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Sanders wants to replace credit reporting companies with public credit registry

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

#151

Post by spaginal »

TallGuyShort wrote: post #14
mieseratte wrote: post #10

Earlier 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.

Which is non trivial.

We require ID in almost every kind of daily transaction imaginable, from healthcare to banking, employment, travel, alcohol, cigarettes, all other government services, and so on. But go apoplectic when we try to use it for one transaction every two years and act as if over half the population lacks the ability to participate in daily basic society.

Black people are intelligent enough to get ID's, as are women and any other minority in this country. The constant denigration as if they lack the faculties or intelligence to get an ID is pretty insulting.

Let's get real.

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

#152

Post by TheCoelacanth »

giancarlostoro wrote: post #145
youeseh wrote: post #30

Earlier quoted context omitted.

Here are a few examples: https://www.quora.com/What-are-some-examples-of-voter-suppre... It is more than just requiring proper ID when voting. Turns out that you have to be on a list of pre-approved voters. There can be many reasons why you didn't end up on that list and many ways to bump you off. Its not like you show up on voting day, scan your ID, and the system magically determines your eligibility to vote based…

I dont know why people show up I usually vote by mail. Never had any issues doing so.

Many states, especially the Republican controlled ones, don't allow that unless you have a reason on a short list of pre-approved reasons.

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

#153

Post by egdod »

wastman wrote: post #74
egdod wrote: post #66

Sounds a lot like the creepy Black Mirror shit China is doing.

Companies like Equifax are already selling your credit data and handling it irresponsibly. I'd rather have my credit data be held by the government than the idiots at Equifax.

I’m not thrilled with Equifax, but I have a hard time believing bureaucrats are the solution.

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

#154

Post by liamcardenas »

chrischen wrote: post #111
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…

A credit score is different from simply a registry. A registry is just a record. A score is opaque based on proprietary models, and scores can still be derived by private companies.

To be clear, though, his plan does give you a number that represents your creditworthiness, whether you want to call it a “score” or not. From the article: “a public, transparent algorithm to determine creditworthiness that eliminates racial biases in credit scores.”

It doesn’t say whether the bill will ban “private” credit score providers, but I’m not sure how it will put those companies out of business if not.

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

#155

Post by no_wizard »

solipsism wrote: post #115
no_wizard wrote: post #110

Having known lots of people in the lending industry not a single one of them believes that the current credit rating system (with many I’ve talked to pointing out FICO in particularly) had any real net positive impact on the average person not so they seem to believe that banks or other lending institutions have derived any other even fit than a loophole for setting interest rates high for as many people as possible.…

a loophole for setting interest rates high for as many people as possible. This makes no sense. Banks can set whatever interest rate they want. It's in their best interest to give trustworthy people as low as interest rate as they can.

Actually the rate was capped until the supreme ruled otherwise https://www.creditcards.com/credit-card-news/marquette-inter...

Traditionally there were hard ceilings on acceptable interest rates in most circumstances.

After the Supreme Court ruling however this was no longer the case as companies could setup shop in a friendly state that had high interest rate ceilings. This is the reason so many lending outfits are based in South Dakota (on paper at least) as they were the first state that took advantage of this.

Now when FICO became a thing in 1989 it’s one expressive goal was to maximize this opportunity to give lenders an optimal (e.g highest) rates they could charge customers for their loans. It doesn’t help the consumer at all in this regard.

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

#156

Post by TheCoelacanth »

niij wrote: post #104
crooked-v wrote: post #76

Earlier quoted context omitted.

Republicans also conveniently oppose national ID cards and programs to provide hassle-free state IDs.

> hassle-free state IDs What hassle? Nearly everyone has them already for driving and they're valid for 6+ years. Might take an hour or two of your time every 6 or so years.

Only 62% of 18 year olds have a drivers license[1]. That's not nearly enough to rely on it as a national ID.

[1] https://www.statista.com/chart/18682/percentage-of-the-us-po...

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

#157

Post by no_wizard »

randycupertino wrote: post #123
no_wizard wrote: post #110

Having known lots of people in the lending industry not a single one of them believes that the current credit rating system (with many I’ve talked to pointing out FICO in particularly) had any real net positive impact on the average person not so they seem to believe that banks or other lending institutions have derived any other even fit than a loophole for setting interest rates high for as many people as possible.…

Having worked as an apartment manager, I can say that credit ratings were the single best factor for selecting a good tenant. I gave three tenants with bad credit a shot (single mom I felt bad for, blue color couple who seemed really nice and hardworking at screening and a couple who moved from abroad and had no credit at all) and I got burned by all of them ending up missing rent and needing to evict, sob stories an…

Makes sense since those with that kind of rate tend to be people with their lives a little more out together.

Not to dismiss the point though, but it’s also extremely anecdotal. I don’t know that it would actually hold true statistically that this would be the majority case.

Escpially given I myself have been under 750 and I have never had these issues

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

#159

Post by spaginal »

jonahbenton wrote: post #98
ping_pong wrote: post #71

Earlier quoted context omitted.

I'm a progressive liberal, but I believe this is hogwash. Many countries have a government issued national card for citizens. It's not a huge deal. Activists have made it seem like it's a way to suppress voters but I think that's largely BS. We could start a campaign now, or just after the next election in 2020, and get people to sign up for cards by 2028, and enforce that then. We have census every 10 years, it's so…

There is a ton of literature on this. Many elected state and local governments, especially in the South, work actively against the voting interests of large swaths of their populations. Whether through gerrymandering, or processes that improperly remove registrations, or that remove polling places, or that place improper obstacles like fees or clean civic record requirements in the ways of voters, or any of literally…

The basic argument is that requiring an ID to vote is racially motivated as a tool of suppression and an avenue by which to violate basic civil rights. If this the case, then is requiring a government issued ID to travel, either by auto or air, put in place to prevent minorities from freely traveling around the United States?

Are government mandated requirements to produce an ID when purchasing a firearm an effort to prevent black ownership of legal firearms?

Once you get beyond the arguments around voting, it wildly begins to fall apart, and either shows a complete lack of logical consistency in standing up for minority rights, or an ulterior motive is at play.

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

#160

Post by pandaman »

kayaeb wrote: post #42
youeseh wrote: post #37

Earlier quoted context omitted.

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 co…

What are better suggestions to prevent voter fraud? We know from history that voting fraud is a thing, in the 1800s it was known that political parties would pay fresh immigrants to vote (like the scene in Upton Sinclaire's "The Jungle"), or to even kidnap people and force them into voting [1]. So we can't rely on good faith. I'm under the impression that to vote you must register in a voting district, surely that re…

>I'm under the impression that to vote you must register in a voting district, surely that registration requires something like a birth certificate or a SSN

In California, at least, you can just use your state ID number and last four digits of your SSN [1]. California gives IDs to illegal aliens and SSNs are available to many non-citizens. These might have been checked for citizenship or might not. I suspect that they are not since the SSA itself wants you to bring the naturalization certificate if you want to change your non-citizen SSN card to a citizen's one. California never asked me for proof of citizenship so either it has an access to the citizenship data unavailable to the SSA or it just registers anyone with an SSN and a state ID.

1. https://registertovote.ca.gov/

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