[HN Gopher] Equifax Sent Lenders Inaccurate Credit Scores on Mil...
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       Equifax Sent Lenders Inaccurate Credit Scores on Millions of
       Consumers
        
       Author : TwoFactor
       Score  : 22 points
       Date   : 2022-08-02 19:51 UTC (3 hours ago)
        
 (HTM) web link (www.wsj.com)
 (TXT) w3m dump (www.wsj.com)
        
       | hyperman1 wrote:
       | I think Equifax is not, or at least not only, in the business of
       | scoring the credit worthyness of consumers. Their main business
       | might be selling the illusion of trustworthyness.
       | 
       | Banks have to convince themselves that their decisions are
       | rational. They have to convince the governement and the public
       | that they are not pushing people needlessly in poverty. They
       | convince their shareholders and lenders that the money entrusted
       | to them is well-managed.
       | 
       | The easy way is to outsource the core decision - and the blame
       | for bad decisions- to a third party like Equifax. Equifax does
       | some magical math and provides an air of rationality. As long as
       | the system works well enough to provide the illusion of
       | correctness while still allowing great profits, it does not
       | matter much for anybody involved if some people accidentally get
       | caught up in the machinery.
       | 
       | It's a bit like the justice system. That system has to provide
       | the impression that justice gets served, or people will become
       | vigilantes and serve decentralized justice themselves. Actually
       | convicting criminals and freeing innocents is a good way to
       | provide that impression, but it is not the only way
        
       | haspoken wrote:
       | https://archive.ph/AmklV
        
       | badrabbit wrote:
       | Shouldn't the government run any credit bureau like it does the
       | treasury?
        
       | [deleted]
        
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       (page generated 2022-08-02 23:02 UTC)