Discuss this statement Getting rid of all by Dr. Robert Murphy @Mises

Question 76 / 96: Discuss this statement: "Getting rid of all records of credit histories and credit reports would help borrowers."

Answer:

Without having access to a person's past behavior, a potential

lender might assume the worst and charge a high interest rate.

The responsible borrowers would end up being worse off, without

the ability to demonstrate their good track record.

Sample Partial Credit Answer

This would be bad because lenders rely on that information.

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https://www.jobilize.com/capitalism-the-market-economy-by-dr-robert-murphy-mises

Capitalism: The Market Economy

Access: Public Peer Review

Dr.Robert MurphyAssociated Scholar

Mises Institute

USA

Attribution: Dr. Robert P. Murphy, Lessons for the Young Economist. (Mises Institute), http://mises.org/document/6215/Lessons-for-the-Young-Economist (Accessed 04 April, 2014). License: Creative Commons BY

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