Should the credit score system be abolished?

Since the government gave a free pass to banks who were broke and had bad credit, shouldn't the same be done for the people of this country? In an economy like this where everybody is broke, should the government eliminate the entire FICO score system and give everyone a fresh start?

Id have to say yes and no. Yes because I think the FICO system is antiquated and there are too many mysteries about it. When I was younger I went to buy my first car. I had almost perfect credit-780 out of 800. I went to a couple car lots and looked and found out what kind of paymnet, interest rate, etc...I could get. Long story short, When I finally found the car I wanted, I decided to go through a Federal Credit Union I was a member of because they were offering an extremely low interest rate for my loan. Then I got a call back from the Branch loan officer who apologized to me but told me that they couldnt approve the loan because my credit had been hit (checked) too many times in the past month (because the lots were checking to make sure I qualified). Even though my credit was spotless and I had never paid anything late...just because a few people looked at my credit...It dropped it by 5 points and I couldnt get a loan. WTF?!?!?!

The system needs more transparency but we cant just give everyone a fresh start as there are a lot of people with extrememly fucked up credit who would just do it all over again if their slate was wiped clean. That means more foreclosed homes, higher interest rates, inflation due to excessive amount of goods being purchased, etc...Maybe everyone's credit should be evaluated and based on the progress or lack of bad business dealing they have made in the recent past, they should be allowed a boost in credit of say 50-100 points or so.