Social credit scores.
This is the latest machination of the Left, and they aren’t even trying to keep it a secret. The Democrat party, which supports things like vaccine passports, is now also seeking a social credit score system just like what their comrades in communist China have. Those who comply with the government’s demands will receive social rewards such as the ability to attend sports events or even school. Congresswoman Maxine Waters, the chair member of the House Financial Services Committee is seeking to make your FICO score into a social credit score to judge your worthiness on the scales of “woke.”
USA Today reported that Water’s committee counseled with a group named the National Consumer Law Center, led by spokesperson Chi Chi Wu, which is a product of John’s Hopkins and Harvard lawyers. Wu announced their plan to change FICO credit scores. The committee warmly welcomed the organization with a hearing that lasted over three hours as they entertained Wu and her fellow travelers.
Wu says that the government should take control of credit scoring “now,” and begin using it to place “public pressure” against certain individuals without corrupting the system with “profit-making as [a] top priority.” The goal of the government’s takeover of FICO would be to develop “credit scoring models” which can be leveraged to “reduce the… racial and economic inequality” in the United States.
Wu claims that “private, profit-seeking companies,” are at fault for using FICO scores to judge the trustworthiness of individuals for “employment, insurance, and tenant screening,” which Wu argues “harms Americans,” and causes “massive inequality.”
Wu says that radical changes to the way in which scores are calculated could be “a major upgrade” that corrects “today’s broken, biased credit… system.” She offered an example of a current problem with the FICO system, whereby a person incorrectly placed on a terrorist watch list has no legal recourse for their FICO score, Wu claims that allowing people to dispute such issues in court would be preferable.
Waters’ goal is to use Wu’s radical FICO reform to change how it affects Black Americans. Waters’ claimed that the FICO system is racist, preventing “people of color,” from being able to access “capital to start a… business; access to mortgage loans… access to credit [for]… financial emergencies.”
Waters announced a reconsideration of the Comprehensive Credit Act, a bill which failed in 2019 and is sponsored by Squad member Representative Ayanna Pressley.
Those who support the government takeover of FICO scores are also bent on preventing financial problems such as student loans and medical bills from impacting credit scoring.
If Waters, Wu and other Leftists get their way, then your FICO score will also be affected by whether or not you participate in anti-racist activities.
Your ability to access credit may be defined as how willing you are to toe the line for progressivism, if the Democrats have their way.
Author: Tina Reyes