Credit Revolution
How long since you started dating?
How many dates were followed by second and third dates?
Do you go out with a lot of people?
How many people have you asked out recently? How many dates have ended badly?
Based on the answers to those questions, and those questions alone, you must decide with whom you’ll go out. You can’t ask how tall they are, what they look like, what kind of work they do, what life philosophies you share, do they like pina coladas or getting caught in the rain, etc. It’s probably safe to say that, based on those six questions alone, you could probably end up with some pretty horrific match-ups. Just imagine the number of Danny DeVito-looking guys who would get hooked up with super-models under that system and vice-versa. It would be a complete bust.
Likewise, the credit reporting and credit scoring system is really just a bean-counter’s attempt to put lipstick on a pig. There is so little data (and that data is usually so inaccurate) that it’s no wonder that bad credit decisions are made. Clearly, more information would be better!
Here are the kinds of things that could be considered in a more sensible and complete credit system. Again, we think that more credit reporting and more credit scoring would be a good thing. Here are just a few of the many issues that should probably be added to the credit scoring matrix:
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Drug Abuser/Alcoholic A person who is engulfed in substance abuse is probably a bad credit risk. Regardless if the person’s a cocaine abuser in a $200,000 a year job or an unemployed alcoholic, that person should be denied credit (and probably