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Some of these seem like really bad comparisons. If your credit score is bad, you just have to pay your ISP in advance, rather than be billed monthly in arrears,
by berberous 8y ago
Some of these seem like really bad comparisons. If your credit score is bad, you just have to pay your ISP in advance, rather than be billed monthly in arrears, which is pretty logical. This is also just a rational response by a private company in response to a customer’s bad credit. Not that I don’t have lots of issues with the credit reporting agencies in America.
The Chinese system seems a whole lot more dystopian since it’s state run, and since they are trying to link unrelated things — i.e. penalize you for certain “anti-social” behavior that goes far beyond having poor credit.
- chillacy 8y agoIronically this is what the American credit system was designed to avoid. Pre modern credit score, bank loans were given out based on things like “moral character”, the theory being that alcoholics shouldn’t get loans, but it turns out this has a high false negative rate. Most hurt were of course minorities. After the credit system access to credit exploded, whether for better or worse.
- rapnie 8y agoCredit scores are a gliding scale. With all peoples' purchasing data getting increasingly accessible for commercial purposes, it may well be that 'good' score is measured in purchasing power, and that poor people that never had any debts still get a 'bad' credit rating. This is already how it works, more or less, but when such credit rating becomes (a weighted) part of a social credit system, then it hardwires wealth inequality. A rich person can do a lot more 'wrongs' before low social credit becomes a problem