• 0 Posts
  • 27 Comments
Joined 1 year ago
cake
Cake day: July 9th, 2023

help-circle









  • The purpose of today’s credit score system is to eliminate bias. Before credit scores, borrowers were deemed creditworthy by lenders using factors such as income, referrals and even home visits. In 1974, the Equal Credit Opportunity Act disallowed credit-score systems from using information like sex, race, marital status, national origin and religion.

    Today, FICO considers payment history, amounts owed, length of credit history, new credit and credit mix in its model. But that data may be influenced by generational wealth that many Black and Hispanic borrowers did not have equal access to, says Frederick Wherry, professor of sociology and director of the Dignity and Debt Network at Princeton University.

    “We’re often told to stop talking about history, but history won’t stop talking about us,” Wherry says. “The data used in current credit scoring models are not neutral; it’s a mirror of inequalities from the past. By using this data we’re amplifying those inequalities today. It has striking effects on people’s life chances.”

    Forbes article.








  • Same here. I stopped the day of the blackout and stayed off. It sucked, but I figured it was better in the long run. And when Apollo went down it wasn’t like I was going to download the fucking app of theirs.

    Since June 12th it’s been nothing until about a week and a half ago, when it’s been Lemmy only.