• arias01 started the topic Who should determine whom gets credit? in the forum Conversations 3 years, 3 months ago

    China has recently implemented an online credit rating system “Sesame Credit,” which is currently voluntary, but is to be made mandatory for all citizens in 2020. The system uses the borrowing, spending, and social choices of citizens to give them a score. Because Sesame Credit is connected to both the state versions of Ebay/Amazon and Facebook, all online activities can affect a citizen’s score. Having friends with low scores, or posting about anti-government movements will bring down your own just like not making your loan payment. Citizens with higher scores will find it easier to find jobs and borrow money, and those with low scores will find it difficult to do much of anything.

    This may sound authoritarian, but consider the credit system in the US. Here it is lending authorities and private companies who are allowed to determine credit scores. They only consider the timeliness of payments and overall debts in rating, so an otherwise responsible person might retain a bad rating from a time of fiscal hardship and with no hope of alleviating the damage.

    So who should determine a person’s credit score? The state? Private corporations? Some combination? What types of activities should be considered in how credit is awarded?

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