stopped to think how many tens of thousands of credit applications are processed daily? Have you experienced those busy signals and that feeling of helplessness created by being put on hold while trying to get to the bottom of a billing mistake with your creditors credit department? There is a simple answer for this. There just aren’t enough credit counselors available to tackle the huge amounts of credit requests, credit inquiries, or the numerous other consumer related questions on a one-on-one basis. Hence the creation of the point system, not just for credit but for many other purposes.
Point systems are for faster approvals and/or denials without having to personally go over every piece of information on the loan application. Point systems are created to score the areas of interest to a specific creditor. You will find point systems will vary from lender to lender for what ever the purpose of the loan. T
Tags: Credit, Credit Point
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