My life as a credit uni­corn

Auckland City Harbour News - - YOUR PAPER, YOUR PLACE - ROB STOCK

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

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