THE END OF CREDIT SCORES | Major Changes Explained

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Recently, there is a push to end the current credit scoring system, and to create a new credit score based on different criteria – here’s what this means for you – Enjoy! Add me on Instagram: GPStephan

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Why the new plan wants to get rid of the current credit score:

First, the 3 big credit scoring agencies: Experian, Equifax, and Transunion – are all privately held, FOR PROFIT corporations – that gather data, and then develop their own, independent algorithms to predict how likely YOU are to re-pay a loan.

SECOND, the current credit scoring system is often HIGHLY INACCURATE – and it’s difficult to correct false information. In fact, according to the FTC, 20% of ALL people have at least 1 error on their credit report….and those errors have the potential to lower your credit score, hurt your ability to get a new line of credit, and cost you a higher interest rate.

THREE: The current credit scoring model leaves a LARGE PORTION of the population “credit invisible.”
That’s why 20% of the US Population falls into the “invisible” category, where they don’t have a credit score, simply because they’ve never needed credit to begin with.

FOUR – The Credit Scoring Model contradicts itself…a LOT.

Here’s just a few examples:
-If you want a good credit score, you’re REWARDED for having higher credit limits, along with the ability to take on even MORE DEBT, because THAT is how you establish your payment history.

-You’re also REWARDED for keeping your accounts open AS LONG AS POSSIBLE, even if you don’t use those accounts – otherwise, the average length of your account history will drop, which then lowers your score.

-You’re ALSO REWARDED if you take on different TYPES of loans, like credit cards, auto loans, mortgages, and leases – because then, lenders see that you can responsibly handle multiple types of debt…and that’s GOOD!

-But, you can also get PENALIZED for opening up TOO many credit lines, too fast…because that shows up as a hard inquiry on you report, and that’s BAD.

AND FIFTH – they say that the credit scoring system excludes too many people.
Since credit scores reward extensive credit history – younger borrowers suffer from lower credit scores, and higher interest rates – just because they aren’t old enough to have build up a proper profile. Lower income applicants are also 8x more likely to lack credit history, because they’re more likely to rent, and rent payments don’t show up on a credit report, which means they have a lower credit score, which means they’re charged a higher interest rate…which means, they have less money left over, and the cycle continues.

So, now – the SOLUTION being proposed is creating a NEW, MORE FAIR SYSTEM that would work like this:

They want to create a publicly run Credit Reporting Agency within the Consumer Financial Protection Bureau that would eventually replace the current for-profit credit system, with a NEUTRAL, NONPROFIT PUBLIC entity.

As they say, it would deliver transparent scoring, provide greater data security and offer a publicly accountable way to resolve disputes. They would also CAP the interest rate no higher than 36%, clean up debt collection practices, and even potentially – discharge student loans in bankruptcy.

Things like bank account data, rental payments, and utility payments would also be a factor in determining a credit score, and negative information would fall off after 4 years, instead of the 7 it is now.

If you already have a good credit score – just continue to pay your rent and utilities on time…and you’ll be fine. And if you’ve got a BAD credit score…then you should continue paying your rent and utilities on time.

For business or one-on-one real estate investing/real estate agent consulting inquiries, you can reach me at

*Some of the links and other products that appear on this video are from companies which Graham Stephan will earn an affiliate commission or referral bonus. Graham Stephan is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available.

この記事を書いている人 - WRITER -


  1. Avatar Tz Ez says:

    screw credit

  2. Avatar KDS says:

    An obvious strategic maneuver to move us one step closer to mirror Chinese social credit score…SMH

  3. Avatar RSiWORKS says:

    “What’s up Graham it’s guys here?” lol

  4. Avatar Rock Hard says:

    The devil system will go down!

  5. Avatar Lisa Grace says:

    Yeah, it’s easier to correct false information about you held by the government–said no one. If you believe the government will do better–I still have an invisible purple unicorn available for sale for only $10,000.

  6. Avatar Lockbeard says:

    Will the governments Credit score set the standard by which I can can get loan? Man we gonna live like Kings.
    Nah. So they want to make it Communistic.

  7. Avatar Eddie Miller says:

    Best thing is to get out of debt and don’t borrow ever again. If you want something make the money first and pay up when buying. No credit needed. Thank you

  8. Avatar Maucos Rudon says:

    “What’s up gram it’s guys here”😭

  9. Avatar Michael Kingswood says:

    If you actually believe that a government agency would be transparent, more efficient, secure, and not used to punish enemies of whichever political regime is in power at the time, I’ve got a bridge to sell you.

    This is a horrible idea.

  10. Avatar 123 ABC says:

    So if I chose not to take out a student loan do I get paid the same money as people who did? Or can I just go into massive debt and be rewarded with having it waived? What’s the point in being financially responsible then.

  11. Avatar Kalamari says:

    If your credit score actually cared about you paying your “bills” on time, it would include your rent, electric, phone, internet, and all other common bills and not just debt related bills

    • Avatar D J says:

      I’ve been using Experian.. they apply “boosts” to your credit score. So they search your bank account for anything you pay monthly & it adds it as if it were a credit card, loan etc

      So far my electric, gas, and cell bill are added. You can stop it at any time.

    • Avatar chkngrl says:

      @D J so you give an unscrupulous company full access to your banking account. Good choice. Also that boost only goes with reoccurring payments made with your checking account, I tend to pay my utilities on my credit cards to show usage and then pay off the credit card so their program wouldn’t give me any bonus for years of paying bills on time. If they really wanted it to work they would allow you to link your utility companies not your banking info. It’s simply data collecting.

  12. Avatar Mayra says:

    Im interested in learning more about this moving forward

  13. Avatar IIISW ILIII says:

    Or you can just refuse to play this stupid game, opt out, and adopt cryptocurrency moving forward

  14. Avatar Elije Burge says:

    another government agency to weaponize..Oh goody

  15. Avatar PantherOooomooo One says:

    “Government run” anything turns into the DMV. Human beings are not perfect, and so our institutions reflect that; but there is hardly an institution more dangerous, more incompetent, and more oppressive, than the Government. Imagine the credit score system that oppresses the Chinese people, and behold the grubby fingers of the Statists in this country, inching their way towards that very same system, grabbing whatever power they can over the private lives of the citizenry. I do not trust the government with total power over my credit score. I don’t trust sleepy creepy Joe, or Alexandria Ocasio Smollet, or any Marxist they might appoint, to run a hotdog stand or to be the town dogcatcher.

  16. Avatar Nikola Jevtic says:

    The problem with credit scores is that credit agencies got hacked and leaked all credit data themselves, so identity thieves are limited by only how much time they want to devote to committing new fraud vs living the high life. And dealing with identity theft is extremely difficult and time consuming if you are a victim. Good riddance to the credit agencies.

  17. Avatar Mike Ock says:

    oof.. watch them include a “social credit score” system like china. Social Justice : +1000 points

  18. Avatar Richard Chappell says:

    There’s no possibility for a non-biased system, but a change is necessary. Adding rent and utility payments, easier repair, and shorter terms would be helpful. It would be nce to see credit scores outlawed for certain applications – such as insurance or jobs (with exceptions being those responsible for mananging finances). When I was in the USAF, I had no client, and getting insurance was incredibly difficult, and it hurt me on job searches when I got out.

  19. Avatar bobby lee says:

    publicly run system…….. yeah, that will go well like every other government institution.

  20. Avatar Joshua Woods says:


  21. Avatar Surge P says:

    Aka they want to nationalize credit. The goverment running credit what could go wrong?

  22. Avatar Matt Duncan says:

    Does the government do anything well besides kill people? Just look at history. This would be a massive power grab allowing the government to pick and choose who has access to money.

    And of course, the government never abuses power right?

    Government protecting your data? Don’t you remember the recent breach in the most critical national security software.

    This is just a social credit score of communistic proportions. Just look at China.

    When social security started the government promised it wouldn’t be used to track people. You can find the original black and white tv ads about this on YouTube. Now look at how your ss# is used.

    Don’t be stupid Graham.

  23. Avatar jamesatoms says:

    Wow sounds like an opportunity to implement a China style social credit system so we can be financially docked if we don’t comply with the NEW NORMAL.
    😀 yay!

  24. Avatar KY LE says:

    sounds great lets do it

  25. Avatar Joe Barcelona says:

    Usury is the problem? Hello? Why do certain individuals get money for nothing, and then charge others EGREGIOUS interest for it? Do the bankers need all that money for hookers and blow? Credit Score = Brainwash Index?

  26. Avatar 100 Chickens & 6 Goats says:

    Social credit scores.

  27. Avatar Manny Rodriguez says:


  28. Avatar B A L L E R says:

    This will never happen

  29. Avatar Another Watchwoman says:

    CCP social credit score coming soon

  30. Avatar John Wagz says:

    I’ll just keep it to not needing credit

  31. Avatar BlackLightAura says:

    Rent on credit would be a double edged sword with so many people losing work from this pandemic I feel.

  32. Avatar Ryan Counterman says:

    Having the government control my credit through bureaucratic entities like the DMV sounds like a swell idea, I can’t wait for this extremely efficient change to take effect in the future. Very informative Graham!

  33. Avatar Joseph Wilson says:

    This makes it harder for the poor man to have good credit

  34. Avatar Philip Heart says:

    Well, the worst data/privacy breaches I’ve experienced were thanks to government and the worst discrimination that I’ve experienced was by government.

  35. Avatar Kevin Noyes says:

    Education doesn’t work for the banks. Transparency doesn’t work for the banks. They’d never make a penny if everyone woke up to what was really going on.

  36. Avatar David Richardson says:

    Govt run credit scores. They will look at your social media. Communism

  37. Avatar Michael Best says:

    A credit score ONLY means you QUALIFY for more CREDIT / DEBT ! Think about it……..!

    • Avatar O. Bestman says:

      This correct, but you can’t build wealth without it. Many people have leveraged their debt to build business and buy real estate. Without leverage people can only rent and make predatory car payments to drive to dead end jobs.

  38. Avatar Vanity.Luxe says:

    This is just then trying to coverup the social credit system they want to implement

  39. Avatar John Smith says:

    I clicked on this video just to down vote it. That’s how much I hate your video thumbnail.

  40. Avatar Jim Klersy says:

    Great content. Too many ads. Way. Too. Many. Adds.

  41. Avatar Vanity.Luxe says:

    Also I’m not okay with algorithms just changing all the time. the current credit system is definitely flawed but it’s the same. How can people build their lives if the requirements and the finish line is always changing to fit the next agenda. Everything shouldn’t be ran by an algorithm why can’t they simply just create a new set of rules and guidelines without mining our data to obsess over how we think and live our lives. They will just use this to find ways to further drive a class divide.

  42. Avatar James D3 says:

    This is proof that credit scores are a scam and a fraud. It’s almost impossible to dispute incorrect information.

  43. Avatar Jman says:

    The same as CHINA the SOCIAL CREDIT score. We are modeling China now … WTF 👎👎👎

  44. Avatar Austin Miles says:

    False advertising

  45. Avatar Austin Miles says:

    Bait and switch

  46. Avatar Austin Miles says:

    Where is the first stock , nevermind the second

  47. Avatar cameron meadows says:

    wait remember when the Chinese govt insitituted a credit score system on there citizens.

  48. Avatar Rusty shackleford says:

    They want social credit score like China. They want to ban gasoline engines. The perris climate agreement act. California and UK is banning gas cars. While children mine cobalt to make batteries. With no EPA. No laws. They can shut the power off like texas. Kill millions take guns. Now you are without a car. Wake up.

  49. Avatar Luke Saucewalker says:

    Damn, what would happen to these companies?

  50. Avatar Tracy Bishop says:

    But the government need not know one’s financials. This will only lead to tyranny.

  51. Avatar Justin Hoppe says:

    Just me over here…23 having filed bankruptcy with still 40000 in student loans. Imma be pissed if this passes cause I wouldn’t get my loans taken off…

  52. Avatar La Verdad Buscador says:

    If someone isn’t paying their rent on time they have much bigger issues than worrying about their credit score.

  53. Avatar Jackie Inskeep Gangi says:

    Welcome to government social scoring… Sounds like China.

  54. Avatar Ken Johnson says:

    So credit scores make as much sense as running a business where we are expected to not make any money, lose money, waste money, buy supplies in December we don’t need, invoice Dec. in Jan. to reduce gross income, buy new vehicles when the old ones are fine because we made too much money, so we need a tax write off. So in business we want to lose money, but when we need credit we want to show we made money. The USA is nuts.

  55. Avatar Riz P says:

    Thank you for this!

  56. Avatar Erin Burr says:

    That invisible credit problem was what I ran into when I tried to buy my first car. Partner that with a parent with zero financial knowledge (who had to co-sign the loan so I could get the car) and I walked away with the worst ever in history interest rate on a junk car from some sketchy dealership. I basically bought 1 1/2 cars buy the time I paid off the car. Lessons were learned.

  57. Avatar John Jernigan says:

    So I wonder why if this is why Experian boost was created? This actually considers utilities and phone bills and such

  58. Avatar Frank Chavez says:

    OK sounded like a good idea until you said the Gov’t would take over. I’m not sure if you’ve noticed but EVERYTHING our Gov’t gets involved is always mismanaged or fails. The problem is that instead of closing the program, whatever it is, when not working they just throw money, our money, at it and hope it will work out. So again sounds like a good idea as long as the gov’t stays out of it.

  59. Avatar James Bond says:

    It’s the credit score the CCP uses . Look it up

  60. Avatar Jorge Lancaster says:

    Sounds like the fed is looking for a new generation of debt holders since most Americans are currently tapped out with credit card debt, student loan debt, and medical debt.

  61. Avatar Derek Mentzer says:

    What’s up Graham, it’s guys here 🙂 Great video, thanks as always!

  62. Avatar Derek Mentzer says:

    So now the Federal government will have all American’s financial information? Be wary anytime you hear “We’re from the government, we’re here to help”… I’ll take the imperfect private system and push for reforms. I spent 2.5 decades in the federal government — we need less, not more.

  63. Avatar Jeff Owen says:

    I agree that the current system isn’t perfect and definitely needs to be fixed.

    But I don’t want anything run by the government in anyway shape or form. Doesn’t matter how many “goods” there. There’s not business/organization that the government has run that would be considered successful. And if the government does take control of this then they block anyone they don’t want to have credit. Also another notch closer to socialism.

  64. Avatar Victor Garcia says:

    so with all this blah blah the government is going to run credit scoring. Right like the government is efficient.

  65. Avatar clubware says:

    Oh yes! Let’s have a centrally government controlled system that decides who can borrow money! Just like China! If you don’t suck up to the bureaucrats then you can’t borrow money. Who will that affect most? The rich? Nah. It will affect the little guy who has nowhere else to go. No competition means no choice but to do as the overlords say. So let’s just throw the whole system out instead of making a few adjustments and turn total control over to the most trustworthy people in the world – a bunch of politicians. Here here!

  66. Avatar Mr. Take Things Too Seriously says:

    Will it stop people from inheriting credit scores?

  67. Avatar Del Jacobs says:

    More of BIG BROTHER in your life! No thanks! I mean what could go wrong!

  68. Avatar Eric Damon says:

    Thank you for the great advice and I love your energy! Yes, since pandemic actually made me slow down from working so much and focus more on my persona business. My credit is terrible due to personal situations and neglecting my bills to help my daughter pay for law school. It is my turn! I have been three credit cards and have one more to pay. I have a collections for a medical bill and I am grateful that you mentioned to give them a call and ask for a deletion letter. My main problem are the student loans. The pandemic saved me from having my check garnished from student loans. Long story cut short, Legitrepairs. Org came to my rescue when needed, I saw some reviews from some women about them online and I went straight to their website to make a request, I’m glad I did cus they delivered at speculated time and all derogatory items in my reports was removed permanently, I am sitting on the 800 score today, thanks guys

  69. Avatar Obinna Blue says:

    am i the only one who noticed him saying what’s up gram it’s guys????

  70. Avatar Patrick Maloney says:

    New system to be based on feelings, no doubt.

  71. Avatar Eyes of a Gemini says:

    If they wanted us to know the game, the U.S. would have all this info implemented into there miseducation systems.
    You must research everything for, “knowing is only half the battle.”
    From G.I. Joe.
    Learned that early on from a sat. morning cartoon.

  72. Avatar tien lai says:

    I just found this channel and i love it. I was 127k in debt (+12k in medical debt) with two B.S’s and a M.S. I’m working two jobs (clinical analyst and tutor and make $55k gross) and live with roommate to save money. I only leave my house to work and grocery shop. I’ve cut out all hobbies and friends and literally sit in my room with the lights off when I have down time. I feel hopeless sometimes. I didn’t know how to pay off this huge debt as it affected my scores and made me desperate. I found a recommendation about using 850clubllc to fix credit and clear debts , I contacted them and they definitely cleared every single penny i owed. my scores are at 780 now, my application for a new house was grated. i’m so happy right now. thank you so much LEGITREPAIRS•ORG🙏🏻

  73. Avatar nancyasalinas says:

    I did it for the baby Koala 🐨 😂 👍🏼

  74. Avatar Lori Crabtree says:

    The amount of spam ads in the comment section is insane.

  75. Avatar Dane Coller says:

    Wonder when people are going to start calling credit racist or offensive or even better oppressive lol

  76. Avatar dothemath says:

    This is the beginning of controlling us and it will include our political beliefs and free speech.

  77. Avatar Marvelous Opinion says:

    Let’s just hope that this doesn’t turn into a social credit score…

  78. Avatar Elbeestevens says:

    Blockchain solves all of these problems.

  79. Avatar Patricia Vrtis says:

    Thank you !!!

  80. Avatar Amar Hassan says:

    This guy is hilarious lmaoo “what’s up graham, it’s guys here”

  81. Avatar Yes Please says:

    All I heard when he got finished saying, “that was a mouth full” about the new proposed credit score method was, “ughhh more centralization through government aka, fuckingggg communism/authoritarianism”… for real though

  82. Avatar Joseph Foltz says:

    This guy does not say one sentence that he doesn’t illustrate with his hands lol.

  83. Avatar Pisces Traits- Rule 373 says:

    Play 047 in your local lottery including Canada – Great Luck Worldwide

  84. Avatar Ether says:

    The security part is laughable. The govt always uses private companies.

  85. Avatar Massive37 says:

    Biden to the rescue!!!! 😂🤣😂😅

  86. Avatar Paul Dean says:

    All of these proposals could be achieved via regulation without the need for a government department to run this.

  87. Avatar Wesley Williams says:

    I propose legislation that says if you are going to report negative credit history you should also have to report positive credit history. My electric company won’t report anything if I pay on time without fail for 10 years but if I move and don’t pay the last $30 I didn’t know I owed after 30 days they will sure as hell report that.

  88. Avatar Manny Bruce says:

    Including utilities payments to affect credit scores will hurt more people credit than help . Many people will sometimes miss a utility payment by mistake or because they needed the money that month but if it’s going to count towards payment habits then this will make attaining and maintaining a good credit score even more stringent . This is a bad ideal that is being sold as a benefit to the people . Credit scores should only be affected by the repayment of money borrowed and not on payment of services rendered . To have credit scores affected by both just makes it twice as hard to attain and to keep good credit and not easier.
    Besides , I don’t want a creep landlord whom I stopped rent payments to due to non repairs being able to threaten me with screwing up my credit . Too much of a life affecting power for landlords to have over their tenants . All landlords aren’t scrupulous people . A very troublesome proposal . Smh

  89. Avatar Ricket Dykes says:

    The rent and bills will hurt the poor who have issues meeting on time payments.Looks like Biden is attacking the poor if this passes.

  90. Avatar Gerald says:

    A lot of spam in these comments lol. Great video as always 👍🏾

  91. Avatar ladytracy46 says:

    And then if you pay debt off your score drops smh

  92. Avatar B D says:

    Dude shut up and get to the point

  93. Avatar Tina Hernandez says:

    Everything the government touches turns to 💩. Too much government control is a really bad thing. Look at when the government got into the healthcare business. It raised the healthcare costs 400% or more and people could not afford their insulin. The quality of care declined and it was really really bad for most Americans. This centralized control might make it so people can not get credit. They are always talking about social justice. Maybe white people will face discrimination based upon their skin color and this will affect their credit score. We don’t know but joe Biden already admitted that skin color is going to determine who gets help with covid19 related government assistance so I am not optimistic about anything that comes out from this administration

  94. Avatar Nick Edwards says:

    I don’t trust the government. They can’t do anything correctly. It will be a colossal disaster.

  95. Avatar Konsento 25 says:

    It definitely needs to change. How come you can pay rent on time for years, then when you try to move and rent at another place, they give you a bad price based on your credit score…and not on the fact that you’ve been paying rent for years on time just fine.

  96. Avatar Kevin Conley says:

    Chinese social scoring here we come

  97. Avatar Neu1% says:

    He totally did

  98. Avatar Saul says:

    U sneaky bastard XD. Loved the first bit about dropping a like. 🙂

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