I always assumed credit scores were an integral and historic part of the American financial system.
They were not, they are very recent，most of your parents didn’t have credit scores growing up, and as you can probably tell or at least intuit, it’s mostly just a b******* scheme for those with capital to accrue more capital by invading your privacy.
What’s it used for? Determining how much you use the insurance you pay for? Any more info?
As far as I understand it, yes. It’s used to determine whether you’re insurance worthy and at what rates you will pay.
https://www.insurance.com/insurance-score