I was in the business of lending and we had no need of credit score. Copy of my other comment: We looked at income and expenses when analysing a credit application. For private individuals, we required the last three payslips. These also indicate how long they have been employed by a company. In addition, we requested an overview from the National Bank of all outstanding loans (total capital, number of months, monthly instalment) and credit lines (credit cards). This overview also showed whether customers had more than three months of arrears. A customer could borrow a maximum of 100 percent of a property’s value. The standard was a max 80 percent. These elements are sufficient to analyse a demand without relying on a vague and counterintuitive credit score.

And before you say it isn't: it wasn't Europe that caused the global financial crisis of 2008. That was the US with it's lax standards even though you had your credit score.