IMF: "credit scores could soon be based on web browsing history"

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Originally posted by @Nicholas L. :

@Nate R. interesting thread.  I am going to ask a question that may take us further afield and potentially off-topic... but I am also going to tie it back to real estate!  Here goes.

You said "The big banks cannot adapt fast enough and are being replaced by Fintech upstarts."  Isn't this... not the case?  To be clear, I wish that it were... but I've been pretty disappointed at how much Fintech upstarts haven't done this.  I guess you could argue that it's because of regulation that favors the established big banks... but again, it's still the case so far.  So I'm still waiting for the Fintech!  And, there are even some big bank products that are pretty good - for example, Zelle.

Real estate tie-in: I use Zillow Rental Manager and have been pretty happy with it.  Is Zillow Fintech?


I might have exaggerated the threat of the "upstarts" a bit. Also, I guess I proposed a false dichotomy where only fintech upstarts offer innovative products. 

Is PayPal an upstart or are they now a big, established financial company? They have KYC procedures and seem to be heavily regulated like a bank, and they're tied to the traditional banking system. What about Square? It is making big investments in Bitcoin.

In our terminal version of capitalism, the large corporations, through regulatory capture and monopoly trade practices, gobble up the competition. Many of the innovative companies today will probably become "features" in established companies. 

The point I was trying to make earlier is that the Brave New World that the technocrats want is much closer than people realize.

I keep thinking this sounds a bit like what commercial lenders do now. Factor in "character" in addition to DTI. Of course because this will be automated, it would have to be something *really* bad...

@Ramon E Alvarez I want to say I heard that a charge on your credit card to, say, a used tire store is a ding on your credit profile. They already know where you spend money.

Wow.  It was with great care I've prevented my Wife from seeing my browsing history other than one near-miss. 

Now I got Bank of America and Chase to contend with. 

Geez, I left Mom's basement, and now I have my own basement, and *still* I can't give freedom to my peoples. 

So what will be the strategy?  On my normal internet connection, I'll search for organic vegetables, how I myself can save the earth from Climate Change,  new ways to cook kale and arugula,  modern movies and tv shows that glorify dysfunction and violence,   on my VPN pretend there's a Bill of Rights?