It would be good to get rid of the credit scoring system. Even many of the banks who use them don't understand how they calculate the scores. I have spoken to several lenders over the last several years who don't like the credit scoring system. Many would prefer to not use them so that they could give more credit to those who may have gone through a rough patch through no fault of their own. Things can happen. People lose jobs, get sick or have a loved one who is ill. It can play havoc on your credit. I would also like to see an end to people being able to easily access your credit report. All someone needs to do is say that they have a legitimate business reason for needing your report and they can get it. There is absolutely no reason for anyone to be able to access your credit history unless you are applying for a loan. Insurance companies regularly use credit history to raise premiums. That is only one industry that regularly pulls credit on potential customers. It is one reason we have such a problem with identity theft in this country. Things were much better when banks were smaller and did business on a one to one. Many banks can't even make a decision without going to their corporate offices.

 

I agree, and I remember those days. I didn't personally live them but I remember my dad going to the local bank for business loan. The board consisted of town members and everyone pretty knew who you were and where you went to church and so on......

What have we traded all that for?

 

It still happens today but it's hard to find a local bank that will give you a handshake deal.