4 ms·

why do we even use these companies?

omarhaneef 7y ago
"We" don't. You're not the customer, the credit providing company is. And they use it because there hasn't historically been a better alternative.
- fletchowns 7y ago
  Why don't we have the government keep track of credit history?
  - eximius 7y ago
    Because that would be worse.
  - mindcrime 7y ago
    Dear god, no. However bad Equifax is, the government would be even worse. As the old saying goes "If you put the federal government in charge of the Sahara Desert, in 5 years there'd be a shortage of sand.".
    - fletchowns 7y ago
      What sort of ways do you think it would be worse?
  - jibanes 7y ago
    haha
    - dang 7y ago
      Could you please not post unsubstantive comments to HN? We're trying for a bit better than the internet usual here. https://news.ycombinator.com/newsguidelines.html https://news.ycombinator.com/newsguidelines.html
  - jankiehodgpodge 7y ago
    Because then you end up with a system like the social credit score in China.
yawaramin 7y ago
We don't use them. We get used by them.
zonidjan 7y ago
You are exactly as much Equifax's "user" as Facebook's users are their "customers".
Keverw 7y ago
Kinda no choice and even if you don't use them banks and other places you have relations with share data with them... Go to the hospital but never pay your bill? They will go tell Equifax or the other big 2. I kinda think the whole credit system is kinda odd anyways. Someone was starting a business and didn't have any credit to co-sign for the company to get credit to help pay as they needed to scale up. Yet someone who just buys chicken nuggets once a month on their credit card and pay it off in full who makes less money would have a better score than someone who makes millions but is very anti-credit. I think having credit is good though and it depends on the states but car insurance companies, apartments/real estate and employers factor in your credit score too. If you have low credit and have a job where you deal with cash like say a cashier, someone with low credit is more likely to steal or wreck their car is the assumption. So using to measure how responsible you are.
dymk 7y ago
So we can buy houses and lease cars on credit

"We" don't. You're not the customer, the credit providing company is. And they use it because there hasn't historically been a better alternative.

fletchowns 7y ago
Why don't we have the government keep track of credit history?
- eximius 7y ago
  Because that would be worse.
- mindcrime 7y ago
  Dear god, no. However bad Equifax is, the government would be even worse. As the old saying goes "If you put the federal government in charge of the Sahara Desert, in 5 years there'd be a shortage of sand.".
  - fletchowns 7y ago
    What sort of ways do you think it would be worse?
- jibanes 7y ago
  haha
  - dang 7y ago
    Could you please not post unsubstantive comments to HN? We're trying for a bit better than the internet usual here. https://news.ycombinator.com/newsguidelines.html https://news.ycombinator.com/newsguidelines.html
- jankiehodgpodge 7y ago
  Because then you end up with a system like the social credit score in China.

yawaramin 7y ago

We don't use them. We get used by them.

zonidjan 7y ago

You are exactly as much Equifax's "user" as Facebook's users are their "customers".

Keverw 7y ago

Kinda no choice and even if you don't use them banks and other places you have relations with share data with them... Go to the hospital but never pay your bill? They will go tell Equifax or the other big 2. I kinda think the whole credit system is kinda odd anyways. Someone was starting a business and didn't have any credit to co-sign for the company to get credit to help pay as they needed to scale up. Yet someone who just buys chicken nuggets once a month on their credit card and pay it off in full who makes less money would have a better score than someone who makes millions but is very anti-credit. I think having credit is good though and it depends on the states but car insurance companies, apartments/real estate and employers factor in your credit score too. If you have low credit and have a job where you deal with cash like say a cashier, someone with low credit is more likely to steal or wreck their car is the assumption. So using to measure how responsible you are.

dymk 7y ago

So we can buy houses and lease cars on credit