by David A. Price – EconFocus, Federal Reserve Bank of Richmond
Whether you are applying for a mortgage, signing up for a credit card, or thinking about how to finance a small business, you’ll quickly come face to face with one of the transformative developments of the digital age: the credit score. It doesn’t enjoy the glamorous image of the social network or the smartphone — but much as those tools have spread access to information, the credit score has been a powerful catalyst in broadening access to credit.
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