Final answer:
True. Credit scores enable people to get loans faster and fair credit decisions.
Step-by-step explanation:
True. Credit scores play a crucial role in the loan application process. A credit score is a numerical representation of an individual's creditworthiness. Higher credit scores indicate a lower risk for lenders, making it easier for people to get loans at lower interest rates and faster. By using credit scores, lenders can make more fair and objective credit decisions, as they are based on an individual's financial history rather than personal factors like race, gender, or religion.