>implying americans actually want a credit score
I’d like credit scores systems to be fully public and developed by the government. It would be far better than the three private systems Americans deal with now.
Four*. FICO is another one and at one time was most commonly used for home mortgages. Not sure how true that is today, but it’s still very much in use.
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with the amount of information sharing between all the large corps, they are likely to be more similar than you think.
But does the corporate data collection factor into your FICO score? Unless there’s some new scary development I’m not aware of, the FICO score is only based on the following: length and number of accounts, revolving utilization, if payments are on time, and the loans you have made (based on the size and frequency of them).
FICO is just one of a multitude of scoring systems which impact people’s lives in the US today.
https://en.wikipedia.org/wiki/Criticism_of_credit_scoring_systems_in_the_United_States
You and your friends’ social media activity, among numerous other things, can absolutely affect your ability to get a loan, a job, a rental contract, etc.
If that holds true, then it really is no better than China’s social credit system. Somebody needs to regulate this monster before it eats us all.
When you’re rejected for a loan by a bank in the USA you’re entitled by law to know the reason. If your credit is good, your job is stable, and you’ve got no history of finance-related crime then you won’t be denied a loan. If you’re denied a loan because of the type of porn you browsed or some shit you said on Twitter, then that’s grounds for a discrimination lawsuit.
When you get your credit report, there is a statistical breakdown of your score and all of the sources on the report. So, if there is something as stupid as a social media adjustment, you can contest that.
Tell me you didn’t click either link in my comment without telling me you didn’t click either link
I wouldn’t click that link in a thousand years, you rube.
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Another key difference is one is aimed at executives and businesses and the other is aimed at everyone
The sadder thing is that Chinese social credit hasn’t actually even been implemented, and doesn’t seem like it’s going to. There are only limited local experiments, most of which are allegedly largely irrelevant.
Whereas there are multiple credit score companies currently tracking literally everyone who has a bank account.
How do you think it came to be that most Americans believe that in China you can have your home seized for being impolite?
A deluge of articles that confirms the audience’s unexamined orientalism, and makes them feel superior.
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I got rejected just last week for something pretty inexpensive that I can afford to pay off in installments. My credit score is good and I’ve never defaulted on any payments before. I live in the UK, not in China.
AFAIK the social credit system that westerners like to mock was only trialled and never implemented. I, on the other hand, have actually been screwed over by my own country’s credit score system.
In the US, I think you would be entitled by law to know the reason why you were rejected ( https://en.m.wikipedia.org/wiki/Equal_Credit_Opportunity_Act ).
Does the UK have something similar?
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We tried personally evaluating people for loans on their individual merits, and shocker, there was rampant racism and sexism. Having strict metrics, instead of relying on the whims of a dickwad loan agent, is a good thing.
The new system isn’t perfect, and yeah, it completely favors people who have parents who know how the system works. But at least it’s not explicitly racist or sexist (again, there are of course systemic issues that feed into it).
I get that it’s frustrating to, for example, need to have debt in order to qualify for more debt. But in other contexts this is pretty standard — it’s essentially “financial experience.”
But yeah. It sucks that you should pay expenses with a credit card rather than debit in the USA. Personally it doesn’t matter to me (I pay them off every month), but it sucks for merchants who get stuck with the credit card transaction fees.
The rise of check cards and normalizing paying for everything on plastic was a big tipping point. There’s even a Monopoly game that uses electronic cards these days. It lets activity tracking run rampant and of course the banks get to skim a fee off everything.
Franky I see it as having nothing to do with fiscal responsibility (can’t overspend the cash on hand) and more just a way to funnel more to those with means than anything. It’s funny how cash advances on cards charge a higher rate than purchases despite neither offering a security interest to the card issuer.
Both systems are horrible
please explain what the horrible part is, be specific
The specific problem with both systems is that they are controlled by a central entity. Sounds harmless enough on a first glance. However, this also means that whoever owns/controls this system, can control a lot of people very effectively. This could be used for good but is instead mostly used to keep people in line.
This makes it easy for a single person/small group to control an entire nation, which I think is a bad thing.
Good thing that the system in China is in the hands of the working majority. If you look at how Chinese political system is structured it becomes clear that it’s not in fact in the hands of a small group of people.
I do not believe that is the case. Mainly because of their questionable choices. Things like their great Firewall, which also censors political topics that the government does not approve or the perseution of certain ethnic groups. I don’t belive a majority of the people would want to do things like that.
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Claiming that taking tough measures to arrest the spread of the pandemic instead of letting millions of people die the way west did was a bad decision is the height of psychopathy. You are one sick individual.
You’re putting a lot of words in my mouth my guy. You said the Chinese government is run by the majority workers. I’m giving an example of how the majority wanted something, and the minority said otherwise. Not only said otherwise, but imprisoned anyone that dissented. Like all government, the few control the many.
The “zero covid” policy in china was absolutely insane.
AND, guess what, I was able to argue my point without calling names. Lmao.
There is nothing questionable about those choices. For example, the firewall is the reason why China has its own domestic tech industry while the rest of the world is dominated by a handful of US companies. Meanwhile, censorship of capitalist views is good actually. And the idea that the government prosecutes certain ethnic groups has no actual basis in reality. This notion has been debunked to death but people in the west will keep repeating this because that’s what they want to believe.
You’re seriously defending the treatment of the Uyghurs?
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You seriously still peddling this bit pf propaganda?
Who has access to the back end data, and the ability within it to change any data they want?
Because a group of people with this power exists, whether or not you believe they will act upon it.
The power of the government being premised solely on who has access to the backend data is certainly a novel political theory.
That isn’t at all why the two systems were being criticized, and trying to frame it like that is extremely disingenuous.
Maybe if you actually read the links provided then you’d see that your criticism is vapid in the extreme.
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You sure could’ve avoided making a clown of yourself if you bothered reading the links provided
Contrary to common belief, the cities mainly target companies, not individuals.
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people would look at you as the imbecile that you are of course
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Let’s face it, you can’t even find China on a map. You’re never going to go to China, you don’t give a shit about people living in China. You’re just a racist who thinks he’s being awful clever. It’s sad and pathetic, and everybody can see through it.
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I’m no fan of credit scores but let’s not act like its the same thing as Chinese social credit
course not credit scores actually exists and social credit does not since it was just a trial
Assuming you are correct it’s still pretty crazy that they even considered anything even close to that.
China is having some of the same wages/productivity split problems that the us has and there’s a vein of thought that says it’s fixable with social incentive programs.
This isn’t 1984 evil authoritarian tankie shit, its liberal reform shit.
And as another reply to you mentioned, a lot of the “social” factors are reported to the big 3 credit reporting agencies through denials based on giant weird datasets anyway, so the “normal” credit score is a “social” credit score in disguise.
Incorrect, the Social Credit system was started in 2014 and intended to operate at full scale before 2020 but it’s still not there, yet. It’s been in use for over a decade, just not as much as the CCP wants it to be.
Does anyone not how to a Bookwyrme review through a Lemmy link ? Anyway : https://books.theunseen.city/book/192913/s/weapons-of-math-destruction
good book!
Excellent. And i could copy entier chapiters under this post and still be relevant.
WOOOW ✋😃🤚
