Force banks to explain their credit score calculations

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Force banks to explain their credit score calculations

Additional Information

Banks and other institutions often use credit scoring to determine someone's suitability for credit facilities. People who fail to reach the required standard are never given an explanation of what it is about their circumstances that has caused them to be rejected. It is often not obvious in the case of people without inherently "bad" items on their file. Furthermore, credit companies consider a failed application to be a bad thing in itself. With no information on the calculations used to determine an application, people are left an in unfair position where their eligibility for financial products feels very random and gets worse the more they try. We call on the government to force institutions to publicly explain the process used to calculate credit scores so that consumers are properly informed and are able to scrutinize those processes.

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