I feel like you're really downplaying how impactful credit score is and how dystopian it is. They rebranded fraud against the lender as "identity theft" against

I feel like you're really downplaying how impactful credit score is and how dystopian it is. They rebranded fraud against the lender as "identity theft" against you so that they could sell your fraudulent debt to private harassment firms. In turn since identity theft isn't real (fraud is) you need to get the lender to file a police report and unseal their private financial records (they won't do this). All this while you experience real damages like being rejected by mainstream lenders, swaths of employment and housing opportunities and pushed towards fringe and predatory lenders. That being said, I also think you're not accurately describing social credit or relying entirely on hearsay. For the most part its focused around credit worthiness and financial fraud. I'm not a huge fan of either system, but as somebody who's worked with people harmed by the US private credit system, I can tell you that it's possible to "Nosedive" here and that's not just what I've heard.