I always assumed credit scores were an integral and historic part of the American financial system.
They were not, they are very recent，most of your parents didn’t have credit scores growing up, and as you can probably tell or at least intuit, it’s mostly just a b******* scheme for those with capital to accrue more capital by invading your privacy.
There is transparency to the extent that the decision is based almost entirely on your credit score and credit record. You can see a copy of your credit record any time, which is a fairly new thing. You can see similar credit scores and if they turn you down for anything they are required to tell you what it was. While you may not know the calculation, you know what goes into it at least well enough. Most importantly the decision is mostly objective and consistent, by computer, driven by this data. It’s not entirely transparent but more so than at any time in history
The decision should be based entirely on your credit score on record, which is determined by factors out of one’s control.
You can assume what goes into your credit score, but the more important point is that you don’t and that is proprietary information owned by a very small amount of companies that profit from your information.
Given the above, I can’t come to the conclusion that determining your individual value based on circumstances out of your control is objective.
As for consistency, if you get sick and accrue hospital bills you can’t immediately pay, your credit rating plummets. That doesn’t sound very consistent, relevant, or objective.