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 ...
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.
> The only people who would be outraged by the whole idea of credit reporting are the deadbeats.
And the deadbeats usually put down false info on their credit apps anyway so it works to their advantage when people try to catch up with them later. If you take away credit reporting...what are you supposed to just hand out funds just because the applicant looks nice? 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). No. Credit reporting is in place because its consists of historical information on whether that applicant is trustworthy and financially responsible and that’s the type of people you want to lend to - people that will pay you back. Lenders lending money without having it repaid would go out business in no time. Of course, lowering standards is exactly what got us on the current chaotic economic mess we’re in, in the first place but try telling that to a deadbeat liberal and all common sense flies out the window because they just want what they want like a spoiled child that eats sweets all the time then wonders why the weigh 350 lbs when they become an adult. Dumb actions have consequences.
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
> The only people who would be outraged by the whole idea of credit reporting are the deadbeats.
And the deadbeats usually put down false info on their credit apps anyway so it works to their advantage when people try to catch up with them later. If you take away credit reporting...what are you supposed to just hand out funds just because the applicant looks nice? 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). No. Credit reporting is in place because its consists of historical information on whether that applicant is trustworthy and financially responsible and that’s the type of people you want to lend to - people that will pay you back. Lenders lending money without having it repaid would go out business in no time. Of course, lowering standards is exactly what got us on the current chaotic economic mess we’re in, in the first place but try telling that to a deadbeat liberal and all common sense flies out the window because they just want what they want like a spoiled child that eats sweets all the time then wonders why they weigh 350 lbs when they become an adult. Dumb actions have consequences.
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.
I’ve reverted to using cash for day-to-day purchases.
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!
Uh huh or push them out of the buiness and take over it.
Way over 50% of credit reports are full of misinformation that can cost you a job. It also raises the price of car and homeowners insurance you will pay. Low credit score means you pay more.
Half of the uses of credit reports has nothing to do with getting a loan or credit.
Yep. Went ot buy a Mercedes 12 years ago on credit.
They wanted to know how I had managed to live without any loans or redit cards, except the loan on a car from 20 years prior, which they noted I paid off early.
Told em I didn’t care for the interest and no one calls me for anything except donations or to sell me credit cards.
They offered me a lease with a serious amount if cash down. I laughed and told them having a mercedes isn’t that important. Besides, I could buy a new car for what they were asking.
Went down to Ford that afternoon and drove off with a new Taraus, cash, debt free....
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....
Yes live debt free. It can be done and it brings freedom. Debt is a racket and those that engage in lending to create debt are unfortunately in control of a lot of people’s lives.
They keep a dossier on you even if you have no debt. If you have bank account, a phone, a utility bill, etc. They sell this info and they share it with government. They are a wing of Big Brother.
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