3 ms·
americans: why are you so addicted to credit ratings? ban them.
by kome 6y ago
americans: why are you so addicted to credit ratings? ban them.
- RhysU 6y agoThey're useful. How else would you get on a plane with only a suitcase, land the equivalent of a Europe away, then buy a house from an ecosystem of people that you have never dealt with before? And not overpay for the privilege? For the next 30 years?
- KirillPanov 6y agoEasy: fill the suitcase with cash.
- soared 6y agoProvide (and get verified) bank statements and tax returns that prove your financial history, and then call some old landlords/lenders. Why would it be more complicated than that?
- astura 6y agoOk now companies will see there's a huge business need to streamline this process so a new company will come along and make agreements with lenders and landlords to centralize all that information for ease of access and, congratulations, you've just created a credit bureau.
- YeBanKo 6y agoWell, you essentially described credit history, which is what credit score is based on.
- LinuxBender 6y agoI actually tried to get them to set my score to 0 but they thought I was joking. It's apparently not an option.
- YeBanKo 6y agoBecause they are essential for consumer loan industry. And the US has a loan industry, hence obsession with credit ratings.