Sanders wants to replace credit reporting companies with public credit registry

Post by abtinf » Sun, Sep 22, 2019, 1:52 AM UTC

freddie_mercury wrote: post #53

abtinf wrote: post #51

Earlier quoted context omitted.

The IRS has done this exact thing. https://en.m.wikipedia.org/wiki/IRS_targeting_controversy

"In January 2014, James Comey, who at the time was the FBI director, told Fox News that its investigation had found no evidence so far warranting the filing of federal criminal charges in connection with the controversy, as it had not found any evidence of "enemy hunting", and that the investigation continued. On October 23, 2015, the Justice Department declared that no criminal charges would be filed. On September 8…

Post by trothamel » Sun, Sep 22, 2019, 1:55 AM UTC

propter_hoc wrote: post #6

Thanks, 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.

Post by [deleted] » Sun, Sep 22, 2019, 1:56 AM UTC

propter_hoc wrote: post #49

nostromo wrote: post #28

Earlier quoted context omitted.

> 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.

Right, that's what I'm saying should be legislated to be optional. I don't think citizens should be forced to make that choice. Frankly, I think it might even be best to forbid a third party from collecting a borrower's personal information as a condition of a lender providing a personal financial product. I will in advance disagree with the objection that this would make it impossible for the lending industry to ope…

Post by dumbfoundded » Sun, Sep 22, 2019, 1:59 AM UTC

wallace_f wrote: post #25

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…

Votrts want favorite politicians to have power over them, forgetting that the next politician in charge may very well be someone they hate. Anyways, ordinary business and our lives shouldn't be the concern of federal government. It is a different matter if a state went ahead with it.

Post by SamReidHughes » Sun, Sep 22, 2019, 2:03 AM UTC

sieabahlpark wrote: post #20

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.