BEIJING - From penalizing irresponsible dog owners to blacklisting dissenters, critics warn China's social credit system enables authorities to define "desirable and undesirable behavior" and could allow unprecedented control of citizen's lives. The fledgling initiative has sparked fears the authoritarian state is tightening its grip on an already heavily monitored public, ensuring that only those strictly adhering to Communist Party values can prosper. The scheme, which China's State Council wants to roll out nationwide by 2020, aims to assess individual actions across society effectively standardizing conduct through rewards and deterrents. "It's a new type of totalitarian society control that allows officials unparalleled scrutiny over every minute of everyone's life," warned dissident writer Ye Du. But so far, experts say there is no unified system in place and cities and villages have different criteria for measuring good or bad behavior or "trustworthiness" as well as … [Read more...] about Confusion clouds China’s social credit system
Credit score definition economics
provided by Published 9:00 am CDT, Monday, June 17, 2019 MoneyTips Congratulations! You've just finished paying off your mortgage – probably the largest debt you'll ever have in your life. Should you expect your credit score to increase as a result? Not necessarily. Your credit score is calculated from your credit report, a history of all of your borrowing and payment activity. While your mortgage was probably a huge part of that history, it's just one part. Credit reports also consider other installment loans, your credit card payments, and any payments for non-borrowing related charges (like cable or utility bills) that have gone into collections. Every account matters and contributes to your credit score. Consider the factors that go into calculating a credit score, starting with payment history – the most influential factor. Mortgages require regular payments for a long time. With those payments removed, that's one less regular payment that proves … [Read more...] about How Paying Off Your Mortgage Affects Your Credit Score
Ryan Pulaski and Becky Tintor are eager to find a three-bedroom house in a place like Lockport, Cheektowaga or Hamburg. The couple has been living for several years with Tintor’s mother in Cheektowaga, paying a discounted rent. That’s allowed them to save money, putting about $800 a month into a bank account for a future down payment on their first home. “Once you live in an apartment, you realize your money is going to no one. It’s not going to the home,” said Tintor, a special education teacher in Buffalo. “That’s why people my age are stuck in a rut.” What stands out are their ages: Tintor is 25, while Pulaski, a diesel mechanic, is 26. Despite the image of millennials as saddled with student loan debt and preferring to live in downtown apartments in major cities, the generation is now the largest demographic group in the region Buffalo buying houses and taking out mortgages. More than 56 percent of the mortgages in the Buffalo … [Read more...] about In Buffalo Niagara, millennials are leading the homebuying charge
provided by Published 9:00 am CST, Tuesday, February 12, 2019 MoneyTips Survey Suggests Economic Overconfidence If the economy is so great and unemployment is so low, why do so many Americans live paycheck to paycheck? And why don't we seem to care? The February PYMNTS.com Financial Invisibles Report attempts to answer these questions, noting, "For three consecutive quarters, consumers have been optimistic about their financial futures – even while slipping further into debt." Results from the corresponding Q3 2018 survey suggest that we're relying too much on credit – giving us false confidence in our financial outlook. Overconfidence Rules According to the survey, 38.8% of Americans thought they were in better financial standing compared to a year ago, with 43.3% saying they were in about the same financial shape – similar numbers to the first two quarters of 2018. Meanwhile, delinquencies are on the rise. In Q3 2018, the number of consumers who … [Read more...] about Why Are So Many Of Us Living Paycheck To Paycheck?
Todd Spangler Detroit Free Press Published 6:00 AM EST Jan 25, 2019 WASHINGTON — Yes, she called the president of the United States a less-than-respectful name that got her national attention. And, yes, she thinks boycotting Israel in the name of helping Palestinians gain better living conditions is protected by the First Amendment. She’s aware that hundreds of thousands of people have signed a petition for her own impeachment — and that’s just in the mere three weeks since she was sworn into Congress. But none of this is what U.S. Rep. Rashida Tlaib wants to talk about. She wants to talk about car insurance. “My district has some of the highest car insurance rates in the country,” Tlaib said, launching into a gripe well known to anyone who lives in Detroit about costs and the fact that credit scores are used to help set insurance rates, which can hurt people with limited finances or bad credit. “One of the … [Read more...] about Rashida Tlaib’s had quite the month; here’s what’s next