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Many (most?) EU countries have credit score systems and/or companies, and the details on how they work differ on a country-by-country basis: https://en.wikipedi

by AnssiH 5y ago

Many (most?) EU countries have credit score systems and/or companies, and the details on how they work differ on a country-by-country basis: https://en.wikipedia.org/wiki/Credit_score#By_country https://en.wikipedia.org/wiki/Credit_score#By_country In some countries credit score registries are restricted by law to only holding information on delinquent debt, so an average person has no entries in the credit score registries. This is the case here in Finland currently, though a national positive credit register is being planned for 2024 (https://www.vero.fi/en/positivecreditregister/ https://www.vero.fi/en/positivecreditregister/).

user5994461 5y ago
You conclude that most EU countries have a credit score by linking to a Wikipedia article showing that almost none European country has a credit score?
- Throwaway197401 5y ago
  It's not like the US system. It's a negative credit score meaning that you start as a good lender and then you can only fuck it up by not paying your bills. In the US we have positive credit score meaning you have to show you are a good lender to get a better score. The european ones are mostly much less granular.
- AnssiH 5y ago
  > You conclude that most EU countries have a credit score by linking to a Wikipedia article showing that almost none European country has a credit score? The Wikipedia article does not show that almost no European country has a credit score or credit reporting system. It simply provides examples from various countries and is obviously not exhaustive, like most lists in Wikipedia. If you want to just see how many EU countries have any credit registries, these World Bank links have good data: - Public registries: https://data.worldbank.org/indicator/IC.CRD.PUBL.ZS https://data.worldbank.org/indicator/IC.CRD.PUBL.ZS - Private registries: https://data.worldbank.org/indicator/IC.CRD.PRVT.ZS https://data.worldbank.org/indicator/IC.CRD.PRVT.ZS They show most EU countries have such registries. I did go through a dozen countries manually before finding the above handy links, though... Of course one could argue whether or not those systems which only allow negative entries (and thus most people will have no data there) for a credit check should be considered credit score systems.
  - throw_m239339 5y ago
    Credit registry =/= credit score system. You are moving the goal post here. Your previous assertion is just false. the US system is brutal, unfair and shouldn't be reproduced anywhere else in the world at first place.
hyperman1 5y ago
I count 5 countries of the 27 eu countries in that list, and it seems half of them have a gov based system. So the situation seems different from the US. I always get orwellian vibes from the US system. Some random big brotherish corporation looks at you in any way it can, then runs some completely untransparant system to produce an unreliable number, with no appeal. That number determines your chances in life. Then again, my governement keeps track of how well I do on repaying my loans and tells that to lending orgs. I assume someone with a US style 'gubberment' thought process might recoil in horror even if I rather like it.
- Sharlin 5y ago
  The craziest thing about the US system is that you have to use credit (and pay it back punctually) as opposed to debit just in order to convince future creditors that you're a good customer. Migrants to the US can run into a Kafkaesque situation where they need a credit score to get a credit card, but they need a credit card to accumulate a credit score first...
  - dudul 5y ago
    Does this really happen? I migrated to the US and had no problem getting a CC. The limit was low, just a few Ks at first, but it gave me a chance to start building credit record.
    - Gene_Parmesan 5y ago
      It certainly does, depending of course on where you migrated from. Someone from a first world country and who has established assets is going to be in an easier position than someone who doesn't. And unfortunately, in this country credit isn't really an option, everything from potential landlords to employers can use it against you.
  - bluecalm 5y ago
    It's especially crazy because in most of Europe I am pretty sure a mere possession of a credit card is correlated with being more likely to get into financial trouble. I never had a credit card. Among my friends who do well financially most don't have a credit card or just got it because their bank offered a crippled debit card that wasn't accepted at hotels and car rental. They never use the credit line. On the other have out of the financially irresponsible people I know most have multiple credit cards and use them as a credit line in regular basis.
throw_m239339 5y ago
Certainly not most, given your own list. Remember there are 27 countries in the UE and UK isn't one of them.

by AnssiH 5y ago

user5994461 5y ago

You conclude that most EU countries have a credit score by linking to a Wikipedia article showing that almost none European country has a credit score?

Throwaway197401 5y ago
It's not like the US system. It's a negative credit score meaning that you start as a good lender and then you can only fuck it up by not paying your bills. In the US we have positive credit score meaning you have to show you are a good lender to get a better score. The european ones are mostly much less granular.
AnssiH 5y ago
> You conclude that most EU countries have a credit score by linking to a Wikipedia article showing that almost none European country has a credit score? The Wikipedia article does not show that almost no European country has a credit score or credit reporting system. It simply provides examples from various countries and is obviously not exhaustive, like most lists in Wikipedia. If you want to just see how many EU countries have any credit registries, these World Bank links have good data: - Public registries: https://data.worldbank.org/indicator/IC.CRD.PUBL.ZS https://data.worldbank.org/indicator/IC.CRD.PUBL.ZS - Private registries: https://data.worldbank.org/indicator/IC.CRD.PRVT.ZS https://data.worldbank.org/indicator/IC.CRD.PRVT.ZS They show most EU countries have such registries. I did go through a dozen countries manually before finding the above handy links, though... Of course one could argue whether or not those systems which only allow negative entries (and thus most people will have no data there) for a credit check should be considered credit score systems.
- throw_m239339 5y ago
  Credit registry =/= credit score system. You are moving the goal post here. Your previous assertion is just false. the US system is brutal, unfair and shouldn't be reproduced anywhere else in the world at first place.

hyperman1 5y ago

I count 5 countries of the 27 eu countries in that list, and it seems half of them have a gov based system. So the situation seems different from the US. I always get orwellian vibes from the US system. Some random big brotherish corporation looks at you in any way it can, then runs some completely untransparant system to produce an unreliable number, with no appeal. That number determines your chances in life. Then again, my governement keeps track of how well I do on repaying my loans and tells that to lending orgs. I assume someone with a US style 'gubberment' thought process might recoil in horror even if I rather like it.

Sharlin 5y ago
The craziest thing about the US system is that you have to use credit (and pay it back punctually) as opposed to debit just in order to convince future creditors that you're a good customer. Migrants to the US can run into a Kafkaesque situation where they need a credit score to get a credit card, but they need a credit card to accumulate a credit score first...
- dudul 5y ago
  Does this really happen? I migrated to the US and had no problem getting a CC. The limit was low, just a few Ks at first, but it gave me a chance to start building credit record.
  - Gene_Parmesan 5y ago
    It certainly does, depending of course on where you migrated from. Someone from a first world country and who has established assets is going to be in an easier position than someone who doesn't. And unfortunately, in this country credit isn't really an option, everything from potential landlords to employers can use it against you.
- bluecalm 5y ago
  It's especially crazy because in most of Europe I am pretty sure a mere possession of a credit card is correlated with being more likely to get into financial trouble. I never had a credit card. Among my friends who do well financially most don't have a credit card or just got it because their bank offered a crippled debit card that wasn't accepted at hotels and car rental. They never use the credit line. On the other have out of the financially irresponsible people I know most have multiple credit cards and use them as a credit line in regular basis.

throw_m239339 5y ago

Certainly not most, given your own list. Remember there are 27 countries in the UE and UK isn't one of them.