Credit reporting makes getting loans easier because lenders are more willing to give loans when they can look up your credit rating instead playing it safe and declining you because they have nothing to judge the risk with.
You also get fraud protection.
It’s not free, but you’re not necessarily paying for it. The main concern is that some people are definitely paying for it disproportionally more than others.
I would disagree, as things stand, getting a loan is easier if you have a good credit rating, but it is a deformation of the space.
If there was no credit reporting, the lender would still need to loan just as much. They would base their decisions on other factors (down payment, wages, employ stability, assets, ...) rather than the extremely invasive credit rating.
You also get fraud protection.
It’s not free, but you’re not necessarily paying for it. The main concern is that some people are definitely paying for it disproportionally more than others.