Credit Scoring system is a big scam

Credit scoring system is developed to confined people in a boundary of behavior for their entire life - specially to protect the Wall Street's big corporations.

Also the system is inherently incorrect - here is some of the reason behind my allegations -

1. Why the credit scoring system considers only the balance and payment history rather than the other factors - like your income, age, overall spending, and other life factors that impacts the person's financial decisions

2. It says if your account is older than 40 years or more than it's considered as good history - why the hell I need any credit worthiness at my 60 years? This is to scare people that you should pay corporations some sort of interests in your entire life (40 years is your entire life, right?) and they'll hand you over a great credit report to your grave!

3. Even though you're standing good for few years but only misses couple of payments, due to any reason, they'll plunge your score down - this doesn't reward for your long history of payment but punish for your single mistake - crap!

4. They punish you if you look for affordable credit or do shop around for better rate within a short (?) period of time (for them it's 12 months!) then they'll again punish you by drastically lowering your score. The justification for the lowering of score is that they're not sure whether I'm in a bad shape financially. Why the hell you always get the benefit of doubts.

Occupy Wallstreet is right - the entire system is designed to safeguard 1% from the rest 99% - it took a long period for America to wake up