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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

#191

Post by nickthemagicman »

remarkEon wrote: post #58
nickthemagicman wrote: post #38

Earlier quoted context omitted.

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

>Every 'appropriately funded' govt service I've used has been miles away better than the equivalent private service... Strange because my experience has been the exact opposite in every case, with the exception of police - and that's only because I don't have an immediate proxy. That private industry provides alternatives to these public goods and does them better is an indictment of the competence of our government,…

I disagree with 100% of what you've said here.

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

#193

Post by ping_pong »

patmcc wrote: post #119
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…

Sure, if you had a free and convenient citizen ID card, requiring ID to vote might be just fine. As it is currently, it's absolutely a way to suppress the vote of low-income (and minority) people. In many areas of many states getting photo ID is non-trivial, especially if you're in a shitty job.

Hence why I said start the program today, with the same level of canvassing as a census, and then enforce it some time in the future.

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

#194

Post by remarkEon »

nickthemagicman wrote: post #191
remarkEon wrote: post #58

Earlier quoted context omitted.

>Every 'appropriately funded' govt service I've used has been miles away better than the equivalent private service... Strange because my experience has been the exact opposite in every case, with the exception of police - and that's only because I don't have an immediate proxy. That private industry provides alternatives to these public goods and does them better is an indictment of the competence of our government,…

I disagree with 100% of what you've said here.

Great. I also think that Houston will win the World Series again (sorry, LA).

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

#196

Post by chrischen »

liamcardenas wrote: post #154
chrischen wrote: post #111

Earlier quoted context omitted.

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.

There’s no reason it would put them out of business unless they outcompete them.

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

#197

Post by codyb »

asabjorn wrote: post #184
codyb wrote: post #182

Earlier quoted context omitted.

As I’ve explained, it’s a solution to a problem that doesn’t need solving. Maybe it is a different situation in India, but here the people proposing voter identification laws are doing so in bad faith. They’re trying to make it harder to vote so elections are less fair, as opposed to making elections more fair by guaranteeing the sanctity of the individuals vote which is the position they’re pretending to be standing…

To make it harder a significant number of people need to have no ID. Banking require and id [1] and 93.5% of the population is banked. Most of the remainder probably has an ID for Government services that need them such as applying for food stamps, medicare, medicaid, having a job, unemployment support and social security. In Norway, my home country, it has never been an issue in our 200 years as an independent count…

Generally that 6.5% of unbanked persons tend not to vote for less healthcare and more tax breaks for the rich.

Instituting the voter ID law makes it harder for 6.5% of people that rarely vote for Republicans to vote to prevent 0.000X% of votes cast fraudulently each election.

Do you get it now?

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

#198

Post by asdff »

trothamel wrote: post #63
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.

Credit reporting was a big tool for equality. Before credit reporting, you basically had loans limited to people that were known personally - if you didn't know someone with money that had a high opinion of you, you were SOL. Now, creditworthiness is judged on more objective measures, which makes it easier to buy a house, start a business, etc. I think we should hold credit organizations meaningfully responsible for…

>Now, creditworthiness is judged on more objective measures

Except it isn't. In the current system, you could be signed on to your parents credit card in high school and get a far better credit rating than someone who got their first credit card after college. Building credit is pretty easy to do and easy to game.

An objective system would be if the bank just saw your income and expenses and debts to determine whether or not you're worthy of a loan, not that you've had that capital one card in your sock drawer for five years and use your amex for your netflix subscription.

My little credit reporting anecdote is that of a good friend who came from Germany to practice medicine. Getting a home loan was a pain in the ass because he had zero credit history, despite his hourly rate being multiples of whatever the branch manager of that bank was making.

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

#199

Post by asdff »

harryh wrote: post #73
propter_hoc wrote: post #49

Earlier quoted context omitted.

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…

demographic I don't think it's a good idea to go back to the bad old days before credit reporting where whether you could get a loan or not was based on your demographics (color of your skin) rather than on the objective criterion in a credit report.

How about just looking at inflow and outflow? "Gee he's got 50k in high interest student loans and makes 30k a year, but boy he had that amex for 5 years! Let's give him a 5k limit to toy around with." Raising your credit rating is literally a game. There are even subreddits devoted to the topic filled with pages and pages of strategy that looks deranged on the outset.

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

#200

Post by TallGuyShort »

crooked-v wrote: post #76
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…

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

Oh right - they're still pretending to not like a strong federal government on some issues.
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