Itâ€™s common knowledge that China is one of the high flying technology superpowers on the planet, so it will come as no surprise that they are ahead of the Social Scoring game. China use a Social Credit System (SCS) which produces ratings by linking up personal data.
Banks, e-commerce sites and social networks assist in supplying the data, which helps identify a personâ€™s credit score, as well as any risks that may be of interest to employers, landlords and even romantic partners!
Where you go, what you buy, who you know, how many points are on your driving licence: these are just a few of the details that the Chinese government will track â€“ to give scores to its entire population. This â€œmega-systemâ€ can also collate information concerning an individualâ€™s risk, not just financial ones such as non-compliance with contracts, insincerity in selling goods, or failing to comply with safety standards
But now, the western world is showing its hand.
Like in China, people who live in the West are being tracked and ranked all the time. For now, though, this is serving commercial interests rather than those of the Government or State.
Like Chinaâ€™s Social Credit System (SCS), the majority of Social Scoring systems will come up with these ratings by using complex algorithms in conjunction with data acquisition. US tech giants like Google, Facebook and Amazon hold huge swathes of data, far more than is apparent to most of their users.
The social scoring system provides a platform to indicate an individualâ€™s credit risk, for example, and can also be used by potential landlords, employers and even romantic partners to gauge an individualâ€™s character!
This additional scoring platform may serve to benefit individuals, who apply for credit for example, as lenders are presented with a set of social scoring statistics in addition to their financial credit scoring. For example, Social lending companies like Upstart base their loan decisions on social media data, as well as traditional credit scores.
Quint Groupâ€™s Credit Angel service provides its customers with the ability to take control of their social scoring, gain insight into how they can improve it and how to reap the benefits. Being the first Credit Scoring Service to include Social Scoring as part of its product offering, Customers can control every aspect of their risk rating, both from a financial and social aspect.
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