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[7] [10] According to a February 2022 report by the Mercator Institute for China Studies (MERICS), a social credit "score" is a myth as there is "no score that dictates citizen's place in society". [7] The Social Credit System is an extension to the existing legal and financial credit rating system in China. [11]
Nowadays, credit scores have a number of often invisible effects on our lives. Credit scores (and even more dubious "e-scores" determined by private data mining companies) are often used for hiring purposes because employers believe that credit scores are a reliable way to index a person's level of responsibility.
Social credit is a distributive philosophy of political economy developed in the 1920s and 1930s by C. H. Douglas.Douglas attributed economic downturns to discrepancies between the cost of goods and the compensation of the workers who made them.
Of course, that being said, it’s more likely that you will have a low credit score if you’re in a low-paying job, as it can be harder to pay off your debts; and if you’re in a low-paying job ...
Closing a card account reduces the amount of your total available credit, which can hurt your score by increasing your credit-utilization rate. Myth 3: Checking Your Credit Report Will Hurt Your Score
A credit monitoring service is a tool, app or website that constantly monitors your credit report and automatically alerts you to any changes or activity that could affect your credit score.
Credibility scores, social influence scores and other comprehensive evaluations of people are not rare in other countries. However, China's "social-credit system" remains to be controversial as this single score can be a reflection of a person's every aspect. [27] Indeed, "much about the social-credit system remains unclear". [26]
Fair credit and good credit are next to each other on the credit score scale, but your financial opportunities get significantly better once you pass the threshold of a 670 score.
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