Several years ago, a conversation about credit ratings prompted a friendly argument with an acquaintance. My friend, an idealist who hated seeing how the rich and powerful took advantage of those with lower incomes, argued that credit was a force for exploitation.

While I’ve certainly seen exploitative lending practices–I’ve been a financial writer for 15 years, after all–it’s equally clear that credit is necessary for ordinary people to get ahead. Without access to credit, things like home ownership would never be possible for anyone who wasn’t already rich.

Of course, my friend’s point also stands. Lending can often be exploitative, leading to cycles of debt and entrenched poverty. But we live in a world where having a credit score is just about mandatory. Since we can’t opt out of thi

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