Skip to comments.Credit-reporting companies know more than they tell you
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 ...
Its also anti-social and simplistic.
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.
“the banker the company used, told me that most people make the mistake of canceling their credit cards instead of keeping a balance.”
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 $7 to find out.
And, your free... ...to stand stranded at the effing airport because you can't rent a car to get to that business meeting.
You said it.
Pretty bad when your employer gets involved in your finances. And you can get or not get a job not based on merit but on personal finances, IMHO, your employer expects you to have a certain amount of debt. Have too much debt, you will steal from your employer. Have very little or none, your employer cannot have you by the b@!!$ 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.
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 IBMers.
Most former IBMers IMHO, are jerks. Only one I have liked is Ross Perot.
Going on a year of debt freedom now...including my house. Don’t care one bit about what credit reporting agencies say.
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?
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.
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.
Sounds like our current President.
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From a credit score perspective there’s a difference between having a card but never carrying a balance and outright cancellation of the card.
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.
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.
Ross Perot is an infamous a-hole.
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.
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).
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