Credit - Could it be a Life or Death Situation?
In this day and age we all have become accustomed to credit being a part of our daily life. Credit now wears many hats, in Situations ranging from applying for a job, to being given an insurance quote, to purchasing a new home. There is virtually no area untouched by
credit. That begs the question, "How accurate can the credit scoring model truly be?".
Tracing its roots back to the 1950's, the credit scoring model was created to assist department stores in determining to whom to issue credit. A few years later, and with much improvement, the model took on a life of its own, even to the point where the Internal Revenue Service (IRS) began to use the data collected to track down individuals who were delinquent on tax debt. One could ask how much privacy they may or may not have regarding their credit.
Recently a study was concluded by the National Academy of Sciences linking low credit scores to a higher risk of cardiac disease. The study did contain good news and not so good news. The not so good news was the obvious. The good news was that low credit scores do not directly cause cardiac disease, even though when some see their scores it nearly gives them a heart attack. But rather there is a link between the early habits from childhood indicative to those with poor credit scores and their health habits. Still on the lines of the good news, both sets of habits can be changed and lead to a better life.
Story featured on NBC News HERE
National Academy of Science study HERE
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