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Credit score is a poorly implemented modern invention.
(thelemmy.club)
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this post was submitted on 25 Jul 2026
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TYVM for the explanation. I was not aware they weren't considered LoCs & people could just walk away from them. Seems kind of a risky business model in that case, so I wonder why there's been such an explosion of them over recent years. There must be some way they're able to protect themselves from that.
Ah, well - another rainy day research project to throw on the pile if I'm so inclined.
Thanks again for the reply!
Haha well, from what I've heard, you're not technically supposed to walk away from them but they don't have the same legal recourse as banks so they just sell to debt collectors as the default action when you don't pay.
Remember in 2008 when it was found out that banks were trading bad debts as 'good' but then It exploded in their face and caused a global recession, but the banks were 'too big to fail' so they were all bailed out by tax payers and only one guy saw any prison time, so they can claim being tough on crime?
Yeah... i dont know why they keep doing it.