Car-Altruistic

So you're offering a free service to collect people's private information to resell it or offer them premium services they don't need (which is TurboTax's model).

The question, how is your service profitable or breaking even (and if the latter, why is it not a non-profit). I can open a credit card, spend it, you won't report me, that's awesome, I'll open one today. Or you are lying and you are just another "0% APR until you stop paying, then we jack up your rates".

So you're still making a credit score, just not the one everyone else uses and hoping people join in for whatever reason. Your earlier comments were about the abolishing of credit ratings completely and going for an alternative.

Everybody starts without a credit history, banks could never have new customers otherwise. Based on that fact, your algorithm is targeting people with poor credit histories that the classic systems have calculated as being too risky and hoping/calculating that the way you do it may improve their situation.

I like the approach, it's basically an education for people that can't manage money by not unduly punishing them but simply blocking access to funds. And as you scale you hope to attract safe customers to offset the losses. Basically the way banking was done before computers and credit cards and the fed came along.

But ANY bank or local credit union will give you a $300 limit credit card, a car loan and a few other products and as long as you pay it, your credit rating will get built. Otherwise, nobody would be able to build credit, ever, any 18yo getting out of school needs to start somewhere.

This service is offering to do away with credit ratings completely, so reporting to a credit agency or offering to build credit, when their whole goal is to get rid of the system, sounds hypocritical.

They haven't, there are plenty of predatory banks that are willing to give you credit.

Sears has gone out of business, but how many stores still offer you zero credit check instant credit cards?

It seems to me more like a pyrrhic victory, by the time you get an exemption, the technology has long since passed its relevance, sure you can get future wins on the basis, but it is always 20 years late.

The obvious win would be to fight for the outright abolishment of DMCA and return to a 5 year copyright statute.