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Vote for Antony Antoniou

Antony Antoniou – Reform UK Northampton North
Prospective Parliamentary Candidate
(PPC) 2024 General Election


The Credit Score Industry: Uncovering the Scam


Good afternoon everyone, and I hope you’re all doing well. Today, I want to address a topic that may shock and challenge your beliefs. What if I were to tell you that the entire credit score credit reference agency industry is a scam? Yes, you heard that right. In this blog post, we will dive deep into the workings of the credit score system, uncovering its collusion with banks to keep you trapped in debt. I firmly believe that owning a home should be a fundamental right, and the fact that it has become increasingly difficult in modern Britain is an indictment against our society and government.

The Scam: Collusion with Banks:

Let’s start by examining how the credit score industry operates in collusion with banks to maintain control over our financial lives. The primary objective of this collusion is to keep individuals enslaved in debt and extract more money from them through higher interest rates. By discouraging people from paying off their debts and drawing down on their credit, the banking industry can ensure a continuous flow of profits.

The Illusion of Credit Scores:

Credit scores, the foundation of this scam, should have no place in determining one’s eligibility for a mortgage or any form of funding. They are merely an excuse for banks to charge higher rates. There is no evidence to suggest that individuals intentionally default on their mortgages, knowing they will lose their homes. People only resort to such extreme measures when they have no other choice. It is unjust that the credit score system penalizes individuals who are responsible and have the means to repay their debts.

The Homeownership Crisis:

In modern-day Britain, the dream of owning a home has become more elusive than ever. This is a direct consequence of the flawed credit score system. While some individuals who bought their homes in the 80s are now mortgage-free, the current generation faces insurmountable challenges. Despite owing an average of a quarter of a million pounds or more, they are subjected to higher interest rates, making it increasingly difficult to achieve homeownership. This disparity is an indictment of our entire society, not just the credit industry.

Mandatory Capped Indemnity Insurance:

To address the perceived higher risk associated with lower deposits (below 10 or 15 percent), I propose the introduction of mandatory Capped Indemnity insurance. This insurance would protect lenders from potential losses if the worst were to happen. However, it is crucial to note that the frequency of mortgage repossessions is minuscule (1.5 per 1,000 mortgages). The losses incurred by this small number should not justify the exorbitant interest rates imposed on the larger population.

The Manipulation of Credit Scores:

Credit scores, determined by algorithms, are prone to manipulation. The credit reference agencies, Equifax and Experian, encourage individuals to check their scores, offering credit cards and loans as a means to improve them. However, this only perpetuates the cycle of indebtedness. Paying off mortgages, loans, and credit cards promptly should be the norm, but the credit score system punishes those who do not remain perpetually in debt. Who decides these scores, and what criteria do they use? These questions remain largely unanswered.

Anti-Competitive Practices:

The credit industry is the only sector where shopping around for the best deal is penalized. Applying for multiple loans or mortgages can lead to a significant drop in your credit score. This practice limits your ability to find the most favorable terms and keeps you captive to the lenders’ exploitative practices. Such anti-competitive behaviors should not be allowed, as they restrict individuals from exercising their right to seek the best financial options available.


In conclusion, the credit score credit reference agency industry operates as a scam, colluding with banks to maintain control over our finances and keep us enslaved in debt. The current system hinders the realization of homeownership as a fundamental right. It is time for a reform that eliminates credit scores as a determining factor for mortgage applications. Let’s create a financial system that empowers individuals, rather than enslaving them.

I would love to hear your thoughts on this matter. Feel free to share your opinions, and let’s continue the conversation. Together, we can challenge the existing system and work towards a fairer and more equitable financial future.

Thank you for taking the time to read this blog post. Stay tuned for more thought-provoking content.


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