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https://www.cnbc.com/2019/02/27/american-consumer-credit-rating-system-is-broken.html https://www.cnbc.com/2019/02/27/american-consumer-credit-rat... https://w

https://www.cnbc.com/2019/02/27/american-consumer-credit-rating-system-is-broken.html https://www.cnbc.com/2019/02/27/american-consumer-credit-rat... https://www.ftc.gov/news-events/news/press-releases/2013/02/ftc-study-five-percent-consumers-had-errors-their-credit-reports-could-result-less-favorable-terms https://www.ftc.gov/news-events/news/press-releases/2013/02/... It's one of the few things thats so obvious its bipartisan. I'm amazed you think its worth defending. There should not be a punishment for LOOKING at a credit score hard or soft, that's insane. To require someone take on debt in order to have good credit is pretty arbitrary. You can have all the money in the world, but no debt? you're fucked. The fact you can juice your credit with someone elses credit cards is also really arbitrary.

sokoloff 4y ago
> You can have all the money in the world, but no debt? you're fucked. No, you’d be totally fine paying cash for anything you needed.
Dalewyn 4y ago
You're misunderstanding the point behind credit scoring. Banks lending you money don't care (at least not as a primary concern) how much money you have, their first concern is whether you have a history of paying back debt you owe. A credit score scores you on your ability and willingness to pay back your debts on time. And yes, this means someone who takes on debt with a credit card only to immediately pay the balance before any interest accrues both has a stellar credit score and no debt in any practical sense. This also means someone who is making their house or car payments properly also has a good credit score, outstanding debts negatively affecting the credit score slightly notwithstanding.