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IMF and Merrill Lynch to start using credit scores and your SOCIAL SCORE for loans
Posted on 9/23/21 at 4:53 pm
Posted on 9/23/21 at 4:53 pm
We were warned. Now it's almost here.
LINK
quote:
This spring Merrill Lynch was reported as dealing in social scores.
In the not-too-distant future, your internet habits could help determine how much house you can buy and the rate on your next auto loan.
Sounds ridiculous? Right now, your credit score — that three-digit number that tells lenders how responsible you are — is based on simple financial information, like your payment history and debt level.
But research posted to the International Monetary Fund (IMF) website suggests companies will soon be looking at a lot more data to get an accurate picture of the risk you pose as a borrower…
…Lenders could soon use data from your browsing, search and shopping history to create a more accurate credit score, researchers say.
Much of that information is publicly accessible, while some might need to be provided to credit bureaus. Taken together, that data forms your “digital footprint.”
The working paper cites other studies showing that combining credit information and your digital footprint “improves loan default predictions.”
LINK
This post was edited on 9/23/21 at 4:54 pm
26
Posted on 9/23/21 at 4:55 pm to GodnCountry
Yep within 5 years we will be hard pressed to say what makes up our score and why it is what it is....basically the exact opposite of today.
Posted on 9/23/21 at 4:56 pm to GodnCountry
Get off social media.
Don't let the younger gen get it.
Don't let the younger gen get it.
Posted on 9/23/21 at 4:57 pm to GodnCountry
Well this is nice.
But stock in TOR.
But stock in TOR.
This post was edited on 9/23/21 at 4:58 pm
Posted on 9/23/21 at 4:57 pm to GodnCountry
So can you makeup for a low credit score with a hyper woke internet presence
Posting black squares on Instagram and keeping pronouns in your bio don’t really show the likelihood of you paying your debts on time but whatever
It’s all so stupid now
Posting black squares on Instagram and keeping pronouns in your bio don’t really show the likelihood of you paying your debts on time but whatever
It’s all so stupid now
Posted on 9/23/21 at 4:59 pm to GodnCountry
Can they monetize a good social score though? Why would they lend to someone who won’t pay them back? If credit scores didn’t work why would they use them? They would lend to as many people as possible if they knew they’d see money from it. Why would they so no to interest from someone who would most certainly pay them back?
This post was edited on 9/23/21 at 5:00 pm
Posted on 9/23/21 at 5:01 pm to GodnCountry
I kinda keep to myself in the mountains back here, but I wonder just how much of this y’all are going to take. I’d hate to have kids knowing it’s going a lot worse than it is now.
Posted on 9/23/21 at 5:01 pm to GodnCountry
Maybe its the bottom feeding Dems and Libs who don't pay bills that they are looking for....Social score may bite those lowlife LOGS on the butt.
Posted on 9/23/21 at 5:03 pm to Lawyered
quote:
Posting black squares on Instagram and keeping pronouns in your bio don’t really show the likelihood of you paying your debts on time but whatever
I would guess that this behavior DOES directly correlate with your likelihood of paying back debts, just not favorably..
I don't see the point of any of it though. who needs loans anymore when you can just print money?
Posted on 9/23/21 at 5:04 pm to GodnCountry
So like the CCP imposes on their slaves, I mean servants.
Posted on 9/23/21 at 5:06 pm to GodnCountry
Anyone know how my TigerDroppings’s lurking is going to affect my social score? Are Chicken’s financial engineers factoring this into browsing algorithms?
Posted on 9/23/21 at 5:06 pm to jlovel7
quote:Govenrmwnt backed back. Gonna print more money as needed!!
Can they monetize a good social score though? Why would they lend to someone who won’t pay them back? If credit scores didn’t work why would they use them? They would lend to as many people as possible if they knew they’d see money from it. Why would they so no to interest from someone who would most certainly pay them back?
Posted on 9/23/21 at 5:08 pm to GodnCountry
Even if formulated for a truly more accurate predictive algorithm..
It is more so a Big Brother tool for control, manipulation, and political coercion by Govt, Corporatocracy, Oligarchs, Big Tech,etc..boxing you in!
Shoshanna Zuboff has been all over this storyline, and surveillance capitalism, for nearly two plus decades.
It is more so a Big Brother tool for control, manipulation, and political coercion by Govt, Corporatocracy, Oligarchs, Big Tech,etc..boxing you in!
Shoshanna Zuboff has been all over this storyline, and surveillance capitalism, for nearly two plus decades.
This post was edited on 9/23/21 at 5:11 pm
Posted on 9/23/21 at 5:10 pm to GodnCountry
The ESG rating score that Merrill assigns is to publicly traded stocks, not people.
This post was edited on 9/23/21 at 5:13 pm
Posted on 9/23/21 at 5:12 pm to GodnCountry
I like banks that use sound reasoning around financial decisions. That’s where I want my money, because they have their eye on the only thing banks are in business to do.
When a bank starts using political scorecards to make financial decisions, I’ll look elsewhere.
When a bank starts using political scorecards to make financial decisions, I’ll look elsewhere.
This post was edited on 9/23/21 at 5:13 pm
Posted on 9/23/21 at 5:13 pm to GodnCountry
So how does looking at Tigerdroppings 3-4 hours a day affect ones Social Score?
Posted on 9/23/21 at 5:15 pm to Statestreet
You get the best scores.... For every dollar borrowed, you pay back 10 every month.
Posted on 9/23/21 at 5:25 pm to Statestreet
TD PT..bad!
Dem Underground..good!
Dem Underground..good!
Posted on 9/23/21 at 5:50 pm to GodnCountry
It’s going to be hilarious when they learn that being woke is not as good of an indicator of financial responsibility as your credit score.
Of course, they’ll be classified as too big to fail and the taxpayer will bail them out, so it might not be hilarious after all.
Of course, they’ll be classified as too big to fail and the taxpayer will bail them out, so it might not be hilarious after all.
Posted on 9/23/21 at 5:51 pm to GodnCountry
Seems like a sneaky way to bring back discrimination
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