Re:Shadow credit score could decide whether you get an apart...
by throwawaygh on Wednesday March 30, 2022 @01:23AM
(#30851753)
If the court system worked at all, you would be able to sue credit reporting agencies for libel when they lie to others about a credit line that you never took out.
Especially when the only reason that credit line was taken out was because they leaked your SSN and DOB during a period when their CISO was a music major.
But the FCRA protects these liars from consequences, so here we are.
If the court system worked at all, you could just pull court records checking for judgments saying the applicant defaulted on a loan.
That won't work because courts are too expensive, and also because it's less profitable than extortion via debt collection.
Also, it would prevent the banks from creating protection rackets (no house for you unless you have and use credit cards!), or being "accidentally" racist/classist/etc (oops! The algorithm says your type need not apply. Our hands are tied.)