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NZ and Australia both have positive credit score systems (both introduced in the past 10 years). I wouldn't necessarily agree with a gut reaction that positive
by adrianmacneil 10y ago
NZ and Australia both have positive credit score systems (both introduced in the past 10 years).
I wouldn't necessarily agree with a gut reaction that positive credit scores are absurdly backwards. It makes sense that I would trust someone more as a borrower if I know they have repaid debts in the past (versus having no history at all). The system could probably use improvements and more regulation, but I don't think it's fundamentally off base.
- PebblesHD 10y agoMy only concern with the system is that it treats people with no need or desire to have a credit card as 'risky', even if they have excellent assets and income. I'm personally unable to sign up for a mobile phone plan because I don't have a credit score, yet I rent a home, own a decent car and earn decent money without the need to borrow... This was only an issue because the person rejecting my application was relying on a computer screen to say 'denied' and where there is no room to say 'thats a bit silly'.