So it’s almost like you’re saying it’s too coarse?
Before FICO you either had to have lots of cash or you had to have people both of you knew vouch for you. FICO enables people to get credit with less hassle than the traditional pre-FICO method.
I’d prefer FICO over s system which tries to manage my daily behavior and may publicly shame me for small transgressions.
With that said, I hope we don’t allow a Chinese style social scoring system and I hope we see push back against this even if it’s not government mandated but a “voluntary choice” with a private entity.
My gripe isn't with credit history being used in the issuance of credit; that makes sense, and has made it a lot easier to borrow money. It also removes the discrimination that existed when bankers would simply refuse to extend credit to minorities.
My point, as it relates to the article, is that what started out as a means of gauging financial creditworthiness is increasingly used as a means to gauge your worth in other aspects of life.
The FICO system isn't technically government-mandated, but it might as well be. If you try to get a security clearance, for instance, your FICO score/credit history is easily the #1 thing they look at.
Before FICO you either had to have lots of cash or you had to have people both of you knew vouch for you. FICO enables people to get credit with less hassle than the traditional pre-FICO method.
I’d prefer FICO over s system which tries to manage my daily behavior and may publicly shame me for small transgressions.
With that said, I hope we don’t allow a Chinese style social scoring system and I hope we see push back against this even if it’s not government mandated but a “voluntary choice” with a private entity.