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IMF working paper suggests using browsing history in credit score calculations

extremetech.com

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Re: IMF working paper suggests using browsing history in credit score calculations

#31

Post by ravenstine »

cmattoon wrote: post #17

A better conversation is whether IMF/credit scores deserve to exist in the first place. Didn't these geniuses JUST add field-specific search to SWIFT, so orders for "cubanos" don't get held up because of Cuba sanctions? Maybe these clueless old men should stick to what they know - mountains of physical paperwork and pointless policies and procedures, and stay away from anything that uses electricity or internet. Bitc…

The IMF, at least in its current form, shouldn't exist. The only way it can work is if artificial or instigated crises are periodically created to extract wealth from (or covertly tax) the masses so it can be redistributed to nations and NGOs that may or may not be risky lendees.

Credit scores might be a good idea in some respect but it shouldn't be possible for anyone but lenders and the individuals those scores represent, and they should only ever cover whether the person or organization is a good or bad risk for loaning them money or credit. Employers and landlords should never be able to know what your credit score is. At best they should know about your employment history, but if they want your credit score then they might as well ask what shows you watch on Netflix or if you look at porn, you know, for moral reasons.

Hopefully the system will be kept in check by decentralized tech, but who knows how long it will be before social credit will bar you from using the same internet as everyone else.

Re: IMF working paper suggests using browsing history in credit score calculations

#33

Post by randomdata »

josephcsible wrote: post #5

Maybe instead of taking even more of our personal data, they should worry about fixing the algorithm they run on the data they already have. For example, paying off an auto loan shouldn't make your credit score drop 60 points.

Why shouldn't it? The credit score is a tool to provide a measure of how profitable you can be to lenders. If you're paying off loans, you are a less desirable customer than those who carry loans. The lower score reflects that.

Re: IMF working paper suggests using browsing history in credit score calculations

#34

Post by tigershark »

gruez wrote: post #28
tigershark wrote: post #24

Earlier quoted context omitted.

Stop spreading disinformation and conspiracy theories here please.

How is it disinformation? Is it because it's not currently being used for evil purposes that we can't say it will theoretically be used for evil purposes in the future? Should we label all the anti-apple CSAM blog posts as "disinformation" because apple says it will only be used for CSAM and definitely wouldn't use it for political purposes?

“The so-called pandemic may end someday” What is “so-called” in a pandemic responsible for the deaths of millions (tens of millions most likely) people in the world?

Re: IMF working paper suggests using browsing history in credit score calculations

#35

Post by bserge »

NiceWayToDoIT wrote: post #13

Somehow I have a feeling that each passing day, things are getting tighter and tighter and private corporation and government institutions are getting more controlling and totalitarian. That feeling like slowly being boiled into 1984.

Basic human nature, push it as far as the other side will take it. If the other side is significantly weaker they'll compromise a lot before they snap and push back, or try to.

Re: IMF working paper suggests using browsing history in credit score calculations

#36

Post by nanis »

ravenstine wrote: post #31
cmattoon wrote: post #17

A better conversation is whether IMF/credit scores deserve to exist in the first place. Didn't these geniuses JUST add field-specific search to SWIFT, so orders for "cubanos" don't get held up because of Cuba sanctions? Maybe these clueless old men should stick to what they know - mountains of physical paperwork and pointless policies and procedures, and stay away from anything that uses electricity or internet. Bitc…

The IMF, at least in its current form, shouldn't exist. The only way it can work is if artificial or instigated crises are periodically created to extract wealth from (or covertly tax) the masses so it can be redistributed to nations and NGOs that may or may not be risky lendees. Credit scores might be a good idea in some respect but it shouldn't be possible for anyone but lenders and the individuals those scores rep…

The IMF and the World Bank serve an important purpose. They provide a great standard of living to otherwise unemployable economists and policy analysts.

Therefore, regardless of how many people they kill, and, yes, they have killed people due to statistics and economics illiteracy combined with blind career ambition, they will continue to be around for a long time.

Re: IMF working paper suggests using browsing history in credit score calculations

#37

Post by sebastianconcpt »

NiceWayToDoIT wrote: post #13

Somehow I have a feeling that each passing day, things are getting tighter and tighter and private corporation and government institutions are getting more controlling and totalitarian. That feeling like slowly being boiled into 1984.

The third world is becoming 1984, the first world is debating itself to either become the third world or A Brave New World.

Re: IMF working paper suggests using browsing history in credit score calculations

#38

Post by yorwba »

rootsudo wrote: post #3

Hey, they got that system in place already in China! https://en.wikipedia.org/wiki/Social_Credit_System Go to HackerNews, post a dissenting topic, enjoy no travel or credit! Work in a high compliance job where you have to submit financials yearly, no more!

> Hey, they got that system in place already in China! https://en.wikipedia.org/wiki/Social_Credit_System

From your link: "By 2020,[needs update] it was intended to standardize the assessment of citizens' and businesses' economic and social reputation, or 'Social Credit'."

It's 2021 now and the "Social" part of "Social Credit" is still science-fiction, let alone somebody's web history affecting their ability to obtain credit.

The part that is in place already and works somewhat is a national registry of unpaid debts, so you can find out e.g. that the state-owned investment fund you're dealing with owned a large stake of a mining company that went bankrupt while owing a large sum of money to a state-owned bank, leading to a court case in which the fund was ordered to service part of the debt. Stuff like that.

Re: IMF working paper suggests using browsing history in credit score calculations

#39

Post by bserge »

randomdata wrote: post #33
josephcsible wrote: post #5

Maybe instead of taking even more of our personal data, they should worry about fixing the algorithm they run on the data they already have. For example, paying off an auto loan shouldn't make your credit score drop 60 points.

Why shouldn't it? The credit score is a tool to provide a measure of how profitable you can be to lenders. If you're paying off loans, you are a less desirable customer than those who carry loans. The lower score reflects that.

This is the same system used for Internet contracts, buying work tools, renting apartments and buying houses.

If you can afford those things more safely, you should be considered less desirable? Instead, it's the people who are likely to be in debt until death that are better?

But I guess, yeah, fuck society, get rich while you can.

Re: IMF working paper suggests using browsing history in credit score calculations

#40

Post by sebastianconcpt »

inglor_cz wrote: post #15
rootsudo wrote: post #3

Hey, they got that system in place already in China! https://en.wikipedia.org/wiki/Social_Credit_System Go to HackerNews, post a dissenting topic, enjoy no travel or credit! Work in a high compliance job where you have to submit financials yearly, no more!

Ultimately, human desire to control and measure other humans is not limited to totalitarian regimes. On the contrary, totalitarian regimes grow out of this naturally occurring phenomenon. We should be a bit vigilant about such concepts creeping into freer societies. They will usually do so either under guise of combating crime, or increasing efficiency. But there is no freedom without some slack.

Good point. Reminded me of that talk of Ronald Reagan about Freedom being one generation away from extinction https://www.youtube.com/watch?v=SDouNtnR_IA
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