I always assumed credit scores were an integral and historic part of the American financial system.
They were not, they are very recent，most of your parents didn’t have credit scores growing up, and as you can probably tell or at least intuit, it’s mostly just a b******* scheme for those with capital to accrue more capital by invading your privacy.
Remember when there wasn’t a proprietary algortithm giving everyone a social credit score and instead you had to get a letter from an existing member to signify your trustworthiness?
I dont like the proprietary nature of credit algos, but I’m not a fan of the letter system either
I prefer the occasional letter to the constant, invasive proprietary algorithm.
Problem is when you move to a new country and can’t open a bank account because you dont know anybody