You can't mention that there are pros and cons and not mention that the cons vastly outweigh the pros, with any credibility.
There are pros for employers, they can hire based on whether a candidate has been punished by other employers before and keep punishing them based on an objective social credit system. And there are cons.
I already don't like what I hear about standard American credit scores (but I don't live in the US anyway.)
This seems mostly like more of the same.