I used to have a reputation. Now I have a score.
Abstract
Originally, credit decisions were made based on the three Cs: capacity, collateral, and character. Character was a subjective and reputational determination of the discipline and motivation of the borrower. It was replaced with a credit score by a company called FICO, which data-mines credit histories held by three national Credit Reporting Agencies Experian, Equifax, and TransUnion. This mathematization is supported by the Federal Government, particularly the Federal Credit Reporting Act, a law originally written almost 50 years ago. The CRAs collect our data for free from companies that loan money and then charge those same companies to have it returned, mixed with ...
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