(Solved):Why are the algorithms that credit bureaus use to calculate credit scores, secret? View Answer…

 

Question

Why are the algorithms that credit bureaus use to calculate credit scores, secret?

 

EXPERT ANSWER

Credit bureaus are the organization that collects the individuals’ information related to credit and provide this information to the financial institutions, which further uses it to make decisions for granting loans.

Algorithms used by the credit bureaus to calculate credit scores are secret in order to prevent individuals from maximizing their score through the guide. An individual can

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