If all credit scores were set to 850 for everyone would that help a New economy grow?

If those who control the global credit system reset all credit scores to 850 for everyone would it help to reestablish a new global economy?

This allows for new loans to be distributed.
The new loans can then be requested for a years worth of housing payments-to purchase homes and vehicles-to open small and large businesses-to pay for medical expenses.
So...instead of reprocessing all the negative debt caused from the Covid19 pandemic and employers /governments having to pay large amounts of unemployment for example, the process would be to make it so everyone can get their own loans and take care of themselves so the global governments do not have to basically support the globally strained...

Just a outta box thought. I know many will hate the idea of making things easier for all humans but the process will upgrade the global economy and make it so everyone can get loans which should remove financial strain from countries and the banks they borrow from globally.

Communist countries like CHINA would have to reset all their humans Social Credit System Scores as well to make it work.
CHINA has a planetary hygiene score... So they scan go easy on their population as the world goes easy on regulations that would help upgrade CHINA planetary hygiene score. Part of being a advanced superpower involves a level of hygiene and pollution control.

The Covid19 pandemic crosses all borders the process to work would have to as well.

The Social Credit System (Chinese: 社会信用体系; pinyin: shèhuì xìnyòng tǐxì) is a national reputation system being developed by the Chinese government.[1][2][3] The program initiated regional trials in 2009, before launching a national pilot with eight credit scoring firms in 2014.[4][5] In 2018, these efforts were centralized under the People's Bank of China with participation from the eight firms.[4] By 2020, it is intended to standardize the assessment of citizens' and businesses' economic and social reputation, or 'Social Credit'.

Good luck

NAMASTE*******
en.wikipedia.org...

To add interest rates would also have to be low and not aggressive in order to help future generations continue on the process well...

a reply to: Ophiuchus 13

You can't make things too easy. People are all different, not all the same. You have to sift through them all to get the good stuff. Don't just wish to give everything for free.

It would also be fair if all medical personnel get 1 free years payment on top of their current salaries for assisting on the frontline like EA*RTH Angels, thank you.

a reply to: Ophiuchus 13

Not happening.
You can't let people with a history of not repaying loaned money have easy access to money they probably won't pay back again.

And expecting China to change....lol right

Remember what happened in 2008, when everyone qualified for a loan ?
Give everyone a great credit score and it's gonna happen again. People will default on loans and bang, we're back in 08.
Then again, the economy has gone to hell already so...*shrug*

Whether some like it or not humanity has been forced to take a step in a new world in response to Covid19.

Yes I remember 2008 and the aggressive loans for everyone. The aggressive loans were the problem, they looked good until you read the fine print.
Many missed the fine print.

a reply to: Ophiuchus 13

Why not do away with the concept of credit scores entirely?

a reply to: Ophiuchus 13

Sure. Make a bunch of people who aren't credit worthy eligible for loans. What could happen? They would probably not read anything, then default on their loans, like the housing crisis.

What is your solution?
a reply to: bender151

I and many don't need a hyperinflated credit score, for those that have businesses that live off of credit we will need a moratorium on bills or an outright full or partial reduction. We carried credit debt for 30 years I'd imagine any commission-based or small consumer or service business did or does the same. My business will likely take 2 years to recover, that's if it ends soon enough. Either way I'll spend more back into the system earlier for bills and to get things going again, if I don't I'll just have to wait it out pay what I can but won't be dropping money into the local economy more than the basics for a looooong time.

The current alternative is spending large sums of money...on the same people.🤔

a reply to: bender151

This is the reason there is no secretive cabal aka TBTB running the world. Too many differing opinions.

Its hell just getting two freewill babtists to agree on something...much less catholics, muslims, hindus.....atheists.
And thats just one small aspect.

Great idea nice start.Outlaw credit reporting agencies immediately....stop hijacking our genereations of kids with your evil credit scheme based on fiat money..... try this on for size....institiute a day of global fiscal emancipation and erase all debt worldwide...we know what Credit Car Companies o to all of us and what damage fiat money has done to us and our planet.

originally posted by: Ophiuchus 13
If those who control the global credit system reset all credit scores to 850 for everyone would it help to reestablish a new global economy?

This allows for new loans to be distributed.
The new loans can then be requested for a years worth of housing payments-to purchase homes and vehicles-to open small and large businesses-to pay for medical expenses.
So...instead of reprocessing all the negative debt caused from the Covid19 pandemic and employers /governments having to pay large amounts of unemployment for example, the process would be to make it so everyone can get their own loans and take care of themselves so the global governments do not have to basically support the globally strained...

Just a outta box thought. I know many will hate the idea of making things easier for all humans but the process will upgrade the global economy and make it so everyone can get loans which should remove financial strain from countries and the banks they borrow from globally.

Communist countries like CHINA would have to reset all their humans Social Credit System Scores as well to make it work.
CHINA has a planetary hygiene score... So they scan go easy on their population as the world goes easy on regulations that would help upgrade CHINA planetary hygiene score. Part of being a advanced superpower involves a level of hygiene and pollution control.

The Covid19 pandemic crosses all borders the process to work would have to as well.

The Social Credit System (Chinese: 社会信用体系; pinyin: shèhuì xìnyòng tǐxì) is a national reputation system being developed by the Chinese government.[1][2][3] The program initiated regional trials in 2009, before launching a national pilot with eight credit scoring firms in 2014.[4][5] In 2018, these efforts were centralized under the People's Bank of China with participation from the eight firms.[4] By 2020, it is intended to standardize the assessment of citizens' and businesses' economic and social reputation, or 'Social Credit'.

Good luck

NAMASTE*******
en.wikipedia.org...

edit on Thu Apr 9 2020 by DontTreadOnMe because: SOURCE ADDED IMPORTANT: Using Content From Other Websites on ATS

No. It sounds great but wouldn't work. Everyone would try to go out and buy a new house or car...which would increase those costs to insane amounts. A house that would have sold for 250 000 would now sell for 2 million. That new truck? $200,000. It's called supply and demand

I've worked over the last few years to bring my score up from the low 400s to the high 700s. Paid off over $30k in bad credit debt. Thanks for the proposed slap in the face.

Knowing my habits that got me into the low scores, just giving people with poor lifestyle management and decision making skills access to high credit is a terrible idea in the long run.

They'll surely default on everything. I know I would have.

a reply to: Ophiuchus 13

I could see the possibility of this working under strict requirements to ensure responsibility. Can't imagine what it would be like to effectively manage it, but basically you're talking about givig everyone a "second chance."

When people have made mistakes or been crushed by medical situations, it's tough to get back on top of thigs when it takes a 20% interest loan on a car that's going to keep breaking in order to be able to drive to a job, as an example.

I would hypothesize that weather you start everyone at 850 or 0
eventually things will look similar to the way they do now.

Ah hell let's go nuts, make everyone's credit score 9000.

I gave you a star and flag for this comedy thread.

I have a credit score of around 825. It is not great, but adequate. My oldest daughter has a credit score of about six hundred, she blows more on things she wants than what she actually needs.

People with high credit scores mean they pay their bills on time. You can work at a job making ten bucks an hour and have a credit score of eight hundred if you were responsible and did not waste money on things that you do not need, only buying essential things. You can have a decent car and have a car payment you can afford, that will build your credit score, buy the basic new car without all the fancy stuff on it, the less on it the less can go wrong. Using your credit card and paying it off every month gives you a good credit score.