- Centurion Member
- Posts: 416
- Joined: Sat Apr 26, 2008 9:12 pm
- Location: the edge of the world
In this country creditors cannot discriminate on the basis of sex, marital status, religion, race, religion, and age. The Consumer Protection Act as well as many other piece of legislation protect this. That is not to say, of course, that it isn't possible for this to be covertly done anyway. Your age is recorded on your credit file.
One way around this dilemma would be adding a new criteria to credit which would include your net worth or value of assets. In doing so, creditors could gauge the ability of anyone to pay back debt, young or old, depending on their assets. I would imagine most Americans would sadly not know how to calculate this. They would include the value of their house or other property, but forget to subtract their other debts. This is exactly why a central database which recorded a person’s cumulative debt would be valuable to creditors.