Hacker News Reader

Comment by ziddoap | Hacker News Reader

>lets burn down FICO and the credit reporting bureaus.

This seems to be the harder problem. I read potentially better solutions all the time, but I never read about how to get to that point first.

View on HN

Its lack of motivation really. I think people have become ingrained / numb to them that they don't really think about it until they have a problem, or some sector of society gets repeatedly screwed by the bureaus etc.

There's been no systematic callout of the bureaus in wider society, that I can tell.

We are not the customers, we are the product. The customers are the banks and other entities that want to check our credit.

Probably the only answer is legislation

What are these better solutions? The bureaus exist because companies can only quote you loan products if they have a good [enough] understanding of how responsible you are with debt and paying existing creditors. You could make arguments about some pitfalls with the score, but any other creditworthiness system will need a lot of data if lenders want to be able to trust it to provide insight to your monthly debts and payment history.

Many European countries do not have a credit score system. Companies and banks are a lot less inclined to give you credit, but I don't see how that is a bad thing for society?

Germany enters the scene.

There was a recent article about Schufa - https://news.ycombinator.com/item?id=39395329.

Reply on news.ycombinator.com