Because of the "memoryless" property of this distribution, it is well-suited to model the constant hazard rate portion of the bathtub curve used in reliability theory.
An important concept in survival analysis is the hazard rate, defined as the probability that the event will occur at time t conditional on surviving until time t.
Late-life mortality deceleration corresponds to hazard rate increasing more slowly than linearly (on a log-linear graph), instead curving and possibly plateauing.
There are a number of credit scoring techniques such as: hazard rate modeling, reduced form credit models, weight of evidence models, linear or logistic regression.