this post was submitted on 02 Apr 2024
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Simple: the earth produces a fuck tonne less food for like half the year, requiring some kind of strategy to handle the fact you have lots of food half the time and like no food the other half.
We took the "stash it in a special spot" approach.
But how do we stop other us's from stealing our stashes?
Strength in numbers, ape strong together. We form villages.
As we grow, we need leadership, mechanisms to keep track of each other, protect each other, and rules with how to fairly treat bad actors.
Laws, democracy, judicial systems come into play.
Oh shit, other village has cool shit. They want our cool shit. Trade? Trade! Commerce comes into play.
How do we keep track of people that are reliable to trade with and can be trusted across Trade networks?
Credit. Village A vouches on behalf of Trader, they have Credability, you can trust them.
Many villages create a unified system to describe this trust in a metric...
Thus: credit score.
In other words you have a credit score because of the way the earth makes food (that is to say, about half the time)
Why would a system for tracking someone's historical reliability in lending, and then paying back, money be an anomaly? I mean I get the general sense of distaste in being boiled down to a number by financial institutions, but what I don't get is why anyone seems confused about how or why credit scores exists (other than that it makes for a nice hot take on Twitter)
In what world would something like a credit score NOT exist, given that a) you have a customer base larger than a couple hundred individuals, and b) you have a technology that allows you to calculate a risk/reward index on those individuals?
Countless hours have been poured into algorithms to rate things like movies on an easy to digest point system, when the stakes are as low as 2 hours of your time and 15 bucks. OF COURSE there is going to exist a system for communicating the risk of extending a lease or car loan or mortgage to individuals.
The problem is, it doesn't really measure the risk of lending, it measures the profitability of lending. And it results in people who probably shouldn't be loaned money being taken advantage of by corporations.