FICO and Big Business Determine Identity

One of my biggest gripes is FICO and credit scoring. I can understand for merchants a need to keep alert for those consumers who are irresponsible with credit and money. This protection is not only for merchants, but for consumers as well. But as anything I must ask, has the idea of credit scoring gone too far and perhaps is there a better way?

On a day when our new president asks all Americans, individuals with names and personal stories, people of differing races and creeds to participate in the governing process and to actively be part of his administration by logging onto his site, it is ironic our identity breaks down to our social security number. No one cares for our name or personal character; they just care about our number. Our identity is reduced to a series of nine numbers, but going forward we will be attaching an additional three numbers-our credit score.

As a nation of automatons with a digit identity, now our character is assessed with an additional three. Are we good with credit cards or not? Have we faced financial difficulty in our past, or do we know how to work the credit and get rich off the credit system? Sadly, those who have lived a modest life, helping others but have had difficulty from time to time rate much lower than those who often live a life of making money for their own self service and greed. Is this how we truly want to rate people’s character, if we should rate them at all? Is this what we really value in citizenry?

We are on way to overcoming racism and prejudice, but is keeping “credit score” just another form of prejudice judged solely on one’s financial history, or even their lack of financial history? Look, people are judged unfairly with the single fact they do not have credit. Is not having credit really a bad thing and should we judge someone for wanting to live their life solely on the money they actually earn? What a concept, people spending money with what they earn and not using credit cards? How dare they? Good, honest people are having difficulty getting a house, job for simply not having a credit card. Sorry, I find that ridiculous.

I personally find the credit scoring system as a big business function to make more money off consumers. If they can continually report low scores they can charge higher and higher interest rates to make money. Do we American consumers want our character and identity to be judged by a corporation? Personally, I have hard time respecting and honoring many CEO’s in big business today and I honestly do not feel they have the credibility to judge me.