I’m Australian, and this post prompted me to research the US Social Credit system. The score can determine whether or not you’re accepted for home rentals, and even determine whether or not you qualify for medical treatments
You need to engage in having debt and credit in order to appease the score.
I bought an apartment recently, and I’ve never had a credit card or debt of any variety. When I was younger my bank would dip into negatives or reject a payment fairly regularly.
In the US that could probably cost me a place to live.
And apparently the entire credit score is built up and perpetrated by these massive corporations? Like Credit Score is not even anything to do with the government, and yet it has such a pervasive effect on people’s lives and their behavior.
It’s straight up creepy. Dystopian vibes. How do Americans tolerate this?
To be fair, the fact that you haven’t heard of any Aussie credit is because companies keep it private to themselves. They definitely have financial information on you and utilize it to decide the interest rate on your loans.
Much less horrible than the US dystopia for sure tho
Yeah, I would consider that somewhat “acceptable” usage though. It’d be irresponsible to approve a large loan to someone who’s already extremely overindebted, for example.
Sweden’s system doesn’t have a specific number like the US, but mostly just shows economical health. How many active loans you have, income over the last few years, and if you’ve had loans go to the enforcement agency. But we have the same sickness as America: if you have had something go to the enforcement agency within the last 3+ years, it’ll be basically impossible for you to rent an apartment (as if it wasn’t difficult in the first place).
I’m Australian, and this post prompted me to research the US Social Credit system. The score can determine whether or not you’re accepted for home rentals, and even determine whether or not you qualify for medical treatments
You need to engage in having debt and credit in order to appease the score.
I bought an apartment recently, and I’ve never had a credit card or debt of any variety. When I was younger my bank would dip into negatives or reject a payment fairly regularly. In the US that could probably cost me a place to live.
And apparently the entire credit score is built up and perpetrated by these massive corporations? Like Credit Score is not even anything to do with the government, and yet it has such a pervasive effect on people’s lives and their behavior.
It’s straight up creepy. Dystopian vibes. How do Americans tolerate this?
To be fair, the fact that you haven’t heard of any Aussie credit is because companies keep it private to themselves. They definitely have financial information on you and utilize it to decide the interest rate on your loans.
Much less horrible than the US dystopia for sure tho
Yeah, I would consider that somewhat “acceptable” usage though. It’d be irresponsible to approve a large loan to someone who’s already extremely overindebted, for example.
Sweden’s system doesn’t have a specific number like the US, but mostly just shows economical health. How many active loans you have, income over the last few years, and if you’ve had loans go to the enforcement agency. But we have the same sickness as America: if you have had something go to the enforcement agency within the last 3+ years, it’ll be basically impossible for you to rent an apartment (as if it wasn’t difficult in the first place).