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A credit score is different from simply a registry. A registry is just a record. A score is opaque based on proprietary models, and scores can still be derived
by chrischen 7y ago
A credit score is different from simply a registry. A registry is just a record.
A score is opaque based on proprietary models, and scores can still be derived by private companies.
- joe_the_user 7y agoWhat information is the registry supposed to contain? What if I don't want to put my information there? The last time I checked my credit report, it was a (false) list of ex-employers and ex-addresses. The credit agencies use "undisclosed" methods to verify their data. What would the government do instead?
- liamcardenas 7y agoTo be clear, though, his plan does give you a number that represents your creditworthiness, whether you want to call it a “score” or not. From the article: “a public, transparent algorithm to determine creditworthiness that eliminates racial biases in credit scores.” It doesn’t say whether the bill will ban “private” credit score providers, but I’m not sure how it will put those companies out of business if not.
- chrischen 7y agoThere’s no reason it would put them out of business unless they outcompete them.