I always assumed credit scores were an integral and historic part of the American financial system.

They were not, they are very recent,most of your parents didn’t have credit scores growing up, and as you can probably tell or at least intuit, it’s mostly just a b******* scheme for those with capital to accrue more capital by invading your privacy.

  • JustMy2c@lemm.ee
    link
    fedilink
    English
    arrow-up
    23
    arrow-down
    2
    ·
    8 months ago

    In Europe this still doesn’t even really exists. You just bring your proof of capital/value/timely payment stubs to the bank.

    • slouching_employer@lemmy.one
      link
      fedilink
      English
      arrow-up
      12
      arrow-down
      1
      ·
      edit-2
      8 months ago

      Germany has SCHUFA. Fairly similar to credit reports. Pretty much necessary to successfully rent an apartment (in Berlin at least).

      Though, there isn’t the expectation that you have accrued debt in order to have a good score, like in the US.

      • delirious_owl@discuss.online
        link
        fedilink
        English
        arrow-up
        3
        ·
        edit-2
        8 months ago

        Seconded. If you dont have your SCHUFA, proof of employment, and original Mona Lisa, you’ll never get an apartment in Berlin