Who started the “living and dieing by your credit score”?

O Wise One: Who started the “living and dieing by your credit score”?
It seems one can barely buy a sandwich without having good credit. Who started this whole thing. I want a name. Everyone everywhere is judged by their credit score. Even potential employers check your credit score. They theory is that someone with bad credit would likely be a thief. Is this how we expect people to live? We are isolating the classes more and more. Those who try to buy a modest home are hit the hardest with massive interest rates, while those born to money get the lowest rates. Shouldn’t interest rates be the same across the board? Wouldn’t this give everyone the same chance to have a decent life

Answers and Views:

Answer by judy b
if that was only true. it is not right but that is the way it is

Answer by FuzzyLizard
Wow, you really make sense. I dont know the answer, but I agree with you completely.

Answer by lbatten10
everyone starts out the same, at 0. what you choose when you start your credit file is your choice and no one can be blamed for your bad credit but yourself. try to regroup and correct what can be corrected and go from there. learn from your mistakes. eventually your score will be good and you’ll be in a different “class” if that’s what is important to you.

Answer by toolate
I COMPLETELY AGREE WITH YOU!!! Of coourse there should be a history on credit but i think the score (if there needs to be one) should be based and push more of the good things like making payments on time will NOT increase ure score and i know this because i always pay my debt on time YET since i am so close to my limit (which WHY give a limit on a credit card if your going to be punished to use it) my score sometimes drops a little or stays the same. So i agree that the score is only to keep the richer richer and the poor poorer. its a horrible unmastered tool for people to make money off of others that are workign their asses off to just pay bills.!! Im with you all the way!!

Answer by clawedlemew
You can thank Mr. Fair and Mr. Isaac, who invented credit scoring as we now know it.

But you could look at it a different way. If everyone paid the same rates, those who were considered higher risk wouldn’t even be able to obtain credit. It would be too risky to lend them any money!

As far as using credit scoring for non-credit purposes, I share your concern. I think there may be some appropriate uses for it, but it is much abused – and especially (if I’m not going too off-topic here) by auto insurers.