US Politics on Sidechat | credit scores are classist and absolutely should not exist. they purely exist to keep poor people poor, and punish poor people even further.

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US Politics 5w

credit scores are classist and absolutely should not exist. they purely exist to keep poor people poor, and punish poor people even further.

Anonymous 5w

I think for private loans/credit cards they can be OK but they shouldn’t be accessible to potential landlords or employers

Anonymous 5w

Same as gun instant background checks, a whole system set up to disenfranchise without risking claims of obvious discrimination

Anonymous

#1 5w

also medical debt shouldn’t even be a thing

Anonymous

#1 5w

Credit history might be helpful when it comes to getting loans to buy land or build/renovate homes (so like how have you been paying off your mortgage), but it’s really the interest and the reliance of credit scores that I think is so destructive. I don’t think credit scores should be used to determine EMPLOYMENT, INSURANCE, HOUSING ELIGIBILITY?? HELLO??

Anonymous

#2 5w

oh absolutely

Anonymous

#2 5w

I think we should cap interests rates for insurance and mortgages specifically. Not sure if that would come through standard margins (you pay back loan amount plus 2% of total loan amount) or a fixed amount across the board (determine how much can be loaned based on affordability, not on “risk”). A couple of countries and even states already do this, mostly with insurance.

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Anonymous

#3 5w

Pretty different ngl. Credit scores primarily keep poor people poor and prevent banks from having to deal with them or take risks on them. Background checks primarily save human lives, or at least that’s what they’re intended to do. I think even a flawed system thays designed to protect people is far far better than one designed to protect bank profits.