and then a hop and a skip to police running your credit before issuing a ticket, to assign a "fair amount" fine.
Should be a fairly straightforward task for the programmers if the credit reporting agencies to bring things in line with new regulations.
Pseudo code:
IF RACE=Black THEN SCORE=SCORE+200 ELSE SCORE=SCORE-200;
When will they be going after Moody’s et. al. for rating bonds backed by mortages of $700,000 lent to dishwashers making $7.00 per hour as “AAA”?
Not confirmed by the Senate. The illegal agency has an illegal director.
DOJ will be at the ready for lawsuits against businesses that supposedly prey on the Amish.
Ain't social justice grand?
Centralized Command and Control Government. If the scores weren’t effective, creditors wouldn’t bother paying the fees for the information. The reason for Obama’s intervention is to strip the ability of creditors to collect and report against “less advantaged” folks. By hiding risk from financial institutions, they will be led back into the trap of flushing depositor money down the toilet under the auspices of CRA.
What could possibly go wrong?
It’s nice to know the feds haven’t run out of new things to #@$% up.
Oh this is gonna end well...
Well, they finally found a suggestion that caused even me to stop for a second and think, “That might be a good idea.” Then, unlike the average liberal I continued to think for more than a second and realized that the potential for mischief is vast. My next thought was, as someone else here has already mentioned, that the first thing they will do with this power is to force rating agencies to add a little extra to the credit scores of minorities and other democrat constituencies “just to be fair.”
No thanks.
Honestly.. the credit companies did this to themselves.. (now.. hear me out..)
Ever have something show up on your report that was wrong? How easy was it to get it fixed?
I’ll tell you in my case..
8 years ago my ID was stolen.. There are STILL accounts on my reports from that ordeal. I talk with the bank the account was opened with who agrees it should not be on my report. I get a letter from said bank. I send a copy of said letter with a “dispute” to the reporting credit agency..
I have done this 10 times on one account. It’s STILL there.
I do think that this will of course allow government to ruin the system completely however.
A short leap to all of finance.
1st insurance
Next, finance
2013, if 0bama wins, oil and energy
And somewhere.....all communications
Next up, FEMA camps and wholesale slaughter.
It is about time the credit reporting agencies had some oversight. Through totally incorrect information they placed on my credit report they nearly cost me a home. It took four Weeks of intensive effort on my part to fix THEIR mistake. I cant fathom a system that is set up with no consumer protection and can do so much harm.
Im all for this.
Credit ratings will now be political.
Corruption just waiting to be used.
“Do as we say or your credit will be ruined forever!”.....................
And one toe over the line into police state.
As much as I would like to see an overhaul of the system, I get a sinking feeling that the government having a hand in this will be nothing short of disastrous.
Swell. Just frickin’ swell.
About the only thing I can think of that could screw up the Credit Bureaus performance more is increasing government involvement.