121–130 of 209 posts
Earlier quoted context omitted.
Not saying it would be great in the short term, but I wonder how it would play out if the entire database was made widely available. It seems like it would be a lot harder to enforce a debt if the borrower was originally identified based on "secrets" that were well known to be public at the time. Maybe then they would come up with a better authentication scheme than "what color was your first car?"
It would be an awful lot like the end of Fight Club. Destroy credit records, or reduce them to meaningless, either way the economy would collapse. People can complain all they want about credit, but the reality is that it exists as a financial service because loaning things with interest is probably older than agriculture in human society. We've just gotten very good at risk assessment, and this going public would ru…
Offtopic I know, but quantitavie economics and bureaucracies were both borne out of agriculture; before that value was subjective.
Earlier quoted context omitted.
I can't speak for the other points you raise, but I note that it says "Credit Score" rather than "FICO score" - all of the credit reporting agencies (and some third parties) have their own "Credit Score" product that they sell or otherwise provide - it's almost a scam in itself, in that they strongly suggest they are selling you a FICO score but instead give you their own internally-generated, presumably royalty-free…
Yep! The difference between the two was a particular source of frustration for me. Back when I was relatively new on the (full time) job market, I pulled my reports from annualcreditreport.com and it would tell me that my "credit score" is 720-740, and no negative marks. However, I also had never taken out a loan before. So whenever I tried to do use that pristine credit (e.g. for a mortgage, credit card, or apartmen…
I'm curious to see what happens when I buy my first house. There was a huge chance I wouldn't have even needed the car loan but life happens.
Earlier quoted context omitted.
If you think about it from the bank's perspective though, why would they lend you any money if you were likely to default and they would have to sue you to get money back. That would mean that the cost of your loan would go up for them and therefore, your borrowing rate goes up tremendously. Humans don't have an innate right to borrow money. It's a service provided by financial institutions for a fee. I don't think c…
>Humans don't have an innate right to borrow money. It's a service provided by financial institutions for a fee. This would be fine, except those financial institutions get THEIR money from the fed discount window. If their service was entirely private, that would be one thing but having the government involved changes the concept of "rights", especially when the fed loans out money with the express reason that the b…
I actually kinda hope all the data is made public, as that would (at least hopefully) force people to stop treating knowledge of someone's SSN as valid proof of identity, and lead to a better situation overall.
What's your SSN and credit score? Just curious.
Cool, this is good news as it means I might actually be able to find out my credit score. I recently sent in an application to Equifax to get my credit score along with all the security documents, proof of address, passport, drivers license, registered mail etc. and they rejected my application because I didn't provide a hydro bill. Unfortunately, I live in an apartment and I don't pay hydro, so I sent in a copy of t…
https://trustedidpremier.com/eligibility/enroll.html ^ you can see if you or any of the above mentioned people have been compromised using this tool.
Yeah, at best, that tool from Equifax is unreliable. People have put in fake users and SSN and still it's told them they were affected. At worst, it's just another way to get customers to sign up for a new service.
If I were the real hacker, I would prove it by leaking information that wasn't already public. If I were someone pretending to be the real hacker, I would show a screenshot of SSNs that I could find with Google (e.g. Kim Kardashian, Donald Trump, and Bill Gates).
I think you're right. But if they had leaked information that wasn't public, we wouldn't have a way to verify it, right?
Cool, this is good news as it means I might actually be able to find out my credit score. I recently sent in an application to Equifax to get my credit score along with all the security documents, proof of address, passport, drivers license, registered mail etc. and they rejected my application because I didn't provide a hydro bill. Unfortunately, I live in an apartment and I don't pay hydro, so I sent in a copy of t…
If its only the score you want, cant you get that from creditkarma for free?
And, critically, a decent modern website/app and good enough customer support.
Cool, this is good news as it means I might actually be able to find out my credit score. I recently sent in an application to Equifax to get my credit score along with all the security documents, proof of address, passport, drivers license, registered mail etc. and they rejected my application because I didn't provide a hydro bill. Unfortunately, I live in an apartment and I don't pay hydro, so I sent in a copy of t…