5 ms·

That's a credit score, not a social credit score.

kevin_thibedeau 4y ago
It isn't credit score. That isn't easy to peddle in because it requires authorization to access. Data brokers have their own scoring system based on all the other unregulated data they have on every person.
adrianN 4y ago
The fundamental difference is not perfectly clear to me.
Broken_Hippo 4y ago
That's not really true either. The US credit score is a type of social credit score. Case in point: You generally cannot be a responsible adult, living within your means, and expect to have a credit score. Most utilities won't report on-time payments (and usually won't report until you are a few months late, sometimes only if you have a late final bill). Most landlords don't report. Saving for a used car doesn't earn you credit, and credit generally doesn't care if you have enough money in the bank or if you earn enough, at least if you aren't rich, anyway. Basically, you need to have the right sort of credit history and borrow in the correct fashion: For most folks, this means getting a credit card or paying too much for a used car just to prove that one day, they might be reliable enough for a new car loan or a house loan. In the meantime: Don't go into medical debt. Don't avoid most debt and simply live within your means. Don't check your credit too much (This is around 10% of your score). And not doing things correctly affects where you'll be allowed to live, where you can work, how much you pay for car insurance, and things like that. Just because it isn't just like another countries doesn't mean it isn't a social score with a different name.
- api 4y ago
  It was explained to me like this: the credit score is not a credit score in the sense you might imagine. It doesn't track your likelihood to repay. It's a score indicating your likely aggregate profitability to banks as a borrower.
  - Broken_Hippo 4y ago
    That does make sense, though it makes it that much more of a horror that places are using it to determine whether or not you'll make a good employee or a good renter. "You won't make money for the bank, so pay more for insurance and don't rent here". Those places definitely use it differently than the folks providing the scores.
- themacguffinman 4y ago
  None of the behaviors you describe are social behaviors, they are financial behaviors. Social factors are why they have to add the word "social" to the term "credit score". Framing zero-debt as being a "responsible adult" and "living within your means" doesn't make sense as a counter-argument. It's not social as it doesn't involve other people. For eg, your credit score isn't affected by the social associations you have with other people (with maybe the exception of marriage because that combines non-social assets). Your credit score isn't affected by your social interactions with other people. For eg, sharing your anarchist views with other people or maybe a bank teller doesn't affect your score. It's also just untrue, leveraging zero-interest loans and loan perks like purchase protection can be very responsible and still living within your means.
andrepd 4y ago
So it's a social credit score, but not their social credits score, its our social credit score, and that makes it okay :)

It isn't credit score. That isn't easy to peddle in because it requires authorization to access. Data brokers have their own scoring system based on all the other unregulated data they have on every person.

adrianN 4y ago

The fundamental difference is not perfectly clear to me.

Broken_Hippo 4y ago

That's not really true either. The US credit score is a type of social credit score. Case in point: You generally cannot be a responsible adult, living within your means, and expect to have a credit score. Most utilities won't report on-time payments (and usually won't report until you are a few months late, sometimes only if you have a late final bill). Most landlords don't report. Saving for a used car doesn't earn you credit, and credit generally doesn't care if you have enough money in the bank or if you earn enough, at least if you aren't rich, anyway. Basically, you need to have the right sort of credit history and borrow in the correct fashion: For most folks, this means getting a credit card or paying too much for a used car just to prove that one day, they might be reliable enough for a new car loan or a house loan. In the meantime: Don't go into medical debt. Don't avoid most debt and simply live within your means. Don't check your credit too much (This is around 10% of your score). And not doing things correctly affects where you'll be allowed to live, where you can work, how much you pay for car insurance, and things like that. Just because it isn't just like another countries doesn't mean it isn't a social score with a different name.

api 4y ago
It was explained to me like this: the credit score is not a credit score in the sense you might imagine. It doesn't track your likelihood to repay. It's a score indicating your likely aggregate profitability to banks as a borrower.
- Broken_Hippo 4y ago
  That does make sense, though it makes it that much more of a horror that places are using it to determine whether or not you'll make a good employee or a good renter. "You won't make money for the bank, so pay more for insurance and don't rent here". Those places definitely use it differently than the folks providing the scores.
themacguffinman 4y ago
None of the behaviors you describe are social behaviors, they are financial behaviors. Social factors are why they have to add the word "social" to the term "credit score". Framing zero-debt as being a "responsible adult" and "living within your means" doesn't make sense as a counter-argument. It's not social as it doesn't involve other people. For eg, your credit score isn't affected by the social associations you have with other people (with maybe the exception of marriage because that combines non-social assets). Your credit score isn't affected by your social interactions with other people. For eg, sharing your anarchist views with other people or maybe a bank teller doesn't affect your score. It's also just untrue, leveraging zero-interest loans and loan perks like purchase protection can be very responsible and still living within your means.

andrepd 4y ago

So it's a social credit score, but not their social credits score, its our social credit score, and that makes it okay :)