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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

#191

Earlier quoted context omitted.

> Consider the fact that conflating credit score to credit worthiness (respectfully, as your reply does) No, it doesn't. My reply was to a question that did that, and explicitly corrected it, identifying other factors considered in creditworthiness besides credit score.

Again, my original comment is merely a criticism of credit score and not the entire consumer lending infrastructure. Three credit bureaus purport to have a comprehensive opinion of someone's credit worthiness without considering their income and that's broken, full-stop.

> Again, my original comment is merely a criticism of credit score and not the entire consumer lending infrastructure

Then why did it explicitly say that income was not considered in creditworthiness? The conflation of that with credit score was from this line in your comment: “Why then do we not take income into account in credit worthiness?” My response was directed at the error in the explicit premise of this question.

> Three credit bureaus purport to have a comprehensive opinion of someone's credit worthiness

No, they don't, which is why they also gather and provide, as separate products, payroll data and other data, and even credit decision platforms that incorporate income and other data. Credit score is a single product with a more limited function (both as advertised and as used by customers) than you are representing.

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

#192
post #158
post #102

Earlier quoted context omitted.

The fact that the IMF thinks your choice of operating system should impact your creditworthiness is something I've been warning people about for months because it shows why we need cosmopolitan software. Since it's nice to have the ability to pick up and move our apps elsewhere should we discover we're using the "wrong" one. Because political winds change, but good engineering endures. https://github.com/jart/cosmopo…

> The fact that the IMF thinks your choice of operating system should impact your creditworthiness is something At some point in the past or maybe in another universe, a well known accommodation booking site might or might not have been offering better rates to people using Linux than OSX. Not confirmed, obviously.

I've tested this multiple times with friends who use an IPhone, and indeed I got better rates on Android. Might do course also been other aspects involved, maybe they analysed my data realised I'm a penny pincher.

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

#193

Earlier quoted context omitted.

I have a mortgage that is fixed interest and not backed by the government in anyway... So I think you might be wrong on how the risk is calculated. I can't see how any new risk is added in a fixed rate. In fact I can't see how a non fixed rate would really be good for anybody, and would keep the risk fluctuating for all parties involved.

If you have a fixed rate mortgage, the bank bears an interest rate risk. If the interest rate goes up, the bank could be getting more money in interest, but they aren't. If you have an adjustable-rate mortgage, you bear the interest rate risk.

and for its trouble and for its more risk bank is getting a higher rate than variable. bank run numbers so it receive acceptable level of risk.

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

#194
post #28

Earlier quoted context omitted.

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?

I would agree, covid fits the medical definition of pandemic. Saying it is a "so called" pandemic is not accurate.

But are you any better than the person you called out with your projection that covid will cause "tens of millions most likely" people to die? I know of no real evidence to support that statement, based on what is known of coronaviruses specifically. There's many who would consider your statement to be misinformation, also. And fear-mongering.

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

#195
post #23

Earlier quoted context omitted.

>A better conversation is whether IMF/credit scores deserve to exist in the first place >Bitcon/DeFi will render them obsolete in a few years' time anyway. Credit scores exist because banks want to know how likely they're going to get their money back. I'm not sure how that'd be replaced with "bitcoin/difi". Most of the "loans" I see are difi are either flash loans or overcolateralized loans, which have limited appli…

You know I've been wondering about that! Can an autonomous bot on some smart contract have a credit score? Why is credit a privilege only humans can enjoy? We should be able to spool up a persistent pseudonym that can have a credit score based solely on its selectively disclosed transaction history since inception. If we screw up the credit score of that pseudonym, we should be able to create another and another. The…

this but with real identity. it should not be that you are only who government says you are. days are past when you can move to a new place under new name and have no issue and government not know difference.

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

#196

Earlier quoted context omitted.

> > A better conversation is whether IMF/credit scores deserve to exist in the first place. > You're right about this. People's access to necessities like housing shouldn't depend on whether they are making money for the finance industry. And developing countries' access to the resources needed to improve the quality of life of their citizens shouldn't depend on making the development process profitable to US/Europea…

Lenders should be able to make a determination by looking at the person's history of defaulting. An opaque number doesn't tell you that.

I mean, that's exactly what the opaque number is trying to do - typically you have some thresholds, below X deny the loan request, above Y approve, in the gray area review.. The number will have some complex weighting, but I'm not sure how you get away from assigning a score if you want to make an automated decision.

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

#197
post #55

Earlier quoted context omitted.

What is sad is I think as generations go by people will be more willing to accept it. All we need is crisis after crisis to get people to trade freedom for safety bit by bit. Create a crisis where billions are stolen because "the system is broken", offer up social credit and a new monetary system as a solution, have the AP and Reuters send the same propaganda copy to all the news institutions for them to recite in un…

It is hard to say whether the problem is going to get better or worse. Many people live in an already precarious position, and this would only make matters worse. Both the left and the right already see the system as broken, even if they don't agree upon how it is broken or how to fix it. I would suggest that most of those people see themselves as moderates or at least representing the majority (whether or not they a…

The problem is that we're trying to achieve a goal which is not possible with the tools at hand. There is no way to satisfy the right of all people to self-govern in a nation where half of the population wants a secular society with a European-style welfare system, and the other half wants a laissez-faire system that imposes Christian social mores. The goals of the left and right are not reconcilable.

The underlying issue here is that democracy is not enough. To state it differently, democracy is a means to an end, with the 'end' being self-representation. Democracy is necessary to achieve self-representation, but it's not sufficient.

An example: remember when The Don wanted to buy Greenland? Well, let's say the US bought Greenland. Their people, then, would be granted US Citizenship, including the right to vote. Throughout the transition, they would reside in democracies. One day they would stop voting in Danish elections and would instead vote in US elections. They would always be able to participate in the democratic process. They would also be extremely pissed off. Why, though? They had their say, didn't they? They voted in the elections, didn't they? But even though the process was democratic, the right of the people of Greenland to self-govern was not observed. They had democracy, but not self-representation.

Folks in the US feel the same way. In the Pacific Northwest, there is a broad consensus that the state should run healthcare, and yet they don't have state-run healthcare. Why? Because they need the consent of folks who live thousands of miles away in Oklahoma, Texas, and Florida! They have democracy, but they don't have self-representation.

When the tide turns and there is majority support, on the national level, for state-run healthcare, what happens in Oklahoma? We're going to force a national healthcare system on them when the vast majority of the citizenry abhor the idea of state healthcare. And why? Because, thousands of miles away in California, Oregon, and Washington, folks support the idea. That's democracy, sure, but it's not self-representation.

The rash of democracies that have taken hold in the world over the last few centuries has been wonderful, but we'd be foolish to assume that we've perfected human governance. There are better, more representative forms of government out there that we need to seek out and implement.

To make the next great leap in human governance, we need to acknowledge the limits of the systems that we currently have. We need to admit that over-large democracies are not conducive to actual self-representation. And we need to exorcise the ghosts of our monarchical forebears. Our governments don't own us, do they? Then why do we allow them to stifle and suppress democratic secession movements, like the recent one in Catalonia?

To ensure that we are truly able to self-govern, we need to pick our governments, not just our representatives.

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

#198

Earlier quoted context omitted.

I've heard that sentiment, but does that actually happen? At least without the company being sued for violating someones freedom of speech. The last very public case I'm aware of was Damore at google, which they must've settled outside of court.

Are you familiar with cancel culture? Free speech does not apply in private companies. Post something stupid on the inter webs, and you will lose your job and have no recourse.

It's not just that they target jobs but they also try to keep people from getting new ones after being fired. Ironic that these same people are often the ones saying that housing and food are human rights then they effectively try to take them from people for disagreeing.

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

#199
Can anyone explain to me what credit score is and what it's used for? Does it have to have something to do with credit cards, taking loans or mortgages?

(I'm from Europe and I've never borrowed money. I even only use a prepaid credit card, always wondered what benefits a real credit card would even bring.)

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

#200

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…

> Bitcon/DeFi will render them obsolete in a few years' time anyway.

Cold fusion is coming in the next 30 years starting from datetime.now()

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