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Open source credit scores and history. Take down the oligopoly of the existing credit scoring companies by providing an open algorithm to determine scores. Ch
by sanj 17y ago
Open source credit scores and history.
Take down the oligopoly of the existing credit scoring companies by providing an open algorithm to determine scores. Change it as necessary. Educate people on how to improve the score. Provide the data to consumers for free, charge others (banks, mortgage companies, etc.) to use it.
- jdavidson 17y agohttp://en.wikipedia.org/wiki/VantageScore http://en.wikipedia.org/wiki/VantageScore Sounds like it is a step towards transparency but doesn't seem to have much adoption yet.
- kelnos 17y agoPart of the problem with that is in reporting. The stuff that ends up on your credit report is only there because companies (credit cards, banks, collections agencies, etc.) report the information to the credit bureaus. Convincing those companies to also report to you -- especially given general corporate distrust for the "open source" concept -- would be a tough sell. On the other hand, if there was a way you could gather all this information without relying on third parties to actively notify you... that would be both cool and incredibly frightening.