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Early_To_Risa@sh.itjust.works

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Anon tries to understand credit scores (infosec.pub)

submitted 2 weeks ago by Early_To_Risa@sh.itjust.works to c/greentext@sh.itjust.works

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[–] VitoRobles@lemmy.today 5 points 2 weeks ago (1 children)

A few pieces of history here

The credit system didn't exist until around 1989.
Back then, your "trustworthiness" was vague. So if you were black in America walking into a bank, they can easily reject you. And they'd pass this information around like "So-and-so was rejected because ~~he was black~~ we at the Ku Klux bank believe he is untrustworthy" so now banks all over the US has that information and will auto reject you.
In 1970s, they push laws to deny credit based on gender, religion, race. You know, because women couldn't have bank accounts.

So, the credit system fixed a few problems.

Now, there's a few other issues. Credit score + education + zip code easily tells people more about you. Lots of data loopholes.

Im disgusted by the credit score system for the points you laid out. And it's a imperfect system that did solve some big problems.

[–] BeardededSquidward@lemmy.blahaj.zone 2 points 2 weeks ago

It changed but is still used to affect people who used to be redlined before that was made illegal. As for the laws passed in the 70s, yeah, everybody obeys those all the time don't they?