this post was submitted on 15 Feb 2024
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I don't think that changes the fact the system is illogical and stupid though. It's way too basic a system if that's how they're running it.
It’s pretty good for most people. There will be outliers.
The problem is, we have massive faceless banks that cater to nearly everyone. They need some system to gauge how much of a risk an individual lendee is.
The only real fair way to do that is based upon their reputation with other creditors over the past so many years. There’s a lot of metrics they can use ti measure that reputation, but all of them suck if you have little-to-no reputation to begin with.
Small community banks and credit unions had some more flexibility here since the bankers knew you, personally. However, I think it’s pretty obvious how subjectively judging someone’s credit worthiness can have some serious consequences based upon any -ism or -phobia you can name.
This is the kind of thing that seems good on paper, but in practice it alienates anyone on the outside of it. If you're born into a low credit score (i.e. born poor) you're automatically at a disadvantage. No one will lend you any money because you have a certain score, which in turn means you're never given an opportunity to improve your score. When credit scores start including rent payments, I'll be open to seeing it as equitable.
They can/do include rent, but landlords tend to only report it if you're delinquent.