[beebmam]

It's something that people don't talk about much, but just the allowed existence of credit agencies violates human/civil rights.

These companies earn revenue by selling access to a database of all humans, which ranks each of us as to how valuable/risky we are to profit off of.

Many companies are starting to make hiring decisions based on this data, and obviously whether or not you are worthy of a loan has been much of the purpose of a credit rating (and these loans are necessary for nearly everyone in the US, unless you're exceptionally wealthy).

Disputing an unfair or illegal mark against your credit is an absurd process with very little recourse.

This is far worse than what the NSA has done, in my opinion, and it continues without much criticism.

Obviously this giant hack of Equifax is a very serious issue. But why should these credit companies be allowed to keep this kind of data about us anyway?

[DanBC]

> It's something that people don't talk about much, but just the allowed existence of credit agencies violate human/civil rights.

What human right is being violated, and what treaty is that right listed in?

[beebmam]

In just the UN's universal declarations of human rights:

Article 23, section 1 and 2, and possibly 3: as to being judged by employers based on a credit score.

Article 25, section 1: It is not possible to afford housing without a loan, and most of the variables of a loan (and even more importantly: whether you are able to secure a loan in the first place) are entirely determined by a credit score. Note that ~75-90% of Americans are unable to purchase a home without a loan: https://en.wikipedia.org/wiki/Wealth_in_the_United_States#St...

More from Article 25, section 1: Many of the other rights given in this document (like food, clothing, medical care) are also not achievable without smaller loans (like credit cards, also unattainable without a decent credit rating or a significant amount of accrued wealth).

I'm sure there's plenty more, this is just what I've seen at first glance. But I want to thank you for making me aware of this amazing UN document. It's kind of amazing the number of economic rights this document secures for all humans.

[DanBC]

Here's article 23, which is not relevant to credit scoring:

> Article 23.

> (1) Everyone has the right to work, to free choice of employment, to just and favourable conditions of work and to protection against unemployment.

> (2) Everyone, without any discrimination, has the right to equal pay for equal work.

> (3) Everyone who works has the right to just and favourable remuneration ensuring for himself and his family an existence worthy of human dignity, and supplemented, if necessary, by other means of social protection.

> (4) Everyone has the right to form and to join trade unions for the protection of his interests.

here's article 25, which is not relevant to credit scoring:

> (1) Everyone has the right to a standard of living adequate for the health and well-being of himself and of his family, including food, clothing, housing and medical care and necessary social services, and the right to security in the event of unemployment, sickness, disability, widowhood, old age or other lack of livelihood in circumstances beyond his control.

> (2) Motherhood and childhood are entitled to special care and assistance. All children, whether born in or out of wedlock, shall enjoy the same social protection.

tl;dr the UDHR doesn't work like that.

[dragonwriter]

> It is not possible to afford housing without a loan

You can rent housing, but then that's based on credit ratings, too.

[beebmam]

Exactly. Depending on apartment, it may be possible to pay 1 to 2 months rent up front if you don't have a decent credit rating. But most Americans do not have this kind of money.

[dragonwriter]

> Depending on apartment, it may be possible to pay 1 to 2 months rent up front if you don't have a decent credit rating.

Right, but often not because landlords aren't just concerned about rent but recovering damages in excess of any deposit. (And both advance rent and damage deposit requirements are often regulated, as well.)