[hedora]

This would eliminate the credit report, monitoring and fixing industry, which would be a good thing.

Court records are public in the US. If creditors want to know if you’ve been in financial trouble, they should check for bankruptcies and lawsuits, not the extrajudicial version of those that the credit reporting companies run based on hearsay.

[sokoloff]

Credit reporting is better in some ways than alternative systems of “vouching” for someone.

It’s not better in all ways, of course, but the alternative is not “everyone gets cheap credit extended to them” but rather “people who rich people know and trust get cheap credit extended to them, some others get more expensive credit, and some get no credit extended”. It’s not obvious to me that that’s better.

[hedora]

We definitely are already in the second regime. The credit rating industry just makes sure the bottom 99% of the decision making also happens in secret.

[sokoloff]

I come from purely middle-class roots (100% blue collar grandparents and public school teacher parents).

I got a lot of inexpensive credit extended to me throughout my life, without any rich people knowing me from Adam.