Hi TimLouise

Good question. 

In developed markets we have credit bureaus - the big three are called Equifax, Experian and TransUnion, which are multi-billion dollar listed companies.  Equifax came under a lot of press coverage last year when they lost the data of 143 million people and businesses, risking their identities being stolen.

The centralised model has many problems, the most significant being:
1. You are exposed to data breaches - your data is only as good as the security of the bureau
2. No easy way to improve your credit score or sometimes even know what it is
3. The bureau makes money when they sell your data, not you
4. Data is fragmented and is often not even the same between bureaus - there is no single location of 'truth'
5. Usage is limited to whatever products the credit bureau has developed

Credible decentralises and improves the model across all these factors:
1. You control the keys to your records
2. Complete visibility as well as the ability to add new information.  Your data becomes your own asset to manage
3. You make money from your data
4. One source of truth
5. Decentralised collection, consumption and use of data.  Anyone can build new exciting use cases on top of the blockchain and monetise for their benefit and the benefit of merchants

Hope this answers your question!