Earlier quoted context omitted.
Honest question, what do other nations do to determine credit-worthiness? There has to be some sort of risk assessment on the part of banks and other financial institutions. And that risk assessment would have to be made for immigrants there as well, presumably with less/zero data? FWIW, as much as Americans complain about the credit score system, it's mostly not a problem (for most people, most of the time). It's no…
You go to a bank (people often go their bank with some expectation of a better rate) or you use check online comparator to see what deal you can get. Then the bank will look at your current funds, the job you have, the earnings you have and after some abracadabra they will say yes or no. There is no building of trust the assessment is on what you have and what you are capable of. The credit is usually 1/3 of your sal…
In France, how doe a lender know if you have other loans/debt outstanding? Or if you have a history of non-payment? Those two make up the majority of a credit score (35% payment history, 30% debt burden). And the credit score is just one piece of an overall credit report.