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This sounds exactly what Experian does. They are used by most (all?) UK banks to validate your credit score and they also provide an "identity protection" servi
by zimbatm 12y ago
This sounds exactly what Experian does. They are used by most (all?) UK banks to validate your credit score and they also provide an "identity protection" service. If your score is too low with them you don't get any credit anywhere.
- guard-of-terra 12y agoStill it is very hard to link credit score with citizen activity, with gradual punishment of undesirable ones. Once it would dismarry from financial reality, many banks will start to skip it, because it will become profitable.
- true_religion 12y agoHere's one method of implementing it. 1. Require that all banks have insurance for accounts that are unable to be FDIC insured but are under $200,000. 2. Legislate that credit scores take into account a score determined by Homeland Security, under the premise that homeland knows more about a person (e.g. do they gamble in monaco off books a lot? are they involved in a radical movement and likely to lose or give their jobs? are they a likely to be arrested?). If the public needs more sell on this use the canned like "Do you really want your bank to lend money to terrorists?". 3. Drop FDIC insurance for any bank that operates outside of #2. #1 will force these banks to buy insurance, lowering their profitability. At this point, the system self-regulates and is hard to dismantle.
- guard-of-terra 12y agoScore is still "go" vs. "no go". You can only shut off so many people because parallel "grey" finance market arises. More finesse is needed. You can try banks to offer different deals to identical (finance-wise) people based on their HS score, but they're probably sue.
- droidist2 12y agoTrue, also with the rise of P2P lending the oligopoly of these credit rating agencies will be broken.