[harryh]

Yes, if you want people to loan you money at low interest rates you have to agree to the system whereby if you don't pay things back the system will keep track of that and not loan you money at such low rates again.

That seems pretty reasonable.

[mikeash]

That part is indeed reasonable.

What’s less reasonable is that you also have to participate in the system if you want a bank account or electricity or such. Or, heck, you don’t even need that; just have some fraudster open an account with your info and you’re in.

[harryh]

Opening a plain jane checking account won't impact your credit report. Neither will the vast majority of accounts with electric or other utility companies.

If a fraudster does something in your name, you can get things corrected. I agree that this can be more work than it should be, and would support regulations to make dealing with this easier.

[mikeash]

Merely opening an account won’t. But if something goes wrong and they decide you owe money, that will. It’s not a certainty, but by just opening a checking account you are taking on an certain amount of risk that your info will be reported to the credit agency.

You can get your info corrected if you’re the victim of fraud. Can you get it deleted entirely, such that the credit bureau has no record of you, as if you never existed? Or is participation in the system not actually voluntary at all?

[cowpig]

That goal seems reasonable, but it seems you're implying that therefore the credit system is reasonable, which doesn't follow.