05 Mar UPDATE: 23 Million Denied Transportation In China
In 1989 Fair, Isaac, and Company introduced a credit scoring model called the FICO score. It’s a number representing the likelihood an individual will pay off his or her debts.
Derived from an algorithm that takes into account payment history, credit usage and other factors, it’s used by lenders across the United States to make decisions on everything from personal loans to business credit.
It’s a number that takes a long time to build, and no time at all to destroy, making the ability to procure the necessities of life extremely difficult.
For now, FICOs judging glare is obstructed from anything happening outside the realm of finance, but on the other side of the globe, the nation of China is tearing down the Great Wall of Privacy.
23 Million Times
That’s the number China’s growing Social Credit System banned people from buying train or airplane tickets in 2018.
In May of that year, China’s government rolled out legislation banning people with low social credit from access to public transportation.
NPR reports, Every Chinese citizen starts out with a score of 1000. 960 to 1000 is an A; 850 to 955 a B; 600 to 840 is a C; and any score below 600 is a D, labeling that person as “untrustworthy.”
Although the Chinese government hasn’t made the specific methodology used to calculate scores public, things like drunk driving, fraud, spreading fake news, and playing too Manu video games will lower ones score.
China plans to have it’s new social credit system fully operational by 2020
The world is getting weird, perspective is encouraged.