Bernie Sanders wants to replace private credit reporting firms with free, public registry

CNBC ^ | September 25, 2019 | Annie Nova

[gattaca]

Bernie Sanders wants to change the way your credit score is calculated.

He would eliminate the private credit reporting companies and substitute them with a government-managed credit registry.

Medical debts would be excluded from people’s reports.

There could be a new factor to your credit score: the president of the United States.

Independent candidate Bernie Sanders wants to eliminate the private credit reporting companies and substitute them with a government-managed credit registry. The proposal was released over the weekend and, at the same time, Sanders announced his plan to erase $81 billion in past-due medical debt, one of the main issues dogging Americans’ credit reports today.

Sen. Sanders, I-Vt., says the public credit registry would be housed in the Consumer Financial Protection Bureau, the agency created in 2011 to protect Americans from predatory lenders in the wake of the financial crisis. According to Sanders’ campaign, the new system would use a “transparent algorithm to determine creditworthiness that eliminates racial biases in credit scores” and allows Americans to access their credit scores for free. Medical debts would be excluded from people’s reports.

“We must and we will remove the profit motive from assessing the creditworthiness of American consumers,” Sanders’ announcement reads.

[ConservaTeen]

If you like your CREDIT BUREAU you can keep your Credit Bureau....

Another lie...

[ConservaTeen]

That is funny....

[DUMBGRUNT]

But ...

If you like your credit score, you can keep your credit score.

[frank ballenger]

RE: Can’t Bernie and CNBC just go away now?

-—Something I dream about, too....
////////
Dream by Johnny Mercer (1944)

Dream
When you’re feelin’ blue
Dream
That’s the thing to do

So dream
When the day is through
Dream
And they might come true
Things never are as bad as they seem
So dream, dream, dream

[Jim W N]

Hope springs eternal...

:)

[frank ballenger]

If you like your credit score, you can keep your credit score.

Funny.

So if a guy spends his money on drugs, his Ford 350 and his boat get repossessed and the deputies order all his belongings placed on the lawn before an auction because he was evicted.....he ---and we---- will share the exact same credit score together.

Equality for all and to all a good night.

[david1292]

Bullcrap.

I have a family member who’s credit got screwed because some stupid bank he never did business with put a big debt on the credit report. He’s going through hell trying to get it corrected.

These credit bureaus are a joke. There was a study not long ago that 1/4th of credit reports have errors bad enough to effect lending decisions and interest rates. That’s an astounding number. And it extremely difficult to get those errors corrected.

[bgill]

On 60 Minutes tonight, the CEO of JP Morgan (the guy they kept on when Soros turned the bank down - that says a lot) was bragging and so proud of keeping data on everyone in Detroit back during the housing market crash. Consumer Lifetime Value score.

[ronnie raygun]

So we could cook the books for all you dead beats