Did anyone else reading the headline expect some equivalent to "In Soviet Russia ..."?
The article is a bit more informative than I was expecting but I have one quibble. The sentence "In the West, our credit score is simple. It’s our ability to pay." is incorrect. Our credit score is actually our propensity to pay (and ability to pay is just one facet of that propensity). I know plenty of wealthy people with poor credit scores - some because they're poor at managing their money but there are a surprising number who simply want to hold onto their wealth (and don't care how their credit score is affected).
In the West -- at least in Western Germany -- the credit score is not your ability to pay.
It is, how the score company things, how likely you will pay.
I know, that for example, there street you live in is one factor used in your credit score. When you seldom have credits or the score company has to limited data about you, such information can be decisive.
There are known cases in Germany, where well off people, who also regularly pay their bills got a bad score, just because the score company used some very limited data and statistical guesswork to simply guess a score.
The article is a bit more informative than I was expecting but I have one quibble. The sentence "In the West, our credit score is simple. It’s our ability to pay." is incorrect. Our credit score is actually our propensity to pay (and ability to pay is just one facet of that propensity). I know plenty of wealthy people with poor credit scores - some because they're poor at managing their money but there are a surprising number who simply want to hold onto their wealth (and don't care how their credit score is affected).
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