21–30 of 34 posts
Request a credit freeze or a security freeze from the credit bureaus. This prevents entities from accessing your credit report without you lifting the freeze. This stops a lot of the low hanging identity theft cases. http://www.consumer.ftc.gov/articles/0497-credit-freeze-faqs
https://help.creditkarma.com/hc/en-us/articles/202041774-I-h...
I have no business dealing with "credit bureaus". I did not give them my information or consenting for them to store my information on their system. So, I have been told constantly to "correct" my information with them - FUCK THEM! They bought/stole my personal information - I have no business with them. Call me naive, but I wish more people would not give a damn about them either. When I needed a loan to buy my hous…
Their whole system is based on an antiquated idea of singular "identity" that only worked when it was one small part; it simply doesn't scale. Some arbitrary facts about a person do not form a legitimate authorization mechanism!
The only way things are going to change is for people to realize they have absolutely no responsibility for a third party being defrauded.
Anybody want to tackle this (seemingly large) problem that we have with credit bureaus? I'd be more than happy to try and dethrone the credit bureau beasts with a new, helpful, transparent service that folks actually enjoy.
If you could create a system using publicly available data that is a statistically and meaningfully superior way of predicting risk, it would be immensely valuable to the asset owners that are buying mortgages, insurance products etc. that rely on credit scores. You’d have to get them to demand it enough to change their underwriting guidelines (a morass of bureaucracy), but once they do, you’d also gain some steady demand and a moat of competitive advantage.
The credit bureaus simply don't care. I had my identity stolen and then bad information was mixed into my account information. It took years to get things straightened out. Even to this day, years later I can't do any online credit verification because it has data mixed with it from the credit bureaus, and I routinely get answers wrong because of this. But there is no one I can complain to, especially for these onlin…
Anybody want to tackle this (seemingly large) problem that we have with credit bureaus? I'd be more than happy to try and dethrone the credit bureau beasts with a new, helpful, transparent service that folks actually enjoy.
The best way to do this is to create a more accurate credit prediction system. Underwriters rely on credit scores because they’re cheap, quick, and easy way to triage risk. Credit scores are riddled with inaccuracies, but because risk is difficult to model precisely to begin with, these companies are still in business because they work decently well even despite the many errors. If you could create a system using pub…
The problem is, making people's financial transaction data public is essentially illegal and represents a competitive advantage.
You'd have to start with convincing major banks / credit issuers to report people to you. With that data, you could build what you suggest. The real hurdle is convincing people to do that and complying with the regulations.
Anybody want to tackle this (seemingly large) problem that we have with credit bureaus? I'd be more than happy to try and dethrone the credit bureau beasts with a new, helpful, transparent service that folks actually enjoy.
Anybody want to tackle this (seemingly large) problem that we have with credit bureaus? I'd be more than happy to try and dethrone the credit bureau beasts with a new, helpful, transparent service that folks actually enjoy.
The best way to do this is to create a more accurate credit prediction system. Underwriters rely on credit scores because they’re cheap, quick, and easy way to triage risk. Credit scores are riddled with inaccuracies, but because risk is difficult to model precisely to begin with, these companies are still in business because they work decently well even despite the many errors. If you could create a system using pub…
I have no business dealing with "credit bureaus". I did not give them my information or consenting for them to store my information on their system. So, I have been told constantly to "correct" my information with them - FUCK THEM! They bought/stole my personal information - I have no business with them. Call me naive, but I wish more people would not give a damn about them either. When I needed a loan to buy my hous…
Opting out of the entire thing is the best way to eliminate this scam. It is absolutely stupid that in the US your financial life is dictated by an opaque algorithm and an entrenched bureaucracy.
If you live carefully you don't need credit at all, ever, except for possibly buying a house as you said. All other purchases... car, food, etc are easy enough to save up for... and if not, just do without until you can. Such a lifestyle sucks if you are used to instant gratification and living beyond your means (been there) but you can sleep better at night.
If more people followed your advice we would surely be better off... even in the circumstance of buying a house as you said, they will find a way... they are after all paid on commission :)
This is one of few things that I would love to help correct as a business opportunity and a social good, but at the moment, the way the laws are structured makes an EXTREMELY high bar to get in, and these terribly flawed companies are highly protected.