The People's Republic of China creates "social credit system"

[IkeTheGeneric]

That sounds absolutely brilliant. Nefarious and immoral, yes, but brilliant.

It's ingenious in how it works and how it's going to function perfectly. It abuses how social media functions to effectively convince people to socially outcast anyone with a low score, as that means low scored people are the "losers" and they're the "winners"

[Ad Bot]

[Bisjac]

Then dont borrow. Its not like humans have some sorta right to cheat cash

[McZealot]

Then dont borrow. Its not like humans have some sorta right to cheat cash

what are you talking about

[Bisjac]

what are you talking about

You must not know what credit is...

They use it for all the same stuff we do. Borrowing money is about 99% of that. They just have a different way to determine a score then we do.

Needing a good credit score is not a right. If a government wants to force people who want to borrow, to follow thier culture or expectations, they should be able to do that.
You only need credit if you cant give yourself what you want. Next step is to truly determine if want=need. Most times its not a need. Thus, needing credit is just greed for poor people. And you can opt out by not borrowing.

[Ipquarx]

You must not know what credit is...

They use it for all the same stuff we do. Borrowing money is about 99% of that. They just have a different way to determine a score then we do.

Needing a good credit score is not a right. If a government wants to force people who want to borrow, to follow thier culture or expectations, they should be able to do that.
You only need credit if you cant give yourself what you want. Next step is to truly determine if want=need. Most times its not a need. Thus, needing credit is just greed for poor people. And you can opt out by not borrowing.

Dude... it's not that kind of credit.

[Lockebox]

It's certainly not what you're thinking here.

[TristanLuigi]

You must not know what credit is...

They use it for all the same stuff we do. Borrowing money is about 99% of that. They just have a different way to determine a score then we do.

Needing a good credit score is not a right. If a government wants to force people who want to borrow, to follow thier culture or expectations, they should be able to do that.
You only need credit if you cant give yourself what you want. Next step is to truly determine if want=need. Most times its not a need. Thus, needing credit is just greed for poor people. And you can opt out by not borrowing.

You do realize that this extends to more than loans, right?
And even if it didn't, basing financial credit around anything other than ability to keep up on finances is sort of evil, especially given the friend mechanics. Can you imagine if you weren't allowed to mortgage a house because you don't say the Pledge of Allegiance every day, or if you spent much of your day playing video games? Or if one of your friends does?

Also, loans really aren't "greed for poor people." In most cities, you need a car to live, and without taking out a loan, it would be very hard to buy one.

[Bisjac]

No guys, it IS talking about a credit rating to borrow with. Read the damn article.
It just is very classic communist like and makes those ratings based on lifestyle vs how we rate based on previous borrowing.

[TristanLuigi]

No guys, it IS talking about a credit rating to borrow with. Read the damn article.
It just is very classic communist like and makes those ratings based on lifestyle vs how we rate based on previous borrowing.

Yes, but apparently you didn't.
It affects dating websites, job opportunities, and more. And again, even if it WAS only loans, it's still an insidious system.

[Bisjac]

If i was a bank, i wouldnt give stuff to someone who is on thier 4th divorce, never attempted college by age 30, and plays video games 8 hours a day. These things are not shown in an american credit report. Its still 100% in the hands of the citizen, they just are being judged properly as veing avle yo make money based decisions.

If you guys were borrowing from the government that would be different. They have a constitution to follow.
But lenders are private companies, that are currently only able to lend blindly, to apparent idiots.

China has learned from our mistakes on our failed system.

[Ipquarx]

If i was a bank, i wouldnt give stuff to someone who is on thier 4th divorce, never attempted college by age 30, and plays video games 8 hours a day. These things are not shown in an american credit report. Its still 100% in the hands of the citizen, they just are being judged properly as veing avle yo make money based decisions.

If you guys were borrowing from the government that would be different. They have a constitution to follow.
But lenders are private companies, that are currently only able to lend blindly, to apparent idiots.

China has learned from our mistakes on our failed system.

you really don't get it do you
this is not just a loaning thing

[Bisjac]

Thats almost entirely what the article explained. Thus why you guys have yet to retort with an example otherwise. Short of job background checks based on credit, thats not unusual either.

Most of whats written were examples on how they get thier ratings, not what ratings are used for.

You guys are great headline reactionaries.

[Nonnel]

It's being tested by a credit company before the government uses it