Everything will have a Yelp review. And if you're a worker, there will be like credit scores. There already are to some extent. How reliable are you? How many jobs have you had? Have there been lawsuits filed against you? How many traffic tickets?
Consumers going through foreclosure typically will see their credit scores drop, raising longer-term questions about their ability to rebound financially and perhaps pursue a more sustainable home purchase at some later point.
Millions of Americans have bad credit because of mistakes from credit agencies, and it can ruin lives, stopping people from getting a job or owning a home or car.
Because these credit agencies operate in the dark, they are allowed to be terribly unfair and unaccountable.
I don't know about you, but where I went to school, Money Management 101 wasn't offered. Instead we learned about the War of 1812, which of course is something I use every single day.
As befits Silicon Valley, 'big data' is mostly big hype, but there is one possibility with genuine potential: that it might one day bring loans - and credit histories - to millions of people who currently lack access to them.
Even if we grade on a very generous curve, many Americans flunk when it comes to financial literacy.
I say all the time I think there should be some courses in the regular schooling system that isn't, even like about credit, things that matter later in life. I learned the harder way: 'Look, I got a $500 credit card in the mail, let's go shopping!'
