The Bistro

The Tyranny of FICO

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  • #13445

    I’m thinking how many ways and in how many systems a ‘finger bump’ leads to devastating impacts, but there’s a special devastation when it relates to financial security (and thus in turn other types of security), and I’m thinking about how that’s absolutely intentional. It’s here at Lace on Race I learned about the extent of the financial constructs of racism. This is another snapshot for me, and a good reminder how far reaching into other areas of stability this goes.

    ‘The wheels of credit reporting are turned by sloths’ so true (and so intentional). I’m also thinking how the automated systems are also apart of the construct…when real eyeballs aren’t looking at or created with N. Star intentions they will always default to narratives that only benefit some, not all.

    ‘it’s harder to get a good credit score and it’s easier to lose’ for BIPOC, ‘by default and by design’ as Lace says here, and when I personalize I’m thinking about times in my life when I haven’t held concern about credit and the reasons for and privilege imbedded in that. I currently only have fair credit, but the amount of stress I feel to work to build that up is seeped in my own privilege, and I have to own that even as I work to build that score back up.

    PS – love the wig and the blouse! 🙂

    (Cross posted/Facebook)

  • #13542

    Jen Scaggs
    Member

    Although I’ve been learning about the concept of generational wealth and the lack of it for Black and brown people, I hadn’t considered the impact it would have on credit score. And it never would have occurred to me that your zip code would affect your credit score as well (but I guess it makes sense, knowing that it affects all other banking relationships), which of course disproportionately affects Black and brown people in a negative way. This is important because your credit score is still used systemically as a way for others to judge your character, can lead to difficulty getting and keeping a job or a place to live, and contributes to the unfair banking practices that BIPOC are subjected to illegally. I don’t see a link to the article you mentioned here in the Bistro but I will go searching on Facebook and see if I can find it.

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