A lot of opinion on that article. My take is that there is definitely an underserved community and REACh could certainly help some folks if executed correctly. Time will tell.
I'm just curious if a person can opt out of this? Not everyone feels a credit score is needed, especially those who pay cash for everthing.
And why are they trying to target those certain individuals? Are there simply too many people "off the grid" for their taste?
Here is a much better read on what it is.
It appears to be directed at underserved communites. Imagine how hard life would be if you didn't have access to credit. No loan for car, no loan for house... Etc.
>The OCC recognizes that removing structural barriers to financial inclusion will result in broader participation in the economy and will help millions of people, previously left out of the system, to pursue their American dreams.
So they basically feel that it's not enough to have just the middle class in debt?
The article feels like an opinion piece that is very much pro our current system. I do think it is worth exploring alternative credit scoring programs for government backed loans in an effort to help people get out of poverty. I do think that we should also look at the bigger picture of what causes generations of poverty.
I also think that any kind of government alternative credit rating on individuals should be an opt-in program.