Nobody should be denied a home, car or anything of that sort based on credit. Everyone deserves a roof over their head, everyone deserves a 2nd chance. Nobody should have to worry if they will be able to get to the grocery store, health appointments, jobs and the like. Getting rid of credit checks has the ability to help a lot of struggling people.
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If you get rid of credit checks, how would lenders be able to determine the likelihood of whether someone will pay them what they’ve been loaned?
This means you would have 20% interest rates. That way banks can make up for all the 500 credit score people who default.