Bump.
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...
The only people who would be outraged by the whole idea of credit reporting are the deadbeats.
Their opinion of my credit-worthiness doesn’t affect me in the slightest. Why would I want to rent somebody else’s money?
I was turned down for a job because my credit rating was “0”, the banker the company used, told me that most people make the mistake of canceling their credit cards instead of keeping a balance. Interesting.
“What difference does it make?!”
I’ve got too many credit cards, use only two of them, paying them off every month, get offers for others and blank checks all the time, and never think of this “credit rating”, which, if you don’t know, is a “product” invented, when? 20 years ago (?) to sell to worrywarts like you.
bought a car last year, my score was 805 and i got a 1.9% loan... i keep two cards, one i put everything on and pay off monthly, the other i have for segregated use, certain events or vacations etc so i can see everything associated at once and not have to sift through all the other purchases
I put a credit security freeze in place years ago. It blocks any inquiries into your credit rating. It’s a good way to prevent ID theft, since no one can get credit in my name. I’d have to jump through several hoops to unfreeze it, which is a good thing.
In the last few paragraphs there is a puff piece about the Consumer Financial Protection Bureau - this new federal agency which will be in place to protect us from the evils of those nasty error-prone credit-rating agencies!
Of course if you DON’T MAKE A HABIT of borrowing money every time it’s offered to you, there’s really not much that these agencies can do to you.
But then borrowing is the AMERICAN WAY, I guess...
“Credit-reporting companies know more than they tell you”
Gee, ya think?
I’d like to meet a FReeper who was surprised by this....
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.
Going on a year of debt freedom now...including my house. Don’t care one bit about what credit reporting agencies say.
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.
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.
People are really worried about some company having information when the DC beast has every shred of privacy information, every account number, the power to jack private funds with a few keystrokes, every DC politician lawyer and faceless bureaucrat now has all your “private” medical information, cameras on street corners, etc. This article is a joke right?