Why your credit score is low | Marco Blocher | TEDxGeneva

Unknown to most citizens, credit reference agencies secretly collect vast amounts of personal data on individuals and calculate so-called credit scores based on this information. In the majority of cases, these scores are based solely on general data such as age, gender and current of past addresses connected with statistical information. This can lead to situations where people are denied access to necessities such as housing, telecommunication services or energy or to loans - for example because they happen to life at the “wrong place”. In his talk, Marco Blocher will outline how the opaque surveillance capitalistic practices of credit reference agencies cement and amplify existing social inequalities and are at odds with the European data protection framework but also how civil society has started to push back their invasive conduct.
Marco Blocher is an Austrian lawyer working at noyb - European Center for Digital Rights, a Vienna-based not-for-profit organisation focused on strategic litigation against large-scale violations of European data protection law by private entities. This regards known players such U.S. based big Tech, but also companies less known to the public - such as address publishers and credit reference agencies. Before joining noyb, Marco used to work in an Austrian credit reference, learning first-hand the often-cynical positions of this sector in terms of data protection. Marco frequently writes articles for Austrian and German legal journals and is co-founder of the DPMC, an international moot court competition on the GDPR.
This talk was given at a TEDx event using the TED conference format but independently organized by a local community. Learn more at www.ted.com/tedx

[@hannesRSA]

Our credit rating agencies had an incorrect missed payment record for me. There was NO WAY to get it corrected - credit agency and bank blamed each other and didn't care. There's NO WAY to opt out of the credit record either. These credit agencies basically have a free license to make money with zero obligations.

[@rera1386]

Try Dovly my girl and I have used it and it’s helped us

[@miss.phyllisreneefoster9547]

Thank You for this TEDX Talk and KZbin Video, thank you. I like❤ Lawyers that truly truly help Peoples Thank You.

[@Razorman75]

A truly great speech. But, I guess, the main idea is like 10 years late or smth. The problem of personal data operation will never be fixed since you cannot delete anything that once got diditally recorded somewhere

[@jhanavkant3038]

Credit agencies has the same master who is master of Financial Systems. So, common will continue to suffer because it serves master's purpose

[@Jonok]

Nice lyrics from Iron Maiden

[@littletoe8408]

You mean Isreal right? When you say masters I mean

[@jhanavkant3038]

@@littletoe8408 no not at all. They are joker. Masters are in America......

[@littletoe8408]

@@jhanavkant3038 what masters would that be? 70% of the goverment and those that control the national media of USA are either 100% Isreali or have a dual citizenship with them. Why does our president have a dual citizenship if they are not the true masters??

[@AvecPoesie]

Quite fascinating.

[@IronX77]

Thanks for sharing this!

[@celestialcircledance]

It's very scary but if it happened to me I wouldn't have the time or sophistication to be able to get to the bottom of it of my on my own as he is proposing . There really needs to be agencies to advocate for ordinary citizens and help us navigate a very complicated system .

[@bukurie6861]

Thank you!Interesting talk❤

[@havefaith4358]

Thank you. Sir! I wonder if I’ll ever see you on the mass media. 🙏🏽

[@FarbotBurunetNia]

Thank you.

[@Bhaiyaaaji]

Thanks ❤️

[@MaheshYadav-hk4io]

thanks

[@nitinchauhanp]

No one is personally known to another means of knowledge must have a border line in this scenario data collection is not bad but who it is shared with must be strictly managed. For an individual it is difficult but for the government it is not. A policy in this regard must be framed to protect people from doing something reckless.

[@diemtuatinhthan98]

Thanks for sharing your credit

[@user-fv2mz1iz1f]

Sprb

[@nun-chan9433]

I'm an intermediate English learner. I watch TEDx video often. Would you mind if I ask you a question? timing = 3:12. 'men over status than women and people living in urban areas are worse better than the rural counterparts.' In this sentence the phrase 'worse better than' would be opaque for me, can't grasp 'bad or good', It'd be appropriate to express 'worse less than', I suppose.

[@CharleneCTX]

It's not "worse better than"; it's "worse debtors than". The phrase is a little difficult to understand with his accent.

[@nun-chan9433]

@@CharleneCTX 様. I appreciate your polite reply comment. At this time I can't grasp it clealy yet, perhaps I can comprehend it over time, I hope.

[@erikaerika7788]

😮 did not learn anything,,,, mycredit score is 830,, 😮😮😮😮 i ampoor too ,,,,dont get it

[@havefaith4358]

It’s done by design. I have 749 or so on a few cards. Then there’s one score, 649, ain’t behind, don’t miss, pay twice a month sometimes………I don’t know what else to say, go figure.

[@HShango]

I don't even bother looking at mine

[@michele2566]

Me either

[@user-mj2lm5fh1j]

Rules are simple: Don't take loan.

[@stephanguitar9778]

My credit score is low because I've always saved. Paid off a house but no other loans ever. Can't get a credit card, can't hire a car.

[@Commander6444]

I guarantee there are credit cards out there you can get. I had zero issues walking into a bank at age 18 with no credit history and getting approved for a $1k limit Visa card on the spot. If one financial institution won't approve you, go find one that will. If you want the surest path, retailers hand out their credit cards like candy. Sure, the interest rates on those card usually aren't fantastic, but that doesn't matter, because you're going to pay the balance off every cycle. A year of that, and boom, you've got good credit history and your headaches go away.

[@hannesRSA]

Yes you can get CC. I never had a "current account" and was told my banks I need one (rather than a cheaper savings account) to build a credit record. Not needed.

[@anaesperanzamesajimenez4288]

❤me beije, me beije muito como se fosse a última vez

[@mammalolitta6161]

👍👍👍👍👍🌹🌹🌹🌹🌹

[@haydenswanson6211]

Credit is low because you don't have enough goypoints

[@xensonar9652]

What are goy points?

[@wandabernardini4837]

Ma parlate in italiano! Se non ci riuscite, scrivetelo sotto!

[@user-ov5nd1fb7s]

Being eligible for a credit is not a right. Credits come from private money. No one is obligated to give you a loan. And the criteria for giving loans can be arbitrary for a reason. In a free society, the government can't tell you to whom you can give your money and whom you can't.

[@davidioanhedges]

The government can tell you that you can't discriminate against a person for their gender, race, skin colour ... etc .. The UK insurance industry used to charge women different insurance values than men... until it was banned

[@hannesRSA]

That's fine. But why can't someone opt out of credit rating agency data collection? It's then up to them to find a lender to give them a loan based on other criteria (bank statement, assets, employment records).

[@chelseashurmantine8153]

This is a United States problem

[@havefaith4358]

Crooked, their companies are located where they can get away with a lot of financial scruples and then do the consumer in.

[@Vertina_174]

Second idk why i wrote this

[@jimdavis6833]

It's simple, pay on time, and be responsible. When you make $60,000 a year, don't try to live like you make $120,000. My credit score is 830 because I live within my means.

[@hannesRSA]

Mine was bad because of a system error. Have paid off all my loans early. Down with credit agencies.

[@gregpendrey6711]

Superiority Dance

[@josephd.5524]

Everyone in the West mocks China's social credit, but goddamn don't we just love our version.

[@EskiLdn]

Credit score is about how much you can be trusted to pay off borrowed money. Without a credit score you can just scam money.

[@partlysunnydk]

@@EskiLdn Our credit system is illegal the three credit systems that keep track of your data/ life is just a Corporation and business pretending to be official like the federal reserve. They help the banks print non existing money on paper to people then charge high interest and penalties on pretend money.

[@hannesRSA]

Don't love it at all. Luckily it has minimal impact (you might be negatively impacted when trying to borrow money only).

[@EskiLdn]

@@partlysunnydk yea people whos bad with money really hate credit scores lol

[@partlysunnydk]

Your Dog can get a credit card big guy. lol @@EskiLdn