Tim Scott slams Biden for punishing people who built up good credit scores

So I just read this article on Tim Scott slamming Biden for punishing people with good credit scores, and let me tell you, it’s pretty interesting stuff. Basically, what’s happening is that the Biden administration is trying to crack down on certain lending practices that they believe have disproportionately hurt people of color and other disadvantaged groups. That all sounds well and good, right? Well, the problem is that one of the ways they’re doing this is by getting rid of certain credit scoring models that have been proven to be effective in predicting risk and ensuring that people are qualified for loans they can actually repay.

Now, I don’t know about you, but personally, I think having a good credit score is super important. It’s something that I’ve worked really hard on building up over the years, and knowing that the government is trying to essentially penalize people like me for being responsible borrowers is pretty frustrating. I get that there are systemic issues at play here, but it feels like this is a case of throwing the baby out with the bathwater.

All that being said, I do think it’s important to acknowledge that there are some potential benefits to changing the way we evaluate creditworthiness. For example, using things like utility payments or rent history to establish credit could be a way to help people who have traditionally been shut out of the financial system. And of course, we need to be mindful of the fact that there are so many people in this country who are struggling to make ends meet, and who are dealing with a lot of financial stress.

But at the end of the day, I think we need to find ways to address these structural issues without punishing people who have worked hard to be responsible with their money. It’s a tricky situation, to be sure, but one that I think is worth paying attention to.