Yes, it is fair to have credit scores, because people who are in the business of lending money need to make sure they know whether a person is a good risk or not. When people default on loans they never should have had in the first place, it raises the interest rates for the rest of us. That is unfair to the consumers in the end.
Removing the medical debt from the credit score calculations is expected to be ruled out by the government. The burden of the medical debt or the late payment of the bill could influence the credit score up to 2 and more years. Thus the exclusion will improve one`s credibility and positively influence small business and entrepreneurship.
Yes, I think it is fair to have a credit score. I don't think you should be burden by your score but i defiantly think you should have one. It is important that people know who they can trust when they are lending money out in different ways. I think you need a credit score in toady's economy.
If you don't have a lot of debt, or never have, or you've never been really poor, (and I mean poor. Not "I pay my bills but not much else" poor, I mean "we take turns eating every other day poor". I have been both.) the it may seem like a fair and reasonable thing. In some cases, I agree. Someone about to sell you a 60,000 dollar car should be able to check if you are a reasonably safe person to lend to. If you are trying to buy a 300,000 dollar home, someone should check to make sure you can actually make the payments.
But here's where things go wrong, and tell me if any of this sounds familiar...
"Sir we can't offer you the job due to your credit history"
"You can have this godawful little hole in the wall apartment ma'am, but because of your credit (NOT RENTAL) history, we'll need you to place a $1500 deposit."
Credit scores are used by people in extremely prejudicial ways. The first example I gave was what happened to a friend of mine when applying for a call center job. Note that this was a tech support job. He wouldn't be handling money, but they used this to deny him employment and they had every legal right to do so.
The second one was my own personal experience. I have never been evicted, never broken a lease, and I have only paid late rent TWICE EVER. But I do have a bit of debt, and this debt is used to deny me a roof over my head frequently. I just want to scream at these people "IF I HAD $1500 I'D USE IT TO PAY OFF THE DAMN DEBT!!!" The $1500 deposit she wanted was for a one bedroom sh*thole in the nastiest city in my state. Rent:$500. "Normal people deposit":$200, refundable.
I'm not advocating we erase credit history across the board, but there has to be a line drawn so that people who have already been the victims of the recession are not further victimized by this number. This recession hurt people deeply and severely (monetarily and otherwise), we have to come to a point where we decide to be merciful, and much like some medical complications are outside of their control, so are hard times.
Credit score is a good idea in theory, but it's nor fair that a person's credit history is affected by medical debt. It can be even considered as discrimination because it keeps the low income people and people without insurance from increasing their credit score. It is a vicious cycle that keeps people in debt, and medical care is a right that should not discriminate against anyone.