Definitions for "Credit Scoring System"
The credit scoring system is used by creditors to determine someoneâ€(tm)s creditworthiness based on their credit history.
A system which creditors to assess whether or not you are a safe enough risk for credit or loans. Many variables are taken into account from the punctuality of your bill payments, any debt collection agency incidents, and the age of accounts which are currently open in your name. Your details are compared objectively with people in similar social groups to yourself. Higher scores indicate that you are a safer bet for the credit company and more likely to be approved.
In order to decide the creditworthiness of borrower, a statistical system is used where applicants are rated according to various characteristics.
Keywords:  factors, job, age, repaid, points
a system by which points are given for various factors like your age, your job or even for information obtained from a credit reference agency, such as how you have repaid
a system by which points are given for various factors such as your job, your age, time living at your present address and sometimes information from your credit reference