In China, your credit could depend on how often you visit your parents
Few Chinese citizens have credit cards or any sort of credit history. But the country has started incorporating more credit into its economy and culture, and the government is working on a way to measure creditworthiness for both businesses and individuals. Its plan? A social credit score. The idea is akin to the American FICO system in that it's a financial record of whether you paid your bills or traffic tickets. But the Chinese government is also tracking social behaviors — like whether you jaywalk or refuse to visit your elderly parents — and it's figuring out how to incorporate those into your score. Amy Choi talked with Marketplace China correspondent Jennifer Pak about how the process for calculating social credits is taking shape. (08/20/18)
Few Chinese citizens have credit cards or any sort of credit history. But the country has started incorporating more credit into its economy and culture, and the government is working on a way to measure creditworthiness for both businesses and individuals. Its plan? A social credit score. The idea is akin to the American FICO system in that it’s a financial record of whether you paid your bills or traffic tickets. But the Chinese government is also tracking social behaviors — like whether you jaywalk or refuse to visit your elderly parents — and it’s figuring out how to incorporate those into your score. Amy Choi talked with Marketplace China correspondent Jennifer Pak about how the process for calculating social credits is taking shape. (08/20/18)
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