Reposting my comment from below.

The “social credit system” was made to hold financial and privately-run institutions to account, and prevent companies and organizations from committing fraud and polluting the environment. Even US capitalist mouthpieces like foreign policy agree with this.

The government does assign universal social credit codes to companies and organizations, which they use as an ID number for registration, tax payments, and other activities, while all individuals have a national ID number. The existing social credit blacklists use these numbers, as do almost all activities in China. But these codes are not scores or rankings. Enterprises and professionals in various sectors may be graded or ranked, sometimes by industry associations, for specific regulatory purposes like restaurant sanitation. However, the social credit system does not itself produce scores, grades, or assessments of “good” or “bad” social credit. Instead, individuals or companies are blacklisted for specific, relatively serious offenses like fraud and excessive pollution that would generally be offenses anywhere. To be sure, China does regulate speech, association, and other civil rights in ways that many disagree with, and the use of the social credit system to further curtail such rights deserves monitoring.

These are basic things the US used to do in the 1950s, but now stopped any pretense of doing. Any regulation against business is considered “authoritarian” now.

Meanwhile in the US, having a bad credit score can prevent you from buying a car, house, or even renting an apartment.

China uses these scores to hold financial institutions to account, while the US uses scores to prevent ordinary citizens from getting housing. One country is a dictatorship of the proletariat, the other a dictatorship of capital.

The “Big Brother” style credit system in China doesn’t actually exist.