You may be starting to hear the grumblings of a social credit scoring system coming to the United States of America. You need to know what this is and how it impacts your liberty. You must know that it derives from communist China and has already begun to be adopted in America. So what is it?
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A social credit score is a government-imposed monitoring system that assigns a score to each citizen based on their behavior and social activities. It is used to track and control citizens’ behavior in various aspects of their lives, such as financial, social, professional, and personal activities. The social credit score can be used to reward good behavior and punish bad behavior, which can lead to consequences such as restricted access to public services, travel, education, and job opportunities. The social credit score is used in countries like China and is considered controversial due to its potential to infringe on personal privacy and civil liberties.
There are several potential dangers associated with a social credit scoring system. Here are some major concerns:
1. Loss of privacy: Social credit scoring systems may collect large amounts of personal data on individual citizens, including their social behaviors, spending habits, and online activity. This poses a significant risk to privacy, as a person’s entire life could be monitored and evaluated, leading to a loss of personal autonomy.
2. Bias and discrimination: Social credit scoring systems have the potential to be biased against certain groups of people, such as minorities or those without access to technology. If the algorithms used to calculate social credit scores are not transparent, it could lead to discrimination.
3. Decreased freedom of speech: Citizens may become less inclined to speak out against government policies or social issues out of fear that their social credit score will be negatively impacted.
4. Unequal access to resources: Those with lower social credit scores may be denied access to services and resources that are available to those with higher scores. This could further deepen social and economic inequalities.
5. Lack of transparency and oversight: Social credit scoring systems are usually controlled by the government or large corporations, which may not be transparent about how they measure or rank individuals. This lack of transparency could lead to abuses of power.
Overall, the implementation of a social credit scoring system could pose a serious threat to individual freedoms and human rights if not implemented with transparency and accountability.
As of 2021, it is estimated that around 1.1 billion people in China are under the social credit system, which is roughly 80% of the population.
Did you know there is a secret consumer score already assigned to you in America? The secret consumer score is a type of score that is assigned to individuals by companies to determine their trustworthiness and creditworthiness based on their behavior, transactions, and online activities. These scores are often used to make decisions about whether to offer a loan, insurance, or employment, or even to determine the price of goods or services for certain individuals. The scoring methods and algorithms used to calculate these scores are often secretive and may involve data that individuals may not be aware is being collected about them.
An alternative credit score is a credit scoring system that uses unconventional data sources to measure a borrower’s creditworthiness, instead of the traditional credit score which is based on credit bureau data. Alternative credit scores may incorporate information about payment histories on utilities, rent, and phones, as well as data derived from social media, education, profession, and behavioral patterns.
The goal of alternative credit scoring is to provide credit scores for people who may not have a traditional credit history or to provide a more predictive measure of creditworthiness. This is especially important for people who may be new to credit, such as recent college graduates or immigrants, or for those with a limited credit history. The use of alternative credit scores may enable more people to access credit and may also help to reduce bias in traditional credit scoring models.
A digital profile is a public or private record of information that describes an individual’s online identity and presence. It is a collection of data points that provides information about an individual’s activities and interactions on the internet, such as social media activity, online purchases, website visits, and search queries.
Digital profiles can be created intentionally by an individual, such as through social media or a personal website, or they can be generated automatically through algorithms based on someone’s online behavior. Digital profiles can be used by individuals to showcase their skills or experience, promote their personal brand, or facilitate online networking. They can also be used by businesses and organizations to collect data about their customers or audience.
It is important for individuals to manage their digital profile carefully, as it can have an impact on their personal and professional reputation and opportunities. Additionally, companies may use digital profiles to make decisions about job offers, promotions, or other opportunities, so it is essential for individuals to be aware of the data being collected and how it is being used.
Here’s a brief history lesson on how the United States first implemented the FICO credit scoring system. Notice that it’s model is to evolve and get more and more invasive into your life.
The concept of credit reporting and scoring began in the US in the late 1800s with the introduction of “Mercantile agencies,” which collected and disseminated information about customers’ creditworthiness to businesses. In the early 1900s, the three major credit bureaus, Equifax, Experian, and TransUnion, were established, and they started to collect credit information on a national scale.
In the 1950s, Fair Isaac Corporation (FICO) developed the first credit scoring model, which quickly became the industry standard. FICO scores are calculated using various factors including payment history, credit utilization, length of credit history, types of credit used, and recent credit inquiries.
Over the years, the credit score system has evolved, and credit scoring models have been updated to reflect the changing financial landscape and consumer habits. Nowadays, credit scores are widely used by lenders, landlords, and even potential employers to assess the creditworthiness of applicants.
It’s very important that you reach out to your government officials that represent you and let them know that a social credit scoring system is unacceptable.
Craig Bushon
