Step 2 will be CBDC (digital euro).
In combination these 2 will provide ubiquitous surveillance and enforcement. In short: control.
A few bureaucrats will have more direct control of the population than the worst tyrants in history ever thought possible.
Credit scores already exist.
I'm surprised anyone is dumb enough to think this is something that'll happen in the future when it already happened decades ago.
Like what do you think American president George Bush (senior) was talking about when he announced the beginning of the NEW WORLD ORDER?
Social credit system literally just means that corporations will be held to the same standard that ordinary citizens have been held to for decades.
If you have a bad credit score you already can't take out loans you already pay higher fees for everything you already aren't allowed to own certain things.