There is no speech or behavioral weighting in the FICO formula. It’s essentially just balances, credit limits and credit pulls and there is no qualitative evaluation of the institutions involved.
Experian and other credit tracking companies don't just track credit history and finances, but much more, like employment history, income levels, civil and legal disputes, etc, and make them available to whoever wants to know that information about you.
Then there are other firms that do similar things, like ClearView AI compiling dossiers on people's online activity and social media posts.
Yes, colloquial usage of "credit scores" in the US typically means FICO scores, but the more general usage that's used to describe China's system as a "credit score" can also describe very similar systems we have in the US, as well.
There are some significant differences. For example, the US has the Equal Credit Opportunity Act which prohibits many or most of the prejudicial factors in China's system. Most institutions in the United States do not purchase the most invasive data products, and our privacy laws are improving when their 'market share' increases in a certain area. This is the inverse of the situation in China. There are other differences besides those.
"China's Credit score" really is a "Persecution score". "Credit score" is the lie. It is all about persecution. Now PayPal is going 100 mph at persecution with $2,500 * incidents.
Their document says "If you create a message ... unfit for publication". This is a blank check to persecute you (take $2,500 * n) just for non-criminal speech.
It seems more likely that ESG will continue to be soft mandated via institutional holder requirements at the corporate level, e.g. the institutions who make the loans available. I agree we should be watchful for any source of loss of personal liberty.
Indeed, I'm just clowning on them a bit to make a larger point. I do think it's important to make a distinction between "a single company can punish you for things they don't like, if you are their customer" and "broad social consensus that a single number represents your worthiness to interact with large swathes of services" - but we have both, already, in the US.
Experian also tracks employment history, legal and civil issues, income levels and what not, and makes those records available to anyone that wants to pay for them.
Such "credit scores" are not just limited to finances in the US, a lot more information than most would be comfortable with is made available to interested parties.
