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Sanders wants to replace credit reporting companies with public credit registry

vox.com

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Re: Sanders wants to replace credit reporting companies with public credit registry

#11

Post by binarymax »

lotsofpulp wrote: post #7
dumbfoundded wrote: post #5

Awful idea. Having the government giving you a rating, even just for loans is way too far. Politics shouldn't impact my ability to pay but it certainly will. Look at the games Republicans play to suppress minority voters. You want to give those same people power over your credit scores? This is just trying to solve a symptom with a deeper problem. The real problem is that our judicial system is absolutely cowardly to…

Credit reporting agencies don’t give a “rating”. They keep a record of whether or not you pay debts in a timely manner or not.

They absolutely do provide a rating. Equifax, Transunion, and others provide a FICO score (or similar) based on the data they have.

Re: Sanders wants to replace credit reporting companies with public credit registry

#12

Post by llsf »

dumbfoundded wrote: post #5

Awful idea. Having the government giving you a rating, even just for loans is way too far. Politics shouldn't impact my ability to pay but it certainly will. Look at the games Republicans play to suppress minority voters. You want to give those same people power over your credit scores? This is just trying to solve a symptom with a deeper problem. The real problem is that our judicial system is absolutely cowardly to…

But would just the 3 US credit report companies would go bankrupt if the judicial system was doing its job ?

I agree that the government should not rate credit worthiness.

But we need a trusted third party that tracks your credit history (just the data of what/when you got credits, and missed payments). Something that the banks and loan shop could consult and compute their own risk assessment.

In some European countries, the central bank is the notary authority that keeps track of bad actors (missed payments, bounced checks, etc.) and private banks or loan shop can consult the registry and make their own decision if you are not credit worthy.

Re: Sanders wants to replace credit reporting companies with public credit registry

#13

Post by joegahona »

> Under this proposal, Americans would be able to receive credit scores for free

I have never paid to see my credit score, so I'm not sure how this is novel?

Also, are things not going well at Vox? 900px (height!) of ads at the top of the page along with Outbrain trash and numerous right-rail ads and inside-the-content ads (on desktop) do not give the impression of a thriving publication.

Re: Sanders wants to replace credit reporting companies with public credit registry

#14

Post by TallGuyShort »

mieseratte wrote: post #10
dumbfoundded wrote: post #5

Awful idea. Having the government giving you a rating, even just for loans is way too far. Politics shouldn't impact my ability to pay but it certainly will. Look at the games Republicans play to suppress minority voters. You want to give those same people power over your credit scores? This is just trying to solve a symptom with a deeper problem. The real problem is that our judicial system is absolutely cowardly to…

> Republicans play to suppress minority voters. What are they doing to suppress minorities?

They want to require people to show government-issued photo IDs when voting to prove they have the right to vote.

Re: Sanders wants to replace credit reporting companies with public credit registry

#15

Post by caseysoftware »

The terrorist watch list is a good example of how the government runs and rates "risks" within its clear jurisdictional areas: https://www.thetrace.org/2016/06/fbi-terrorist-watch-list-gu...

Here's the key quote:

> "Last year, the The Intercept published a government document that spelled out the process for putting suspects in the terrorist database. The guidelines say agencies can nominate candidates for the list if there is “reasonable suspicion” to believe they are a “known or suspected terrorist.” That’s a relatively low bar, and the guidelines even make clear that agencies don’t need “concrete facts” or “irrefutable evidence” to back up their assertions. The guidelines also give a single White House official unilateral authority to place entire categories of people on the no-fly list."

We can only guess whether the public credit registry will be run with the same, better, or worse level of care and due diligence.

And before you say "omg Trump!!11" note that this article is from June 2016 and the leaked guidelines are from March 2013.

Re: Sanders wants to replace credit reporting companies with public credit registry

#16

Post by caseysoftware »

joegahona wrote: post #13

> Under this proposal, Americans would be able to receive credit scores for free I have never paid to see my credit score, so I'm not sure how this is novel? Also, are things not going well at Vox? 900px (height!) of ads at the top of the page along with Outbrain trash and numerous right-rail ads and inside-the-content ads (on desktop) do not give the impression of a thriving publication.

Re: the ads - Facebook & Google are playing games and playing them dirtier than ever before: https://thechive.com/2019/09/19/facebook-and-google-are-curr...

Re: Sanders wants to replace credit reporting companies with public credit registry

#17

Post by lotsofpulp »

binarymax wrote: post #11
lotsofpulp wrote: post #7

Earlier quoted context omitted.

Credit reporting agencies don’t give a “rating”. They keep a record of whether or not you pay debts in a timely manner or not.

They absolutely do provide a rating. Equifax, Transunion, and others provide a FICO score (or similar) based on the data they have.

I meant as their primary purpose, if the government were to offer a similar service. They all started selling scores recently, but lenders don’t necessarily use that, they look at the details themselves and come up with a decision on whether or not to lend.

Re: Sanders wants to replace credit reporting companies with public credit registry

#19

Post by RandomInteger4 »

mc32 wrote: post #2

If they do this, it has to be like the FED. Absolutely independent from any political interference. Not allowed to sell data and be rigorous about user data. Also, find an alternative to SSNs for base ID for people. On the other hand, it must not transform into what the CCP is doing. It has to stay true to being a proxy for credit worthiness —that is all. No handicapping either or dings for "unapproved" ideas, behavi…

It will transform into what the CCP is doing. There is nothing else that can come out of such a move.

Re: Sanders wants to replace credit reporting companies with public credit registry

#20

Post by sieabahlpark »

mc32 wrote: post #2

If they do this, it has to be like the FED. Absolutely independent from any political interference. Not allowed to sell data and be rigorous about user data. Also, find an alternative to SSNs for base ID for people. On the other hand, it must not transform into what the CCP is doing. It has to stay true to being a proxy for credit worthiness —that is all. No handicapping either or dings for "unapproved" ideas, behavi…

You know it absolutely would be used to target political opponents from both sides.
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