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In America, more than in any other country in the world, three numbers can change just about everything. From your job, to your home, to your insurance, three digits can command where you can live, what you can buy, and what it’ll cost you. To most Americans today, this is just “the way it is,” but that idea, and the idea behind credit scores in general, is deeply complicated, discriminatory, and rooted in a long history of our financial system driving an ever bigger wedge between the rich and the poor.
In this episode, we’re looking at credit scores. We’re going over everything wrong with our modern credit reporting system, how you might hear people defending this broken metric, and the why and the how that landed us here.
Why The American Credit System Is So Terrible – Second Thought
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Citations And Further Reading:
Credit Scores, Neoliberalism, and Class Systems
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Credit Racism
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Redlining and Market Logic
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A Third of Americans Have Errors on Their Credit Report
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52% Credit Medical Debt Stat
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Paying Off Loans Early Hurts Your Credit Score
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August 2001 Excerpt from “The Banker”
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Short Description of Credit Unions
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China Social Credit System
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About Second Thought:
Second Thought is a channel devoted to education and analysis of current events from a Leftist perspective. Welcome!
Business Email: secondthoughtchannel@gmail.com
