Suppose every adult had to wear an armband showing his/her credit score on that armband. How would that change society?

I think a lot of people would be embarrassed at their actual score, driving around in expensive cars they can’t afford, living on credit card debt.

Is that exclusively an American thing, credit score?

Absolutely! The world would be a better place! There would be fewer BS artists.
A low score male would have trouble finding a date and would be less likely to reproduce. There would be more incentive for people to get up and work.

OTOH, robberies would skyrocket.

I think I get what it is now, reading the answers.
Apart from my contract for my phone I have not one loan, or other debt.
I guess my bracelet would state that my score was high then?
Or are there other factors in play?
I could find dates easy, on my second-hand bicycle!

@rebbel Seems to be a debt to credit ratio formula. I was told I had excellent credit by my lender when we bought our home.

People with credit scores hovering in the 800s would suddenly get mainstream, general respect. The folks with dismal numbers would be humiliated.

None of this would be a good thing. Good credit can indicate fortunate opportunities, not prudent and responsible behavior. Similarly, not everyone with bad credit has made foolish, reckless choices. The majority of U.S. personal bankruptcies result from medical expenses, not from buying luxury cars, designer clothes, or pricey restaurant meals, and any kind of crisis, including the loss of a job, can destroy a person financially.

@KNOWITALL Thanks for that.

@Love_my_doggie Yes, but some of us pay our medical instead of filing bankruptcy. And some of us with good credit, actually do make responsible choices and sacrifice.

My BIL and his wife have declared bankruptcy at least twice and always had nicer cars and homes than us. A friend also declared bankruptcy and admits it was bad choices.

I don’t need to see someone’s credit score if they aren’t doing my finances or I’m not entrusting them with my money/ business. Frankly, I think people are a little obsessive about it in the US, their credit score, but you do usually get financial benefits from a higher score, such as lower interest on your loans, etc…

@KNOWITALL People don’t file for bankruptcy as an easy alternative to paying their medical bills. They file because they can’t pay for medical care, and because they’ve exhausted all other resources.

Very often, someone loses his/her job, no longer has either an income or health insurance, and becomes injured or gravely ill. Other people are fully insured but need medical treatments that aren’t covered or have staggering deductibles and coinsurance costs. Some people unwittingly get care from providers or hospitals that aren’t in their insurance networks (this happens very often). Finally, insurance companies might simply deny claims.

I’ve been a CPA for 30 years. Believe me when I say that I’ve seen the entire spectrum of financial prudence and irresponsibility. There have always been, and always will be, people who spend more than their incomes and live at the cusp of ruin. But, there are countless people who have their lives collapse because of job termination, medical crises, bad investments (made with good intentions), and even identity theft.

@Love_my_doggie I get it, I went through a decade of mostly one income paying for everything while my husband went through some medical issues. Frankly it was really hard and I don’t think many people are capable of that kind of sacrifice and prudence, in my experience.

I’m just a little skeptical since many of the people I know who have filed bankruptcy are living pretty high on the hog and don’t seem to have learned anything.

Well, we’d have one more thing to discriminate about.

@KNOWITALL You certainly know what it’s like to live a brittle existence, constantly flirting with an economic collapse despite hard work and doing the best you can possibly do.

So many people are capable of the same behavior and find a way to do so. Minimum-wage employees often work several jobs while scrimping and economizing. We all know some very tired, elderly people who can’t afford to retire, or who had to return to work after their retirement savings tanked. There are also the mentally or physically disabled, who struggle from a position that’s far behind the starting line. Each such person is a hero in my eyes.

…” Had to wear..”
Sounds like it would be an Totalitarian Society.
:Totalitarianism refers to a political system in which all authority is in the hands of the state.

In a totalitarian society, all control of public and private life are government run.

I know that people don’t quite believe my stories of how I made it through those 4 or 5 years, supporting 4 kids on such a meager income.

“Suppose every adult had to wear an armband showing his/her credit score on that armband.”

We already do.