this post was submitted on 10 Aug 2023
385 points (98.2% liked)
Asklemmy
44151 readers
1502 users here now
A loosely moderated place to ask open-ended questions
Search asklemmy ๐
If your post meets the following criteria, it's welcome here!
- Open-ended question
- Not offensive: at this point, we do not have the bandwidth to moderate overtly political discussions. Assume best intent and be excellent to each other.
- Not regarding using or support for Lemmy: context, see the list of support communities and tools for finding communities below
- Not ad nauseam inducing: please make sure it is a question that would be new to most members
- An actual topic of discussion
Looking for support?
Looking for a community?
- Lemmyverse: community search
- sub.rehab: maps old subreddits to fediverse options, marks official as such
- !lemmy411@lemmy.ca: a community for finding communities
~Icon~ ~by~ ~@Double_A@discuss.tchncs.de~
founded 5 years ago
MODERATORS
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
One way to make credit scores more consumer friendly would be to make it totally transparent what data is collected, retained and transmitted when calculating the score. If you want to open a new line of credit, instead of having businesses look up all this shit behind your back you'd request a letter of credit and provide it to the business yourself, knowing exactly what is in it.
But no, instead it's a total mystery how it is calculated and you just have to hope that they don't get confused and make a mistake because it can wreck your life if they do.
In many countries, mine included, there's no credit score system. We recently took out a bigger loan to buy a house and what we had to provide was:
That's it. From these they could tell that we are safe to loan money to because we'll most likely be able to pay it back.
I don't see how a credit score system is essential when you can provide them with the necessary data only when it's needed.