What are some drawbacks associated with credit scoring?

We are all aware that getting high credit rating is an advantage while people with low credit rating often find it difficult to avail of loans and other financial products. Their low FICO score brings them the worst terms that are available. On the other hand, those with high FICO score are welcomed by banks, employers and landlords.

There is a common saying that the rich grow richer and the poor grow poorer. This is the case with FICO scores. And just when you lost your job and fail to pay your bills or have some medical emergency, your FICO score goes down and you then experience hardship in paying for things in times of need.

Having a low score makes it almost impossible to get a loan with reasonable interest rate. And to make things worse, there are some employers who use credit rating on their prospective job applicants. This will make it more difficult for one to land a job.

Credit ratings also has a tendency to present a false picture of a consumer's personality and creating a more rosy picture than their true personality. Source: ehow.com/list_7236746_advantages-disadva....

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