Someone who has had credit for a long time is considered less risky. Inquiries into and applications for credit. Types of credit in use, e.g., secured credit card, installment loans, revolving loans, finance company lines. Consumers are not told their credit score. Lenders and credit reporting agencies are not presently required by law to reveal a credit score to the borrower.
Some lenders do reveal the score to borrowers.
Consumers are not given enough information to understand their credit score if it is revealed. Lenders and credit reporting agencies are not required by law to reveal the reasons for the credit score, the reason codes employed, how the credit score was determined, or what credit scoring model was used. Consumers do not know what actions they take will harm or improve their credit score. Without knowing the reasons for the score or how the score is determined, consumers cannot know what activities generate higher or lower scores. For example, a consumer who does not use credit cards or uses them infrequently has a lower score due to lack of a borrowing history.