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Isn't that what credit score already is?
Just expand that, maybe with generative AI since the accuracy doesn't matter.
/s
Just use musk logic: the data is incomplete, so extrapolate missing data with data you feel should constitute proper results
Yes, basically this.
And when you have an industry surrounding it (specialised companies that do only this & fund lobbies) the system just becomes a perpetual business for the sake of it, can't get rid of it.
Like filling for taxes in USA (or did that just recertify change?).
Or private prisons.
Too much profit incentive & too many people involved to allow it to be dismantled once it became obvious the product doesn't work/it doesn't give any added value.
Not really, a credit score is based on your ability to repay loans.
As well as your willingness to take on debt.
No credit score (AKA living so frugally that you don't need credit) is a bad score too.
Is it though?
I work on an adjacent industry.
Lenders lend money, that's how they make money.
If you've got savings and a steady job and can offer something a house as security they're gonna lend you the money to buy thay house, even if you don't have a score.
The score as a number, and the concept of building your credit score, is really just something bankers tell you when they're trying to get you to take a credit card.
So if you have taken more loans in the past & repaid a lot of credit card debt you get a cheaper loan/can afford a bigger loan.
It's what we call predatory tactics & are usually banned.
How do you know that? The algo is proprietary, anything can go into it
And it determines where you can live, what jobs tou can hold, and wheree your kids can go to school. The system that was developed immediately aftyer the federal government said you can't discriminate on race is definitely fair.
Didn’t say it was fair or good.