I've had this conversation multiple times with friends and family, everyone is always on the fence about it. What do you think, should credit scores be eliminated? Are they more beneficial to have than to not have?
Many people argue that credit scores hold historical bias, that the system is not transparent and prevents people from obtaining necessities like housing or employment. Many countries don't have such a system, so why do we?
I live in the U.S. and I can kinda see the point in having the system. Banks will determine whether they should loan money to you based on your credit score. If your credit score doesn't look so good, then they'll ask for something to use as collateral or they just won't lend money to you at all. If your credit score is good or great then you can get a lot of things. On the flip side, if you have great credit score then you can land yourself in a lot of hot water if you aren't smart with your money. It all depends on how smart you are with managing your money.....that's my answer.
In our country, we do not have credit score for individuals but financial institutions get credit scores based on their financial activities. There have been talks about introducing credit score for individuals and I think this can be helpful because they will try to build their credit score so that they can access better financial services.
On Jun 5, 2026, Nomad said:
In our country, we do not have credit score for individuals but financial institutions get credit scores based on their financial activities. There have been talks about introducing credit score for individuals and I think this can be helpful because they will try to build their credit score so that they can access better financial services.
That's kinda like how the United States was before credit scores for individuals. Back then you would take cashiers checks if the bank was reputable but you didn't dare take personal checks unless you knew the person was rich.
I'm fine with credit score, just never EVER bring about social credit scores.
