A recent tweet from Congresswoman Alexandria Ocasio-Cortez looks as if she may go after the credit score companies, she even named Equifax by name! AOC Tweeted:
"privatized credit scoring is a dice game & the credit score system is very broken too."
While AOC didn't go into much detail about WHY she feels the credit scoring system is broken, I'll add my two cents:
For many years, I had almost no debt. The only loans I had were my car loan and mortgage. No credit cards, no furniture financing, nothing! During that time, my credit score would NOT go up due to not having enough revolving credit. It was only when I started financing furniture and obtaining credit cards that my score FINALLY started moving. The more debt I had, the higher my score climbed. In that aspect, I agree with AOC, the credit scoring system needs an overhaul.
Furthermore, the poorest people pay the highest interest rates. That doesn't seem fair...