alt Hacker NewsCredit reporting is better in some ways than alternative systems of “vouching” for someone.
It’s not better in all ways, of course, but the alternative is not “everyone gets cheap credit extended to them” but rather “people who rich people know and trust get cheap credit extended to them, some others get more expensive credit, and some get no credit extended”. It’s not obvious to me that that’s better.
We definitely are already in the second regime. The credit rating industry just makes sure the bottom 99% of the decision making also happens in secret.