Credit score in the United States - Wikipedia
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I always assumed credit scores were an integral and historic part of the American financial system.

They were not, they are very recent，most of your parents didn’t have credit scores growing up, and as you can probably tell or at least intuit, it’s mostly just a b******* scheme for those with capital to accrue more capital by invading your privacy.

  • UnderpantsWeevil@lemmy.worldEnglish
    4·
    9 months ago

    However, as its been forced to get more abstract, it’s also become less effective. Without absolute prohibitions against African-Americans attending the same schools as white people, there has been more upwards mobility of African-Americans to live in better neighborhoods with better schools and end cycles of poverty.

    That’s highly debatable. There are definitely some groups of African Americans who have cracked the glass ceiling. But on average, black household wealth has significantly lagged white wealth accumulation year-over-year. Case in point, the '08 crash decimated black households to the tune of 40% of their total accumulated savings. The COVID crisis saw higher rates of mortality in black communities, as well as higher rates of unemployment, of declines in school completion rates (from high school up through graduate programs), and of divorce. All negatively correlated with wealth accumulation.

    Maybe since '89 things have improved. But the last two decades have sucked and African Americans have eaten disproportionate amounts of shit during it.