41–50 of 57 posts
Data brokers should all be required to register with the gov't and be regulated like a credit bureau. E.g. one free report a year on everything they have on you. Methods for correcting or removing inaccurate data, etc.
But, I do think this is kind of where the whole surveillance capitalism thing is headed. It is interesting to me everyone always points at China as this dystopian nightmare, but even major media outlets are now admitting all their articles on China's evil "social credit score" were kinda BS [2]. Seems to me the real nightmare is with our own oligarchs.
[1]: https://www.nsfwcorp.com/dispatch/extraordinary-pierre-omidy... [2]: https://foreignpolicy.com/2021/09/15/china-social-credit-sys...
I would like a more specific, a much more specific, example of a bank rejecting a loan applicant based on their google search history as the article implies.
Is this really far fetched? Did you not see what Biden is proposing? Anyone with more than $600 in their bank accounts will have their transactions monitored. They will be mining that data asap.
Yeah itll probably happen, just gotta get your talking points correct
This is going to be country-specific. In the US, wouldn’t the old-fashioned, middle-class way of building up a credit history by getting a credit card and paying it on time still work? Perhaps someone who works in that area will know more.
This is how it worked 20 years ago at least. I built up ridiculously good credit (by accident), when one of my first employers who didn't have a functional purchasing department. My boss and I would take turns maxing out our credit cards (mine were rather meager having just graduated) to purchase equipment for the company and then being reimbursed. However, credit score isn't really a measure of how likely you are to…
That isn't true. It's purely a measure of how likely you are to repay a loan on time.
> My understanding is, the ideal customer always pays his bill in the end, but may take some time doing so to rack up extra interest charges.
This is true, for credit card customers in particular. Banks want people who make exactly the minimum payment on time. Everytime you pay less than the full statement balance, you're essentially taking out a new high-APR loan for the balance. Banks love customers that do that. It doesn't increase your credit score.
When I quit Facebook a few years back I read up on the details of how these profiles function. They're tied to a name, birthday and phone number. Now Facebook takes the deleted profile of a user and can still sell it for a tidy sum ($600). But get this; the birthdate, name spelling and phone number can be changed at any time by the user. So you can make their profile on you worthless for resale to data brokers by cha…
> In those cases your credit score could be based on just about anything. What you post on social media, whether you recently visited a doctor, or whether or not you live in a wealthy neighbourhood. Suddenly, your most recent Google search history, or your latest post on TikTok could influence whether you can get that loan. It's strange to see Facebook and Google being invoked in these hypothetical examples when neit…
Earlier quoted context omitted.
Your search history on "$700 saving deposit" instantly became much more valuable. Think about that.
Maybe just don't commit tax fraud.
This is going to be country-specific. In the US, wouldn’t the old-fashioned, middle-class way of building up a credit history by getting a credit card and paying it on time still work? Perhaps someone who works in that area will know more.
If you are so young that you don't have a history of paying your bills on time, you probably should not be borrowing money anyway.
>Credit scores aren't perfect, but at least they're based on information relevant to the question at hand: whether you could repay a loan. Well if other (non-financial) things are correlated, how are they not relevant? Should we actively hide information from loan providers, making loans more expensive for others to "protect"( I say protect with quotes, because really it is just a naked handout to people) a few? If t…
As of when I posted this comment, there's a formatting error in your statement — there's a whitespace character after your second opening parentheses that was meant to precede it. That typo indicates that the component of your credit score that is derived from your HN participation should be scored lower than those whose HN comments do not include any typos, because if you're more likely to overlook a single-characte…