Why The American Credit System Is So Terrible
Get your first three months of Audible 60% off! Visit https://audible.com/secondthought In America, more than in any other country in the world, three numbers can change just about everything. From your job, to your home, to your insurance, three digits can command where you can live, what you can buy, and what it’ll cost you. To most Americans today, this is just “the way it is,” but that idea, and the idea behind credit scores in general, is deeply complicated, discriminatory, and rooted in a long history of our financial system driving an ever bigger wedge between the rich and the poor. In this episode, we’re looking at credit scores. We’re going over everything wrong with our modern credit reporting system, how you might hear people defending this broken metric, and the why and the how that landed us here. Why The American Credit System Is So Terrible – Second Thought SUBSCRIBE HERE: http://bit.ly/2nFsvTS New video every Friday! Citations And Further Reading: Credit Scores, Neoliberalism, and Class Systems https://spire.sciencespo.fr/hdl:/2441/6cbt691h0h8o9q5rf0apko0pda/resources/2013-fourcade-classification-situations.pdf https://books.google.com/books?id=zOreDwAAQBAJ&printsec=frontcover&source=gbs_atb&redir_esc=y#v=onepage&q&f=false https://books.google.com/books?id=1SKWDwAAQBAJ&printsec=frontcover&hl=fr&source=gbs_atb#v=onepage&q&f=false https://www.asanet.org/sites/default/files/savvy/sectionchs/documents/prasad.pdf Credit Racism https://apnews.com/article/lifestyle-technology-business-race-and-ethnicity-racial-injustice-b920d945a6a13db1e1aee44d91475205 https://medium.com/commonfuture/why-credit-scores-are-racist-da109fcfb300 https://www.forbes.com/advisor/credit-cards/from-inherent-racial-bias-to-incorrect-data-the-problems-with-current-credit-scoring-models/ Redlining and Market Logic https://www.degruyter.com/document/doi/10.7208/9780226262772/html https://www.youtube.com/watch?v=O5FBJyqfoLM A Third of Americans Have Errors on Their Credit Report https://www.cnbc.com/2021/06/11/how-to-fix-those-mistakes-on-your-credit-report.html 52% Credit Medical Debt Stat https://www.consumerfinance.gov/about-us/blog/heres-how-medical-debt-hurts-your-credit-report/ https://www.commonwealthfund.org/publications/newsletter-article/survey-79-million-americans-have-problems-medical-bills-or-debt Paying Off Loans Early Hurts Your Credit Score https://www.nerdwallet.com/article/finance/paying-car-loan-help-credit-score August 2001 Excerpt from “The Banker” https://dro.dur.ac.uk/11323/1/11323.pdf Short Description of Credit Unions https://www.creditunion.ie/about-credit-unions/what-is-a-credit-union/ China Social Credit System https://foreignpolicy.com/2018/11/16/chinas-orwellian-social-credit-score-isnt-real/ https://foreignpolicy.com/2021/09/15/china-social-credit-system-authoritarian/ Follow and Support Second Thought! Twitter: https://twitter.com/_SecondThought Patreon: https://patreon.com/secondthought BuyMeACoffee: https://www.buymeacoffee.com/secondthought CashApp: $JTChapman Watch More Second Thought: Latest Uploads: https://www.youtube.com/playlist?list=PL6SJktA-ecJR_Fq2hhYVEFS11cf1YzG27 Spaaaaaace!: https://www.youtube.com/playlist?list=PL6SJktA-ecJQRpqT-hMTTFx8A6VVH3m6v What If...: https://www.youtube.com/playlist?list=PL6SJktA-ecJRI7VrWf_-mT0z6lrN--Cvi Popular Videos: https://www.youtube.com/playlist?list=PL6SJktA-ecJRx7ZaO9J04Kbob_u5baHxN About Second Thought: Second Thought is a channel devoted to education and analysis of current events from a Leftist perspective. Welcome! Business Email: secondthoughtchannel@gmail.com
