The scoring system has also been critiqued as a form of classification to shape an individual’s life-chances—a form of economic inequality. Since the 1980s, neoliberal economic policy has created a correlation between the expansion of credit and a decline in social welfare—deregulation incentivizes financing for the consumption of goods and services that the welfare state would alternatively provide. Credit scoring systems are seen as scheme to segregate individuals creditworthiness necessitated by the loss of these collective social services. The credit scoring system in the United States has been compared to, and was the inspiration for, the Social Credit System in China.
Lenders don’t guess, there are strict rules that FED oversees.
Your probability of repaying your loan is depending on your wage & on collateral.
You can’t prove you will repay your debts in the future. You might lose the income you depend on & some new guy that just got a job might have it for 40 years. How easy will you get another job also depend on factors that the credit score doesn’t include.
wiki/Criticism_of_credit_scoring_systems_in_the_United_States
Lenders don’t guess, there are strict rules that FED oversees.
Your probability of repaying your loan is depending on your wage & on collateral.
You can’t prove you will repay your debts in the future. You might lose the income you depend on & some new guy that just got a job might have it for 40 years. How easy will you get another job also depend on factors that the credit score doesn’t include.