Needing a long term loan to have access to transportation or a place to live is already a pretty grim situation
Honestly it wouldn’t be such a concern if cost of living was better balanced and a much more robust social safety net was in place. For a money-based society heavily regulated credit scores are probably the best solution to the challenges of fair lending.
I’d even hazard to say the current credit system doesn’t require significant reform. There’s a lot of consumer protections still on the books unlike other systems in the US that badly need reform. There’s predatory credit products that need to be regulated out of existence for sure, and some of the scaled back protections need to be put back, and I can think of a few minor improvements, but it’s one system that I honestly think is not far off from its ideal form.
Honestly it wouldn’t be such a concern if cost of living was better balanced and a much more robust social safety net was in place. For a money-based society heavily regulated credit scores are probably the best solution to the challenges of fair lending.
I’d even hazard to say the current credit system doesn’t require significant reform. There’s a lot of consumer protections still on the books unlike other systems in the US that badly need reform. There’s predatory credit products that need to be regulated out of existence for sure, and some of the scaled back protections need to be put back, and I can think of a few minor improvements, but it’s one system that I honestly think is not far off from its ideal form.