A credit score is a number that is derived from certain analytical calculations performed on an individuals credit files. It is used to determine the financial trust worthiness of a person, based on the reports received from data collection agencies called credit bureaus. Banks, credit card companies, and lenders, use credit scores to determine the potential risk of serving their customers. It is also used to evaluate loan eligibilities, interest rates to be offered, and customer credit limits.
Credit scoring is a standard financial practice in countries like Canada, United Kingdom, and United States, etc. For example in Canada, the credit rating baselines are: 300-559: Poor, 560-659: Fair, 660-724: Good, 725-759: Very Good, and 760-900: Excellent. However, African countries like Nigeria do not operate a credit system.
According to recent reports, Neon Money Club, a financial investment company, has announced the launch of its dating platform, Score. The US based company revealed that Score will only be available to prospective relationship seekers with good to excellent credit scores, to promote healthy discussions around finances.
