Sure, "credit" was established 3000 years ago. Banknotes were used as far back as the 1300's. The first credit card was issued in 1951. But credit REPORTING has NOT been around longer than SSN's. And the complaint about 'requiring SSN for credit' really evolves around the reporting, not the trading of goods/services for 1/3 cash and a 2/3 bill of exhange. Even more important, there was no such thing as 'instant' or 'easy' credit during and before the time period you are referring to. And it took a hell of a lot longer to obtain a mortgage to buy a house BEFORE credit reporting that AFTER. John Shimmer Millennium Credit Building Strategies Home of the Ultimate Creditor/CRA List www.millcbs.com
Just because YOU ended up being a good risk is immaterial. You didn't quote the facts concerning the chances that Citibank, Providian, Texaco and Macy's took with other people and got hammered because those people where NOT good risks (failed to pay, filed BK, etc.). Expecting a creditor to extend a line of credit or a mortgage while LIMITING their ability to accurately identify WHO YOU REALLY ARE or what your REAL repayment habits are is ridiculous. If you think it would HELP lenders extend credit by making it HARDER to authenticate potential borrowers AND their repayment patterns, I have this to say to you: Hi! My name is John (as far as you know). I am a good credit risk (you have nothing else to go on buy my word and my signature). Will you please lend me $250k? Yea. Right. John Shimmer Millennium Credit Building Strategies Home of the Ultimate Creditor/CRA List www.millcbs.com
