Comment by gumby

#AbolishCreditAgencies

Things were bad, or worse, before they existed. Every little town had one (I remember walking past Palo Alto’s downtown; it was just a storefront with a bunch of file cabinets). Getting credit was slow and complicated and really a pain when you moved.

And before that, even into the mid 20th century, getting credit was all about your network. And remember how much people complain about VCs relying on intros rather than cold calls…well that’s how the entire financial system used to work.

Yes the credit agencies are abusive and lazy and need serious reform and legal management, but they also provide valuable services. I believe it is possible to have the latter and fix the former.