[tombot]

UK already has a social credit system with our credit score, we even need to pay to see it.

[pipes]

That's a financial score based on previous financial transactions and contracts. It's a bit of a stretch to call it social.

[lmm]

I like to call it one's capitalist credit score. It's different but very much analogous.

[asdff]

Well, in the U.S. at least it literally determines where you are allowed to live. I don't know how you couldn't call it a social credit system.

[animal_spirits]

It’s not a social credit system because it doesn’t weight your social involvement in the society (political party, school credentials, race) but rather payment history, amount of debt, types of credit

[asdff]

Simply things that correlate to social involvement I suppose. Quacks like a duck and all.

[agedclock]

Not at all. It is simply a score based on your ability to manage credit, it is scored differently based on the company making the assessment.

In reality that means "have you paid off what you owe in the manner that was agreed" and does the person have any red flags e.g. County Court Judgements against their name or residence.

There are people I know that manage it properly and those that don't. It has nothing to do with wealth or class.

[xp84]

It doesn’t inherently have to do with wealth and class, however, all of these things are so tightly correlated that it loses barely any fidelity and just saves you a little bit of time to assume that someone with an 815 credit score is law-abiding, upper-middle or high social class, and has a medium to high net worth, and that somebody with a 550 credit score is at least one of the following: poor, criminal history, and a low social class.

None of this should be that surprising: it’s hard to make all of your debt payment payments on time if you’re either broke or in jail.

[pkaodev]

What are you on about? It's financial providers deciding whether you are or aren't risky for them to work with, based on your financial decisions.

Not repaying loans and using credit cards to get cash -> you're probably bad with money -> lenders are unlikely to get their money back from you.

[asdff]

Because there is already a barrier to prevent that. Defaulting on the home loan or not paying rent and facing eviction. Having a barrier based on past behavior is stupid. "Past performance is no guarantee of future results." Funny how that works for investment banks to cover their ass but they can't see how it might also apply to individuals.

[TimorousBestie]

> based on your financial decisions

A lot of individuals saw their credit scores decline during the Great Recession, even if they weren’t involved in subprime lending.

This myth that credit scores are entirely due to your own financial decisions is up there with myths people believe about names or time zones.

[AlecSchueler]

Your involvement in capitalist society, it tells you everything.

[SXX]

UK credit score system don't even have "nationality" in it so not discriminating non-citizens that much. Neither it hold any ID card or passport numbers.

Yeah there is electoral roll, but you can still access credit without being on it and afaik all residents of scotland are on it since even non citizens can vote in local election.

And unlike US there not even a "score" number since lenders only get records but not some magical number. Whatever credit agencies sell you as credit score is just random number they come up with and it's not being used by lenders btw.