Why does nobody seem to care about social credit scoring even though some fintech companies have already started doing it?

Is it just me, or does this seem like a really bad thing... ?

Consumers have limited ability to identify and contest unfair credit decisions, and little chance to understand what steps they should take to improve their credit. Recent studies have also questioned the accuracy of the data used by these tools, in some cases identifying serious flaws that have a substantial bearing on lending decisions. Big-data tools may also risk creating a system of "creditworthiness by association" in which consumers' familial, religious, social, and other affiliations determine their eligibility for an affordable loan. These tools may furthermore obscure discriminatory and subjective lending policies behind a single "objective" score. Such discriminatory scoring may not be intentional; instead, sophisticated algorithms may combine facially neutral data points and treat them as proxies for immutable characteristics such as race or gender, thereby circumventing existing non-discrimination laws and systematically denying credit access to certain groups. Finally, big-data tools may allow online payday lenders to target the most vulnerable consumers and lure them into debt traps http://digitalcommons.law.yale.edu/cgi/viewcontent.cgi?article=1122&context=yjolt

/r/NoStupidQuestions Thread