This idea was looked at in a paper published in 2019. One idea the paper pushed was that “choices using current data continue existing racial inequality, making it harder to achieve real economic equity.” The group behind the paper proposed the possibility of a public credit registry as a response.
The CFPB has a new director, Dave Uejio, who just replaced Trump’s appointee Kathleen Kraninger. In a recent blog post, Uejio said his two top priorities were “(1) relief for consumers hit by COVID-19 hardships, and (2) racial equity.”
While the statement does not specifically mention the proposed public credit reporting agency, conservatives say that the Biden administration is working on just such a plan. This proposal would give Democrats and government bureaucrats the ability to manipulate credit scores in the same way China’s social credit rating system does.
Author: Scott Dowdy