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this post was submitted on 21 Sep 2023
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I'd prefer a focus on eliminating the for-profit health care system, or the credit score system. Adding more band-aids to an infected wound is a bad idea.
Honestly, if we're going to have credit, as a society, then credit scores aren't a terrible solution. Otherwise it's just you pleading your case to whatever bank employee you happen to be sitting in front of. In the past, that system hasn't gone well for certain groups that tend to face discrimination.
I get that, but it's a bit of a red herring. Credit scores ultimately exist to mitigate risk for bankers, and the idea that it equalizes results for the population is secondary. Bankers should be taking on risks with loans, because that's what the return is based on. If we remove the risk for bankers, but they still make interest, the system is broken.
It is worth noting that credit scores don't necessarily eliminate bias, it just adds another step. It wouldn't surprise me to learn if you could predict an individual's credit score based on non-financial facts because some of the old biases were cooked into the system (by proxy or not). (I very much suspect this is true but don't have it in me to go hunt down papers right this instant...)
An improvement over arguing your case with the teller, yes, but not necessarily flawless.
For-profit health care system should honestly just eliminated even if it takes millions of job away, it should have never existed. Then fixing a problem with the credit system, where paying off all your credit drop your credit scores. It should increase for that as it tells the bank "Look this person paid it off, and is stable." Instead of "Paid it off, shame on you, we didn't make any money from it."
What do we replace credit scores with? How should banks determine who can be trusted with what loan?
It's a good question. Consolidated credit scores like FICO have only existed for the last 40 years or so.
I don't have a good answer at the moment, but I'll also say that making sure that bankers are comfortable to the nth degree has not done the well for the average person in the US. Perhaps they could simply take on the risk.