Comment by spopejoy

Debt is created by the lender to make a profit. Saying that somebody's credit history is inherently public is the same as saying their work performance history is inherently public. Nobody is forcing lenders to make loans, quite the opposite; in fact there is a great deal of statutory law preventing predatory lenders (ie deliberately lending to those who can't repay) and the megabanks addiction to junk like car loans is also evidence of the rapacious appetite for lending.

Thus, credit history is for the lenders and by the lenders, all with the purpose of maximizing revenue for the lenders. How one concludes that permanent credit history is some burden all citizenry has to bear for their lifetime is beyond me.