It's interesting seeing the American perspective on this. The perpetual mistrust of government would, I think, be warranted were that government not elected by the populace. As it is, I am a little confused why the same skepticism is not directed at the for-profit entities now operating the credit scoring system.
Sanders wants to replace credit reporting companies with public credit registry
31–40 of 205 posts
Re: Sanders wants to replace credit reporting companies with public credit registry
#32It's interesting seeing the American perspective on this. The perpetual mistrust of government would, I think, be warranted were that government not elected by the populace. As it is, I am a little confused why the same skepticism is not directed at the for-profit entities now operating the credit scoring system.
> As it is, I am a little confused why the same skepticism is not directed at the for-profit entities now operating the credit scoring system.
Effective PR?
Re: Sanders wants to replace credit reporting companies with public credit registry
#33Thanks, but I'd rather the government not collect all this sensitive, personal information. In fact, I'd rather nobody collect it. It's kind of shocking in the first place that our banks and lenders are allowed to release such personal information to a credit bureau without our opt-in. I'd rather Sanders focus on legislating a right to privacy, rather than for the government to take over a role that shouldn't exist.
> without our opt-in You do opt-in when you sign credit agreements and the like. Since all creditors require it your options are to opt-in to credit reporting or opt-out of borrowing.
> when you sign credit agreement
if.
So I'm not tracked if I've never taken a loan or credit card?
Re: Sanders wants to replace credit reporting companies with public credit registry
#34If you look to Bernie's wonderworld, Norway (where I'm from), all that is taken care of privately. However the credit and debt registry companies are obliged by law to inform customers when a check-up is done on them. It's quite painless, and it's a service completely paid for by the finance industry, instead of being a poorly run and corruption prone state owned and agency financed by tax money. The debt registry can perhaps become a nuiscance to a small subset of bank customers, but only those who take on added risk by loading up on big loans and credit lines at many different institutions.
Re: Sanders wants to replace credit reporting companies with public credit registry
#35I think people would somewhat rightfully make comparisons to China’s social credit rating system.
I like the idea of killing off the existing credit rating industry, though. I would prefer it just be heavily regulated as a utility and run by an entity outside the gov.
Re: Sanders wants to replace credit reporting companies with public credit registry
#36It's interesting seeing the American perspective on this. The perpetual mistrust of government would, I think, be warranted were that government not elected by the populace. As it is, I am a little confused why the same skepticism is not directed at the for-profit entities now operating the credit scoring system.
Remember that half the population loves the government, half hates it, and they think both one another are evil incarnate. Logic breaks down a bit when that kind of irrational vitriol enters the equation.
Re: Sanders wants to replace credit reporting companies with public credit registry
#37Earlier quoted context omitted.
They want to require people to show government-issued photo IDs when voting to prove they have the right to vote.
So basically they're not trying to suppress minority voters?
It is a numbers game (no puns intended).
Let's say we have 100k people that live in a few poor counties where not everyone has government ID and they can't afford to spend time / money to go very far. Now, if 40k of those people need an ID to vote, reducing the hours that the nearest DMV operates will reduce the number of people that get an ID.
Now, you might say, "but why can't they just go to the DMV in the next county?" or "why can't they get their IDs well ahead of time?", and you'd have a valid question! But when you have 100k people.. creating what looks like a minor inconvenience will definitely translate to fewer voters in the end. Now, lets create a bunch of minor inconveniences and the numbers really start to shrink.
Re: Sanders wants to replace credit reporting companies with public credit registry
#38If you look to Bernie's wonderworld, Norway (where I'm from), all that is taken care of privately. However the credit and debt registry companies are obliged by law to inform customers when a check-up is done on them. It's quite painless, and it's a service completely paid for by the finance industry, instead of being a poorly run and corruption prone state owned and agency financed by tax money. The debt registry ca…
Why aren't private corporations corruption prone? They're the ones DOING the corrupting! But somehow we feel they're better than government? Every 'appropriately funded' govt service I've used has been miles away better than the equivalent private service. Schools, hospitals, research facilities, police, student loan management company etc etc
Re: Sanders wants to replace credit reporting companies with public credit registry
#39Earlier quoted context omitted.
> 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.
I'm surprised there's nothing like that in the US already. Here in Mexico, the national ID is a voter ID card (IFE) and is carried by everyone.
Re: Sanders wants to replace credit reporting companies with public credit registry
#40Earlier 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.
Credit reports are not the same as credit scores. They are typically provided by different companies.