— FloppingAces (@FloppingAces) November 2, 2020
VP Joe Biden’s campaign released a document this summer that called for the creation of a new credit reporting agency.
Biden aims to set up an equity-based new credit scoring system that takes identity factors like race and sex into account. This is part of his “Unity” plan with the “Democratic Socialist” wing of his part (Sanders and AOC).https://t.co/kCtrxLMlJ4
— James Lindsay, astonishingly ignorant (@ConceptualJames) November 2, 2020
The “Unity” document, was intended to bring together the mainstream Democratic Party with the Democratic Socialist Bernie Sanders/Alexandria Ocasio-Cortez wing of the Party.
The theme of the document was the country’s income inequality gap. Proponents of the plans contained in the document foresee closing the income inequality gap by creating a new agency within the Consumer Financial Protection Bureau that would provide an alternative to the three consumer credit-reporting bureaus.
The “public credit reporting agency” is an attempt “to provide a non-discriminatory credit reporting alternative to the private agencies,” the document reads.
Questions remain as to how such an agency could achieve this non-discriminatory reporting, as the three credit bureaus do not have access to the race or sex of consumers.
To make such information public would require a change of the laws governing the Fair Credit Reporting Act, which the Democratic Party seems willing to do.