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Granting read only access to your utility payments recorded on your bank statement is not the same thing as granting a third party access to your bank account.
You don’t seem to understand the purpose of social credit scores as evolving in some cities in China. It’s all about trustworthiness.
Imagine the day when traffic violations are reported to credit bureaus.
Auto insurers have access to this information and it is a factor of your premium.
Experian sucks.......figured out the scam real quick when they dropped my score (after my account got hacked) just in time for only $25 a month they could boost. Ripoff artists.
The lenders will react to Experian pimping out credit scores unless they are scientifically rooted.
It sounds like they are trying something similar to the "dongle" car insurers are putting out there that can see how fast you drive and stop etc. to get you a more custom rate based upon your driving.
I have no way of knowing if that's scientific or more of a marketing scheme but again, the lenders aren't going to put up with bogus scores from Experian without reacting in some fashion.
Granting read only access to your utility payments recorded on your bank statement is not the same thing as granting a third party access to your bank account.
You don’t seem to understand the purpose of social credit scores as evolving in some cities in China. It’s all about trustworthiness.
Imagine the day when traffic violations are reported to credit bureaus.
Auto insurers have access to this information and it is a factor of your premium.
Why not your credit score?
They require access to your online accounts. They admit it in the TOS. They mention it their marketing. Why are you arguing? Do you think they wait for you to send them a paper bill with everything blacked out except your phone bill payment? Come on.
You don’t seem to understand the purpose of social credit scores as evolving in some cities in China. It’s all about trustworthiness. Imagine the day when traffic violations are reported to credit bureaus.
I understand perfectly, and it was unfathomable that they could manage to implement it here.
THIS is how they get a foothold. First it's your spending habits to promote streaming services, then it moves to political support, then it gets darker and you start losing points for certain purchases. Eventually some researcher at Berkley publishes a paper that "traffic violations affect credit worthiness" and "supporting people like Trump mean it more likely to storm the capitol and not be able to pay your debts". Next thing you know the credit score is a bonafide social credit score and you get locked out of normal parts of society if you don't get with the program.
I have no way of knowing if that's scientific or more of a marketing scheme but again, the lenders aren't going to put up with bogus scores from Experian without reacting in some fashion.
Really? It's already happening in the corporate world. ESG scores force companies to do things that make them less profitable. Investors do not want less profit, yet they are going along with because of social pressure. Lenders want to lend to companies who make more money, which is not what you get when you hire a 2 million dollar department full of "Diversity, Inclusion, & Equity" commissars and dump all your outperforming Exxon Connoco Philips shareholdings
We could of course ask ourselves why we let a small group of private companies with no oversight and no accountability to anyone generate a "score" that's so incredibly impactful, but hey - there's a market for their product, and that's what counts, right? Can't interfere with the market.
Unrelated to credit scoring, but I remember a few years back American Express started closing accounts of members who shopped at Walmart because they don't like that sort of person. Something about "data shows those who shop at Walmart are more likely to become delinquent". It only came to light when they actually offered a promotion for extra rewards when people shopped there! People with decades of history on their accounts got closed right after they shopped at Walmart for the first time. Amex eventually admitted to it. Never underestimate what your private data will be used for.
We could of course ask ourselves why we let a small group of private companies with no oversight and no accountability to anyone generate a "score" that's so incredibly impactful, but hey - there's a market for their product, and that's what counts, right? Can't interfere with the market.
they have the best oversight money can buy, the US fed govt. and specifically the FTC, FCRA and CFPB
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