My life as a credit unicorn
I ama unicorn.
That’s a sentence I never thought I would begin a money column with.
Unicorn is a term used in the credit scoring industry for people with credit scores over 900.
They are so rare they are practically mythical. At least that is what I had been told.
But overnight I became one, making me wonder whether credit unicorns really are that rare, or whether there has been something deeply flawed about the credit rating system.
Every adult has a credit score between zero and 1000, with zero being unspeakably terrible, and 1000 representing a god of money.
They are calculated by the big credit reporting bureaus, including Veda and Dun & Bradstreet.
They compile reports using information passed to them by our banks, our insurers and a whole heap of other businesses.
Banks, finance companies, utility companies and landlords