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Should we switch to a public credit score system?

Debate Information

The Biden administration is considering shifting the credit system away from the private sector into a new system run by the Consumer Financial Protection bureau which would replace the 3 existing for-profit credit reporting agencies in an attempt to fix the numerous issues with them in the face of a long history of unethical business practices, information leaks, inaccuracy (20% of people have a least 1 mistake on their credit report) the use of contradictory credit requirements, the complete lack of transparency in calculation, and frequent predatory lending. In their place would be a public non-profit entity.

The new entity would:
- completely transparent so that everyone knows what and how their credit is calculated
- accurately factor in other information like rent and utilities
- lenders would be legally responsible for accurate information reporting
- adverse credit information would drop off at 4 years instead of 7
- cap lending at 36% to prevent predatory lending practices
- secure personal information through government institutions
- encourage increased lending which would bolster the economy
- require companies to use the public data for lending decisions
- prohibit forced arbitration
- ensure fairness & equality in bankruptcy

Read the complete proposal here:
At some point in the distant past, the universe went through a phase of cosmic inflation,
Stars formed, planets coalesced, and on at least one of them life took root.
Through a long process of evolution this life 
developed into the human race.
Humans conquered fire, built complex societies and advanced technology .

All of that so we can argue about nothing.

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