This is my second post on credit reporting, to explain how it works. The attached clip explains “how it used to be”, in contrast to the numbers oriented style in vogue for the last 2 decades. Often we wish: “Why can’t it be just like it used to be”? This series will explain how our modern system of credit reporting (and granting loans) started.
In understanding how our system evolved, we have a better understanding of why and how we got to the point where we stand today.