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Credit-reporting companies know more than they tell you
Philadelphia Inquirer ^ | 02/03/2013 | Jeff Gelles

Posted on 02/03/2013 11:52:41 AM PST by Kid Shelleen

--snip-- It's the biggest privacy breach in our time, and it's legal and no one knows it's going on," one critic, who runs an employment-background firm, told Sullivan. "It's like a secret CIA."

As a frequent critic of the credit-reporting system, I'm heartened when others are shocked at disclosures about the industry's practices. But here's the truly scary thing: If you ask some of the lawyers and privacy advocates who pay even closer attention, the Equifax disclosures don't seem so shocking.

"If people are outraged by this, they should be outraged by the whole idea of credit reporting and background checks,"

(Excerpt) Read more at philly.com ...


TOPICS: Front Page News; News/Current Events; US: Pennsylvania
KEYWORDS: creditreporting
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To: American in Israel

Its also anti-social and simplistic.


21 posted on 02/03/2013 1:32:46 PM PST by driftdiver (I could eat it raw, but why do that when I have a fire.)
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To: BenLurkin
"The only people who would be outraged by the whole idea of credit reporting are the deadbeats."

That is like saying, only people with something to hide are outraged by getting spied on by the private-sector agents of the fascist state.

"Law-and-order" conservatives love the State as much as any liberal does.

22 posted on 02/03/2013 1:34:40 PM PST by UnwashedPeasant
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To: notted

“the banker the company used, told me that most people make the mistake of canceling their credit cards instead of keeping a balance.”

Total BS!!

I’ve never carried a balance on a credit card and MBNA wouldn’t tell me what my credit rating was only to say it was in the top 5%.

The reason he wouldn’t tell me is because i’m too cheap to pay $7 to find out.


23 posted on 02/03/2013 1:47:25 PM PST by dalereed
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To: driftdiver

24 posted on 02/03/2013 1:58:11 PM PST by American in Israel (A wise man's heart directs him to the right, but the foolish mans heart directs him toward the left.)
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To: American in Israel; All
Want to try something totally shocking, try not living in debt. Zero credit rating, nobody can steal your ID and borrow on it.

And, your free... ...to stand stranded at the effing airport because you can't rent a car to get to that business meeting.

25 posted on 02/03/2013 2:14:43 PM PST by Rodamala
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To: UnwashedPeasant

You said it.


26 posted on 02/03/2013 2:17:51 PM PST by GOPsterinMA (Time to musk up.)
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To: Kid Shelleen

Pretty bad when your employer gets involved in your finances. And you can get or not get a job not based on merit but on personal finances, IMHO, your employer expects you to have a certain amount of debt. Have too much debt, you will steal from your employer. Have very little or none, your employer cannot have you by the b@!!$ where they can control you especailly if they want to throw you under the bus or do something unethical.

When I worked at Lockheed Martin, we had this one new college graduate who came from a well to do family. Management didn’t care for him too much. He had a new house and new truck. One of the low level execs made the comment on how he hasn’t paid his dues to society and doesn’t know his place. He didn’t talk about it but some managers were pretty nosy to check him out. My manager showed his disapproval when he found out I had no mortgage on my house and had no car loans. Most of the mgt structure were former IBM’ers.


27 posted on 02/03/2013 2:27:33 PM PST by CORedneck
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To: CORedneck

My manager showed his disapproval when he found out I had no mortgage on my house and had no car loans. Most of the mgt structure were former IBM’ers.
____________________________________________

Most former IBMers IMHO, are jerks. Only one I have liked is Ross Perot.


28 posted on 02/03/2013 2:52:09 PM PST by Chickensoup (200 million unarmed people killed in the 20th century by Leftist Totalitarian Fascists)
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To: Kid Shelleen

Going on a year of debt freedom now...including my house. Don’t care one bit about what credit reporting agencies say.


29 posted on 02/03/2013 2:57:13 PM PST by Domandred (Fdisk, format, and reinstall the entire .gov system.)
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To: Beagle8U; All
misinformation that can cost you a job...

So, what's a good source to contact to get a copy of your own credit report? In view of them having more info than they generally give you, is there a source that is more complete than others? Speaking of secret dossiers, what about checking what your background check shows?

30 posted on 02/03/2013 3:34:22 PM PST by C210N (When people fear government there is tyranny; when government fears people there is liberty)
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To: American in Israel

living debt free and living without credit are not the same thing, and they don’t necessarily exclude the other. i am debt free but have a credit rating. i have cards i pay off every month.


31 posted on 02/03/2013 3:37:19 PM PST by Secret Agent Man (I can neither confirm or deny that; even if I could, I couldn't - it's classified.)
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To: Kid Shelleen
If people are outraged by this, they should be outraged by the whole idea of credit reporting and background checks

And I am indeed... Credit score cannot serve as an effective surrogate barometer for one's character. They serve as a gauge of how much usurious lenders can make off of a consumer.

Credit rating, which developed in the early 1970s with Fair and Isaac, was never intended for use against individuals - only businesses.

32 posted on 02/03/2013 3:40:41 PM PST by Lexinom
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To: jsanders2001
Conmen and their accomplices are usually attractive people and for some reason most dummies believe what they say and like them (at first until they get conned by them).

Sounds like our current President.

33 posted on 02/03/2013 4:06:06 PM PST by Hardastarboard (The Liberal ruling class hates me. The feeling is mutual.)
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To: All


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34 posted on 02/03/2013 4:12:20 PM PST by musicman (Until I see the REAL Long Form Vault BC, he's just "PRES__ENT" Obama = Without "ID")
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To: dalereed; notted

From a credit score perspective there’s a difference between having a card but never carrying a balance and outright cancellation of the card.


35 posted on 02/03/2013 4:29:15 PM PST by ken in texas (I was taught to respect my elders but it keeps getting harder to find any.)
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To: Kid Shelleen

From the article:

“Thankfully, the new Consumer Financial Protection Bureau is stepping up efforts at oversight.”

Is this making you happy? It doesn’t make me happy.


36 posted on 02/03/2013 4:49:58 PM PST by ConservativeMind ("Humane" = "Don't pen up pets or eat meat, but allow infanticide, abortion, and euthanasia.")
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To: American in Israel
"Want to try something totally shocking, try not living in debt. Zero credit rating, nobody can steal your ID and borrow on it."

The lack of borrowing doesn't mean you don't have a credit history, employment info, and a lot more held by the big 3 bureaus. You'd be pretty shocked how much they know about you - more then what's in your credit report. I know because I worked at one of them.

37 posted on 02/03/2013 4:51:00 PM PST by uncommonsense (Conservatives believe what they see; Liberals see what they believe.)
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To: Chickensoup

Ross Perot is an infamous a-hole.


38 posted on 02/03/2013 5:10:50 PM PST by 9YearLurker
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To: ken in texas

Excuse my poor grammar, on that last post.

I knew my credit score would be affected when I canceled my AX, however, I was a little surprised finding out that it effected my employment chances, especially considering the low level position which I applied for.

Nevertheless, I respect their decision.


39 posted on 02/03/2013 5:18:55 PM PST by notted
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To: ken in texas
"From a credit score perspective there’s a difference between having a card but never carrying a balance and outright cancellation of the card."

True. The cards without a balance gives a person a higher total credit limit. Carrying a balance reduces available credit amount and associated ratio. Having a higher available credit boosts a person's score. That's why it's good to keep balances down and credit lines open (if there's no annual fee on a card - it's better not to cancel it if you want a higher score).

40 posted on 02/03/2013 5:38:55 PM PST by uncommonsense (Conservatives believe what they see; Liberals see what they believe.)
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