100% agree on the incentives
Similar to why cookie accept/deny interfaces are atrocious. They're intended to be!
I think a solution will require more creativity than "have the government do it", but the current system is clearly broken.
Similar to why cookie accept/deny interfaces are atrocious. They're intended to be!
I think a solution will require more creativity than "have the government do it", but the current system is clearly broken.
b) I bounced a check, don't remedy, and owe money to a furniture store.
c) I move a random amount of money each month to a separate account and make loan payments from there.
d) How far back does someone need to account for their spending in order to get a loan? People complain about mortgage applications, but this is a whole new level.
Access to credit gets more expensive without a 3rd party aggregator.
I don’t have an inherent problem with having a broadly accepted and comprehensive credit-risk profile, but the way we do it and the institutions who profit off of it are disgusting.
Yes, it does mean that there will be a certain amount of defaults that we will all be paying for. I'd rather pay for that than for another yacht of some rich finance bro.
I'd want a non-profit to handle it. I'd want full public disclosure of internal processes, data sources and data buyers. I'd want strong, unhindered oversight provided by a fully independent public board along with separate oversight provided by the FTC - with oversight entities able to exhort meaningful influence over methods, sources and customers.