This is where the US is heading if we continue our down our current path. I wouldn't be surprised if Microsoft started sending data from linkdin to the credit agencies.
Lenders can and do buy this kind of data to underwrite their borrowers (credit cards, BNPL, student loans, mortgages, etc.). They don't need to get it from credit bureaus. Anyone who is underwriting off of bureau data alone is a decade (or more) behind state of the art at this point.
So... there already is a quasi-social credit system in place for anyone purchasing insurance in America?
Heading? All large financial transactions, including loans (the topic of TFA) in the US are already reported to the state.
I wonder if they'll broker this exchange; if the state says you can get the data, do you go to Alipay or the state's version of Clearbit?
Sorry...TFA? What's that?
The F*king Article
There is no ‘*’ in the word fucking.
Won't IRS have full access to people's financial history anyway? Borrowing is taxable.